Luno’s in-depth weekly crypto market update report that shares details on market movements, valuation and blockchain activities this week shows some further bearish sentiment.
Some highlights of this week’s report include:
- It’s been a rough week in the market, with Bitcoin breaking its strong uptrend momentum after a steep correction on Friday down towards USD$21,000, ending the week seeing losses of 11%.
- Luno explored website traffic for 35 of the largest crypto exchanges globally, finding that U.S. traders are by far the most active participants in the market, representing 14.33% of all crypto exchange visits, while Binance is the most frequently visited crypto exchange by a landslide.
- The current bitcoin drawdown has lasted for 286 days, and we are currently down 70% from the all-time high. The 2018 and 2014 bear markets lasted for 12-13 months, with maximum drawdowns of 85%.
Vijay Ayyar, VP Asia Pacific & Global Expansion, Luno, shares his thoughts on this week’s market highlights:
“The month started with brewing optimism as market participants prepare for Ethereum’s merge, but all indexes declined between 7-8% as we approach the end of August.
Bitcoin did not break out above the USD$25k resistance level and lost its strong upward momentum as the USD$22.5k support level was breached, leading to a third retest of the USD$20.7k support level. Ether has underperformed against all the major cryptocurrencies, leading its market share to drop by almost 1% the past seven days as traders seek refuge in stablecoins USDT and USDC.”