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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.”

You can find the full report for download/viewing at this link here

James Preston is the Executive Editor of Global Crypto. He is a writer and media commentator who has been reporting on how the Tech industry will make the world a better place for 14 years, with a large following on South African radio. He is an early adopter of Bitcoin, and began reporting on its revolutionary capabilities in late 2014. Philosophical by nature, he is intrigued by how the world works, and in turn, how it can be bettered. James believes wholeheartedly that the world can become as close to perfect as we humans can imagine, but it will take a lot of effort (and time) to get there. He believes his life purpose is to inspire people to believe this, and find their place in helping humanity achieve it. James regularly does talks on emerging technology and its impact on society at Universities, global conferences, and events. To invite him to speak at your event, or comment for your media outlet, email