Bitcoin Stalls Below $20K, Tezos Soars 7% (Weekend Watch)

Following the recent enhanced volatility, bitcoin has actually calmed and remains well below the coveted $20,000 line. Most alternative coins are also quite stagnant on a 24-hour scale, except for ATOM and XTZ, which are well in the green.

Bitcoin Sits Below $20K

As it was the sentiment in almost the entire Q2, which turned out to be one of bitcoin’s worst ever, the past several days have seen BTC going on the decline.

The cryptocurrency stood above $21,000 up until June 28, but then the bears reminded of their presence. At first, they pushed BTC back down to $20,000, where the asset remained for a few days.

However, it eventually dropped below that level and marked a new 10-day low of below $19,000.

Surprisingly, the asset went on the offensive at that point and skyrocketed to just under $21,000.

However, that was short-lived and bitcoin retraced back to below $20,000 in minutes. Since then, the asset has lost a bit more value and now stands just inches above $19,000. Its market cap is at $365 billion.

BTCUSD. Source: TradingView

Notable Bitcoin News

Despite the lack of success in the past, VanEck has decided to try again by applying for another spot Bitcoin ETF with the SEC.

The CFTC is working on what it described as its largest BTC-related scam case involving $1.7 billion in the cryptocurrency.

Several on-chain indicators suggested that bitcoin might not have found its bottom yet, which could be at $15,000.

XTZ and ATOM Lead the Way

The altcoins went through similar volatility at the end of the week, but most are calm now.

Ethereum continues to remain above $1,000, but the asset has lost over $200 in the past several days. BNB is just under $220, following a minor daily decline.

Ripple, Cardano, and Shiba Inu are slightly in the red on a daily scale, while LEO has dropped by more than 5%.

In contrast, Solana, Dogecoin, Polkadot, and Tron have marked insignificant gains. More impressive price increases come from ATOM and XTZ – up by 8% and 7%, respectively.

The crypto market cap continues to struggle and is down below $900 billion as of now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Industry News

The suffering crypto-focused hedge fund 3AC filed for bankruptcy, while Voyager Digital had to suspend withdrawals due to its exposure to Three Arrows.

The European Commission and other member states agreed to implement strict regulations on the crypto industry.

Coinbase denied the recent accusations of selling sensitive user data to the US government.


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Cryptocurrency charts by TradingView.

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