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Current news regarding cryptocurrency: What happened in the cryptocurrency market – overview from August 1

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current news regarding cryptocurrency

The most current news regarding cryptocurrency: Tether refuses to believe in the possibility of making money on short positions on USDT, owners of CryptoPunks can get a pendant based on the Tiffany & Co project, investors began to show increased attention to the Ethereum derivatives, amid the upcoming migration of the project from PoW to the PoSalgorithm – these and other news of August 1 morning in our current cryptocurrency news bulletin. 

Current trend of cryptocurrency – Capitalization leaders’ behavior

Bitcoin (BTC) started the new business week with a sideways movement. As of 06:00, the cryptocurrency is trading at $23,418. The coin’s 24-hour low was recorded at $23,275, while its high was at $24,121.

Ethereum, the second most capitalized cryptocurrency, started Monday with a slight rise. Now, the coin is trading at $1,694.

In the top 10 most capitalized cryptocurrencies, all coins except for Tether and Stabelcoin lost value within a day. The largest losses were recorded for XRP ( 2.266%). Binance Coin showed the best result of the week (+12.80%). Within the last seven days, all cryptocurrencies, except for the stablecoin USD Coin, showed positive movement dynamics.

Current news about cryptocurrency – what else is happening in the market?

The question of why cryptocurrencies are falling today becomes irrelevant. According to CoinGecko resources, Filecoin has the best results of the day (+27.3%) and week (+90.8%) among the top 100 most capitalized cryptocurrencies. During the last 24 hours, Bitcoin Gold lost more actively in price than others (-12.1%). Tenset(-18.2%) recorded the largest losses during the week.

The market recorded increased investor interest in derivatives based on Ethereum amid the upcoming migration of the cryptocurrency network from the extremely energy-consuming PoW to the more environmentally friendly PoS algorithm. This is indicated by data from analytical platforms.

Investor interest in Ethereum options

Trading volume of derivatives on ETH increased amid heightened interest in the cryptocurrency as an object for speculative trading ahead of an important event in the project’s history.

Jewelry manufacturer Tiffany & Co. will release a collection of non-mutually exchangeable tokens (NFT). With the help of tokens owners NFT series CryptoPunks will be able to get encrusted with precious stones and diamond pendants, stylized as “CryptoPunks. Information about this appeared on the official website of the company.

In total, Tiffany & Co. will release 250 NFTs. Into one hand will be sold no more than three tokens. Each NFT will cost 30 ETH. Sales of non-interchangeable Tiffany & Co tokens, which the company has dubbed NFTiff, will begin on August 5, 2022, on the project’s website.

Market participants will not be able to make money on short positions on Tether (USDT). The company, the issuer of the most capitalized stablecoin on the market, made such a statement to users.

Tether believes that the desire of some hedge funds to make money on the possible fall of USDT amid the collapse of the cryptoproject Terra in May 2022, indicates their lack of understanding of the mechanism of the token. Stablecoin’s issuer also drew attention to the fact that the coin is 100% backed by reserve assets.

Market participants have repeatedly criticized Tether’s internal audits. At the same time, the project refuses to passtransparent audits with the involvement of specialized companies. And this is one of the most pressing issues in cryptocurrency. 

Cryptocurrency

Can Ripple (XRP) Hit $10 in 2025? ChatGPT Answers

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TL;DR

  • The cryptocurrency space is full of bullish and sometimes relatively ridiculous price predictions for members’ favorite assets, so we decided to ask ChatGPT for its opinion on whether XRP has the legs to make a mind-blowing surge to double-digit territory.
  • It believes such a whopping 320% pump from current levels will require some “substantial developments.”

$10 Mission Possible?

The XRP Army, one of the most vocal communities in crypto, has outlined some massive predictions for the underlying asset, ranging from describing it as a modern-day Manhattan real estate opportunity to putting a future price tag of $100.

While these might sound a bit far-fetched at the moment, given XRP’s price of $2.38, we asked ChatGPT for another popular target – $10. After all, it would require a more modest 320% surge by the end of the year, something that Ripple’s token has done in the past – the last time was in late 2024/early 2025, when it shot up by even bigger percentages.

The AI solution noted that the lawsuit resolution against the SEC, which is not officially over yet, even though both parties agreed to a $50 million settlement, has opened the door for XRP to gain further traction as it has “removed a significant uncertainty, potentially boosting investor confidence and institutional interest.”

In terms of that institutional adoption, ChatGPT said a potential approval of a spot Ripple ETF in the States could skyrocket the underlying token’s price. The odds are relatively high, with Polymarket predicting a 79% chance for such a product to hit the US markets by the end of the year.

Lastly, the AI chatbot outlined the overall crypto market dynamics. The arrival of the much-anticipated altseason, which has been highly speculated in the past few weeks, could be among the biggest gain drivers for the second-largest non-stablecoin alt.

