Bitcoin Tumbles to $26K, XRP Leads Altcoins Downfall (Weekly Crypto Recap)

The cryptocurrency market is going through hard times. It’s been a complete disaster for the past seven days, and the worst took place today.

Bitcoin’s price plummeted by a whopping 7.6% in the past 24 hours alone, bringing its total losses to above 11% for the week. The crash also led to a massive wave of liquidations worth over $1 billion in terms of leveraged positions. The volatility wiped off both short and long open interest, and the market is left crumbling.

BTC is far from being the only cryptocurrency that’s having bad times. In fact, the total market capitalization dropped to below $1.1 billion, losing over $130 million in the past 24 hours alone.

Ethereum is down by 10%, BNB – by 9.7%, while Ripple’s XRP crashed by close to 20% in the past seven days. This might also have to do with the fact that the SEC received approval for its request to file an interlocutory appeal. The case between the Commission and Ripple Labs rages on, and there’s no guessing what might happen in the coming weeks.

The rest of the altcoins are all trading in the red for the past 7 days. In fact, out of the top 100 cryptocurrencies, only RUNE and TON are in the green. Everything else has been charting considerable declines ranging between 5% and 25%.

All in all, the market is in shambles, and it’s interesting to see if the sentiment will reverse at some point or continue this decline.

If there’s some silver lining to all of it, it’s that BitGo – a leading cryptocurrency custodian – raised a whopping $100 million this week. This puts its valuation at just shy of $2 billion, showcasing that there’s a lot of institutional interest in the space.

Market Data

Market Cap: $1.09B | 24H Vol: $118B | BTC Dominance: 46.4%

BTC: $26,075 (-11%) | ETH: $1,664 (-10%) | BNB: $217 (-9.7%)

This Week’s Crypto Headlines You Can’t Miss

Ripple v. SEC Case Update August 18th: Important Clarifications. The case between Ripple and the United States Securities and Exchange Commission has entered a new phase. Let’s have a look at the newest updates from the past few days.

Bitcoin or Ethereum? DeFi Dev Explains Which Is Better For Building. It feels this has been one of the most heavily-debated questions among developers in the cryptocurrency field. Now, one of them comes up with a comprehensive comparison and an answer.

Crypto Custodian BitGo Raises $100 Million in Series C Funding, Valued at $1.75 Billion. Despite the ongoing bear market and the challenges in the cryptocurrency industry, prominent custody provider BitGo has raised a whopping $100 million in Series C funding. This puts the unicorn company at a value of $1.75 billion.

Bankrupt Crypto Entities Genesis and FTX Reach Agreement on $175 Million Claim. Following months of back-and-forth, FTX’s sister trading firm – Alameda Research – will finally be allowed a general unsecured claim of $175 million against Genesis.

SHIB Team Announces Launch Of Shibarium Mainnet. This has got to be one of the most heavily-anticipated events in the industry for a while now. Shiba Inu’s team finally launched its layer two blockchain Shibarium. However, the launch wasn’t without its hiccups.

Trump’s True Crypto Holdings Are Worth Millions, New Filings Show. It turns out that the former US President and one of the most polarizing people on the planet – Donald Trump – is a crypto millionaire. Trump holds close to $3 million worth of crypto in his wallet.

Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Solana – click here for the complete price analysis.