In the crypto market report covering the week of August 5 – 12 prepared by the ICRYPEX Research team, we compiled current developments regarding crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period in the in the Weekly Crypto Market Reports: August 5, 2024.
Weekly Crypto Market Report Overview for August 5
As we began last week, we saw that the selling pressure on crypto assets, which continued over the weekend due to US recession concerns, the expected pressure on risky assets with the Japanese news, and the heating up of geopolitical risks, grew even more with the opening of the markets on Monday, and this pressured the Bitcoin price to $48,800 and the Ethereum price to $2,100.
Afterwards, both the panic atmosphere was eliminated with the incoming data and developments and the positive news flows that will affect the crypto asset ecosystem, the BTC price moved back above the $ 60,000 region. In this process, the total market value broke the $ 1.85 trillion support and fell to the $ 1.70 trillion level and managed to make its weekly close above $ 2 trillion. Bitcoin dominance, on the other hand, increased to 57.80% levels with the turmoil in the market and the further growth of the sales at the bottom, and then retreated to the 57% region again.
When we look at ETFs, Bitcoin ETFs saw moderate outflows. Despite the inflows seen on Wednesday and Thursday, spot Bitcoin ETFs experienced outflows totaling over $400 million, while Ethereum ETFs completed the week positively with an inflow of $106 million. Last week, when Bitcoin ETFs reached record volume data, the $5 billion volume reached on Monday was the highest volume data seen since March 25. When we look back at this week, the Death Cross image that emerged with the intersection of the 50 and 200-day moving averages in Bitcoin is making the investor group nervous on the technical analysis side.
Apart from the technical picture, the US inflation data to be released on Wednesday may also increase volatility and create fluctuations in prices. Apart from these developments, there are data to be released in the US and European regions that may create movement. US retail sales and manufacturing indices and European growth data will be other important headlines this week.
Those who want to get more comprehensive information about the week covering August 5 – 12 can review the Weekly Crypto Market Reports: August 5, 2024.