But These Challenges…

ChatGPT believes reaching a $10 price tag is not an easy task and comes with its own set of challenges. One of them is the actual size of XRP in terms of market cap, as it would require the metric to shoot up to $580 billion or even more, given the billion tokens released every month. This would put it at levels almost twice as high as ETH’s current one.

XRP also faces a lot of competition not only in the cryptocurrency space where investors can choose from thousands of altcoins, but in the traditional payment system where it serves as a cross-border token. As such, ChatGPT concluded:

“While reaching $10 is within the realm of possibility, it would require a confluence of favorable factors, including increased adoption, positive market sentiment, and supportive regulatory developments. Investors should consider these factors and conduct thorough research when evaluating XRP’s potential.”

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Metaplanet Hits All-Time High $6M Q1 Revenue as BTC Holdings Surge 3.9x

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The Japanese hospitality firm Metaplanet has disclosed record-breaking earnings for the first quarter of the year, primarily attributing the success to its Bitcoin treasury strategy.

According to the firm’s Q1 Earnings Report, its Bitcoin strategy contributed 88% to its revenue of 877 million Japanese yen ($6 million). Metaplanet’s consistent BTC accumulation has also earned it the spot of the 11th-largest public company by bitcoin holdings globally and number one in Asia.

Metaplanet Posts Record Q1 Financials

From January 1 to date, Metaplanet has added 5,034 BTC to its balance sheet, increasing its holdings by 3.9x to 6,796 BTC. These purchases were funded by a moving-strike warrant program, which enabled the company to issue equity without setting a fixed discount or strike.

As of May 10, the hospitality entity had executed 87% of the program, raising 76.6 billion yen ($524.8 million) and becoming the largest public equity issuer in the country. With the funds raised, Metaplanet has achieved approximately 68% of its near-term 10,000 BTC goal at a cost basis of 13.27 million yen ($90,929) per BTC.

Although the company recorded a 7.4 billion yen ($50.7 million) unrealized loss on its BTC position by the end of the quarter due to market prices, bitcoin’s recent rally has fully reversed the losses. The firm reported unrealized BTC gains of 13.5 billion yen ($92.5 million) as of May 12.

Evaluating its treasury performance, Metaplanet reported a BTC yield of 170% and a BTC gain of 2,996 BTC. These metrics measure the growth in BTC per diluted share and the BTC per shareholder unit.

Embracing a Bitcoin Treasury

Metaplanet said last quarter’s report posted the strongest financial result in its 20-year corporate history. The company’s core operating metrics and Bitcoin treasury key performance indicators (KPIs) also broke its records for the first time.

The entity recorded an operating profit of 593 million yen (over $4 million) after an 11% uptick quarter-on-quarter. Revenue rose 8%, while total assets surged 81% to 55 billion yen (more than $376.8 million) within the same time frame.

Due to the success of its Bitcoin treasury strategy, Metaplanet is urging other companies to consider adopting Bitcoin, offering its capital strategy as a blueprint.

“Our results speak for themselves: we don’t set targets to feel safe—we set them to exceed them, quarter after quarter. The global feedback loop between capital markets and Bitcoin is just beginning. Metaplanet intends to be its premier conduit,” the company said.

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Bitcoin Dominance Dives in May as Altcoins Form Golden Cross

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It’s a sign of a bullish market for all crypto assets that are not called BTC. Last time this happened in 2021, a bevy of popular altcoins returned cryptocurrency buyers 28,000% by the end of the market cycle.

Bitcoin Dominance Takes 4% Spill

Bitcoin’s market share fell from 65% to 61% between May 7 and May 13, according to TradingView. Markets haven’t seen that 65% level of BTC dominance over altcoins since 2021.

That year was the altseason, as crypto veterans like to call it, that launched Dogecoin’s price tens of thousands of percent upward in under 12 months.

Meanwhile, in 2021, a $100 Shiba Inu investment went from Jan. 1, 2021, to over $14 million by Mar. 2023. Two unemployed Millennial brothers from Westchester, NY, invested $8,000 in Shiba Inu that year after a family friend told them about it.

As Bitcoin boosters like to say: Do the math.

While a 4% dip in Bitcoin dominance may seem like a small fraction, the numerator here is a global Internet currency with a two trillion dollar market cap on May 7.

That’s something like an $80 billion dip in market share against altcoins over six days in May. Furthermore, Bitcoin’s price and market cap grew by 7% during those six days, even as its wedge on the pie chart shrank.

Altcoins Form Bullish Golden Cross

Meanwhile, an index of altcoin prices formed a golden cross in May, potentially signaling bullish momentum into a prolonged bull run.

As one popular crypto YouTube analyst reported on May 13, the total altcoin market cap for major currencies has formed a golden cross. That’s when a shorter-term moving average crosses from below to above a longer-term moving average.

The moving average for a cryptocurrency is the periodically updated average of all its prices over a previous period. Traders use that to get a sense of the market’s inertia.

If the last market cycle’s performance repeats on this round, the total altcoin market cap could exceed $5 trillion sometime by 2026. Here are five more signals that altseason may soon commence.

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