Weekly Market News - July 29th to August 4th

Weekly Market News - July 29th to August 4th
Njani Ruetsch

We compile the top news stories weekly within the crypto, blockchain, metaverse, and NFT space. The weekly wrap-up covers everything from BTC & ETH updates, recent investments, developments of exciting new projects, and other relevant topics. 

Here is everything you need to know from July 29th to August 4th

📈  Weekly BTC and ETH Overview

During the middle of July, Bitcoin made several attempts to surpass the crucial resistance level at $30K. Despite its persistent efforts, the cryptocurrency could not break through and instead experienced a decline toward the 100-day moving average.

However, the price of Bitcoin is confined within a critical range, signifying a potential turning point. If a breakout occurs, it could catalyze a significant price movement with notable implications for the market. Similarly, Ethereum has been unable to surpass $2K, indicating a lack of demand.
When writing, BTC is trading at $29.13K, down 0.07% in the last 24 hours. Similarly, ETH is trading at $1.83K, down 0.15% in the previous 24 hours. 

🗞️ Top Market News

  • MicroStrategy acquired another 467 BTC for $14.4M, now holding 152,800 BTC. Michael Saylor reported $22.2M in net income, bringing them back into the black. In the quarterly financial results, MicroStrategy's CFO stated: “Our bitcoin holdings increased to 152,800 bitcoins as of July 31, 2023, with the addition in the second quarter of 12,333 bitcoins being the largest increase in a single quarter since Q2 2021” Read more here.  

  • US Department Of Justice to consider fraud charges against Binance. Officials are worried an indictment could jeopardize the crypto sector and are weighing alternatives to the charges, such as fines and non-prosecution agreements. Read more here.

🚀 New Project Developments

  • Solv Protocol raises $6M in new funding. The decentralized liquidity infrastructure closed its round led by Laser Digital and Nomura. Other investors included UOB Venture Management, Mirana Ventures, and more. The project will enable businesses to create, use, and sell financial products to raise money. Read more here.

  • Curve Founder raises $42.4M to pay off $80M on-chain debt. Curve founder is almost halfway to paying off his $80M debt in a new round of over-the-counter sales. Read more here

  • Polygon zkEVM reaches 100K transactions in a day for the first time. The infrastructure is continuously expanding and sees strong results from its growth efforts. Lower gas fees, faster transactions, and EVM smart-contract compatibility has allowed Polygon to reach new heights. Read more here.

🔍 More Featured Stories…

  • KPMG report endorses Bitcoin as an environmentally friendly investment. The report states that mining emissions are relatively low compared to other human activities, this compares emissions to other industries such as travel, fashion, and gold mining. Read more here.

Njani Ruetsch