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Bitcoin price august 2022: What happens to Bitcoin this week

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bitcoin price august 2022

How much is Bitcoin price right now? On August 1, Bitcoin was trading at $23.4 thousand and the first cryptocurrency gained 6% last week. Let’s analyze the market situation and tell what dynamics to expect in the short term.

What will be Bitcoin price in August 2022? 

The week from July 25 to July 31 began with a decline in the BTC/USDt pair. Crypto-assets with U.S. stocks fell in price before the U.S. Federal Reserve meeting (July 27). Investors were closing long positions in anticipation of an aggressive rate hike by the Fed.

Bitcoin prices were down to $20.7K on July 26. Many believe that the Bitcoin price bottom has passed. The weekly low was formed on the background of falling U.S. stock indices, as well as a strengthening of the U.S. dollar. The S&P500 index fell 0.85%, while the Nasdaq fell 1.87%.

The stock market came under pressure after Walmart Inc. cut its profit forecast and the IMF warned of a possible sharp slowdown in global growth. The dollar, in turn, rose in price due to the collapse of the single currency amid the energy crisis (gas price rally).

On July 27, a new phase of Bitcoin strengthening began. The growth in quotations resumed after the stock indices after the U.S. Federal Reserve meeting. The BTC/USDt pair recovered by 7.99%, to $22.9 thousand.

At the end of the two-day meeting, the Fed raised the rate by 0.75%, to 2.50%. During the press conference, the head of the Fed said that it is possible to increase the key rate by more than 0.75pc in the future, but the decision will depend on incoming data.

What else could affect crypto Bitcoin prices? 

Risk appetite increased on the statements of J. Powell, who did not recognize the recession in the U.S.. At the same time, fresh statistics confirmed the technical recession with two negative quarterly values. The United States economy contracted by 0,9% on an annualized basis against the forecast of 0,5% and -1,6% for the 1st quarter.

  1. Yellen, J. Powell and the White House deny a recession in the United States. They call the disappointing GDP data a necessary slowdown in the economy before future growth. They have inflation fighting as a priority, so the economy can be sacrificed in a strong labor market.

Yellen said that the U.S. economy is entering a new phase focused on sustained and stable growth. The word “recession” will soon be forbidden to utter in the U.S., and journalists, economists and analysts who use it will be subject to sanctions and fines.

Stock indices and cryptocurrency reacted to the American statistics by falling; then growth resumed with renewed vigor. Investors believed that the Fed will not aggressively raise rates in November with the slowing economy. Bitcoin rate went up to $24.4 thousand.

Bitcoin price August 2022 – what events will affect growth? 

On July 29, stocks continued their rally after the U.S. Central Bank raised the rate to 2.5% in an attempt to curb high inflation. The BTC/USDt pair rose to $24.1k. The growth stalled, though buyers have a path to the $28-30k zone. The upward movement may continue on Sunday. Buyers will be closing the monthly candlestick. Bitcoin was up 22.87% in July and ether was up 61.39%.

The uptrend comes in small impulses of 5-6 hours and corrections of 10-13 hours. When the correction lasts more than 40 hours, buyers get nervous and close long positions in anticipation of a correction.

The big macro data coming out on Monday and Wednesday is the July manufacturing and service sector data. Friday will bring investors’ attention to Non-farm Payrolls data on the labor market in the U.S. Better data will push stocks and cryptocurrencies higher.

In the new week from August 1 to 7, investors will be watching the dynamics of ether. If buyers pass the key resistance of $1.8 thousand, a new wave of altcoin purchases will begin at the crypto market.

Bitcoin price prediction – Growth: a plausible scenario

Bitcoin might easily jump to $26K if the bulls have enough strength to overcome bearish pressure. Yesterday’s speech by Jerome Powell gave hope to market participants that such steep key rate hikes at the next meeting are unlikely, which means that capital will stop flowing away from high-risk assets to low-risk ones, such as bonds.

At the same time, inflation remains at a high level. In such an environment, investors can use high-risk instruments, which include cryptocurrencies. They may invest some capital in Bitcoin.

Bitcoin’s rise this week seems a likely scenario. At the same time, a negative scenario cannot be ruled out, in which all the gains Bitcoin has made in the last 24 hours will be lost due to investors’ fear of rising consumer prices.

Cryptocurrency

Bitcoin Price Tests $110K as Total Liquidations Near $300 Million

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Bitcoin’s price has managed to completely erase the losses from yesterday and it appears that bulls are on the run again.

At the time of this writing, BTC is trading at around $109,500, preparing to test the pivotal technical and psychological level of $110K, sitting right below the cryptocurrency’s all-time high.

BTCUSD_2025-07-02_19-15-08

Data from Coinglass shows that the total number of liquidations across the derivatives market currently sits at almost $300 million – a 32% increase compared to the previous 24 hours.

BTC leads the way with around $50 million in liquidations, where the majority of positions were short. In total, $190M out of the $300 million in forced-closed traders were betting on the price to go down.

Naturally, the altcoins are following suite and are also recovering and most of them are now trading in the green. It’s interesting to see if this will transition into a more sustained upward movement in the next few days.

Screenshot 2025-07-02 at 19.18.06
Source: Qunatify Crypto
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Ripple (XRP) Price Outlook: 2 Bearish and 2 Bullish Factors to Watch

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TL;DR

  • XRP’s recent dip comes alongside a drop in key on-chain metrics – like active accounts and executed transactions – hinting at declining user engagement and a potential short-term correction.

  • Despite the concerns, optimism remains high as Polymarket gives a 92% chance for a spot XRP ETF approval by end-2025, while negative exchange netflows suggest reduced immediate selling pressure.

Pullback on the Horizon?

Ripple’s XRP started July on the right foot, with its price rising to as high as $2.30. The uptrend, however, was short-lived, and it currently trades at around $2.17 (according to CoinGecko’s data).

Meanwhile, the decline of certain XRP metrics suggests the asset’s investors may have to endure a more substantial correction in the near future. Data shows that the number of active accounts, the number of executed transactions, and the number of newly activated accounts have headed south in the past few days.

This development points to reduced user engagement and utility in XRP’s ecosystem, which may lead to price stagnation or even a pullback. 

Interest in Ripple’s cross-border token has also waned over the past several months. Google searches involving the asset are currently far below the peak levels registered in December last year. This could mean that fewer new buyers are entering the market.

XRP Google Searches
XRP Google Searches, Source: Google Trends

The Bullish Signals

Every coin has two sides, so let’s also observe the factors that suggest Ripple’s native token might be on the verge of a renewed rally.

To begin with, XRP investors could gain significantly if a spot ETF receives regulatory approval in the United States. A growing list of major firms – such as Grayscale, Bitwise, Franklin Templeton, 21Shares, and others – have already expressed interest in launching such a product.”

According to Polymarket, there’s a 92% chance that a spot XRP ETF will be greenlighted in America before the end of 2025.

XRP ETF Chances
XRP ETF Chances, Source: Polymarket

The surge in odds follows the SEC’s recent approval of Grayscale’s request to convert its Digital Large Cap Fund (GDLC) into a spot ETFa fund that holds multiple cryptocurrencies, including XRP.

Next on the list is XRP’s exchange netflow, which has been predominantly negative in the last several weeks. This indicates that investors have switched from centralized platforms toward self-custody methods, reflecting a reduced immediate selling pressure.

XRP Exchange Netflow
XRP Exchange Netflow, Source: CoinGlass
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Who is Selling Their BTC at These Prices? Glassnode Reveals Bitcoin Profit Takers

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About a month ago, market analysts noted that profit-taking on the Bitcoin network was modest. However, that has changed.

The on-chain insights provider Glassnode has revealed that profit-taking on the leading digital network is ramping up again. This comes as Bitcoin (BTC) remains in a consolidation phase following weeks of upward movement.

BTC Holders Take Profits

According to Glassnode’s tweet, bitcoin’s realized profits hit $2.46 billion on June 30, while the network’s seven-day Simple Moving Average (SMA) spiked to $1.52 billion.

The SMA, which identifies trends by averaging prices over a specific period, is currently above its year-to-date (YTD) average of $1.14 billion. However, the metric is still below its November-December 2024 peak of approximately $4.5 billion.

The spike in Bitcoin’s seven-day SMA indicates that coin distribution on the network is on the rise. Mid-to-long-term BTC holders have been leading this profit-taking spree; Glassnode said investors aged three to five years have realized at least $849 million in profits. This cohort of market participants is followed by those aged seven to ten years, with $485 million in profits, and investors aged one to two years with $445 million.

Short-term BTC holders, those holding for under one year, have been cashing out the least gains, at less than $6 million.

Interestingly, older BTC holders have been leading the profit-taking for this cycle. CryptoPotato reported a rise in spending by this cohort in late May, which drove the aggregate volume for the one- to five-year cohorts to $4 billion, its highest level since February. While older investors take the lead, the bulk of the volume is coming from this particular group of Bitcoin holders.

Whales Are Redistributing Too

Glassnode’s latest report is further substantiated by an analysis from the institutional decentralized finance (DeFi) analytics platform, Sentora (previously known as IntoTheBlock).

The firm disclosed that wallets holding more than 1,000 BTC have been steadily reducing their balances. This indicates that although institutional money is flowing into Bitcoin, whales are still offloading their holdings.

It is worth mentioning that Sentora sees the redistribution by whales as a sign of a maturing market rather than weakness. Older whale coins being dispersed could become a dynamic that would strengthen Bitcoin’s long-term potential.

Meanwhile, BTC was still consolidating at the time of writing, hovering under $110,000 – a level, which it has remained confined to in the last few weeks.

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