TruBit Crypto Weekly Digest (08/01 - 08/07)
Welcome to this week's digest from TruBit, covering August 1st to August 7th, 2023! We delve into the most significant happenings in the crypto world and offer our unique insights. We aim to keep you at the cutting edge of the crypto universe with the most up-to-date information. Stay tuned, and let's navigate the crypto world together.
📈 Last Week's Trending Tokens to Watch (08/01 -08/07)
7D Change (+17.01%)
7D Change (+12.74%)
7D Change (+5.96%)
7D Change (+5.92%)
💡Coin Insights (08/01 -08/07)
- The US Dollar Index is currently declining, showing signs of weakness. A recent small rise has hit resistance, affecting the entire market.
- The Dow Jones Industrial Average and the NASDAQ Composite are performing well. However, the recent gains are quite significant, and a market adjustment may occur soon. The recent trends in Bitcoin (BTC), Ethereum (ETH), and US stocks are not moving together, and we expect this lack of correlation to continue for a few more weeks.
- For a medium-term strategy: The upward trend of BTC and ETH is positive. It would be best to hold these assets patiently and buy more when prices drop near your initial buying point.
- For a short-term strategy: Bitcoin experienced a surge in the week of June 19th and has been adjusting over the past few weeks. It has been consolidating some of its gains while the moving averages rise to establish a support level, indicating potential for a future rebound. If Bitcoin's price remains significantly above its support level, it may be positioned for a rebound.
- For a short-term plan: It could be beneficial to set a tight stop loss and build your positions near support levels by buying incrementally. For those who prefer a cautious approach, consider purchasing Bitcoin in small amounts. For the conservative type, they might want to diversify by investing in both Bitcoin and Ethereum. For the risk-takers among you, Dogecoin could be an intriguing option.
- The Dollar's recent rise might have reached its highest point for now, which means it might not go up much more in the near future. This week, we saw the Dollar keep at a steady value, and we'll see if it can start to rise again next week. If the Dollar's value drops to the same level again, it could show that it's weak. However, if the Dollar's value doesn't drop too much, you might want to keep the dollars and think about buying more bit by bit.
- For Bitcoin (BTC), the short-term support levels are between 29,000 and 28,500. Consider buying in batches around these levels.
- For Ethereum (ETH), the short-term support levels are near 1,820 and 1,800. Consider buying in batches when the price is around these points.
- For Dogecoin (DOGE), the short-term support levels are between 0.074 and 0.072. Consider taking a short position near these support levels.
🔥 The Hot News in Crypto Market You Need To Know (08/01 -08/07)
- The ups and downs in Bitcoin's price over the last 90 days have been less extreme than any time since 2017. This period of stability may suggest that a big change in price is coming. However, we can't be sure if the price will go up or down.
- Several digital finance systems are struggling. This is because hackers found weaknesses in a computer code language called Vyper and took more than $70M from Curve, Alchemix, and JPEG'd. Some people involved with the online blockchain community suggest that users should take all their money out of Curve's investment groups.
- Tether, the Stablecoin issuer, reported a second-quarter profit of $850 million, which is less than the previous quarter's $1.5 billion. This profit raised Tether's extra savings to $3.3 billion. They earned over $1 billion from their operations in this quarter, a 30% rise from the last quarter. The company's total assets were about $86.5 billion, and total debts were $83 billion. This gives them extra savings of over $3 billion, a record high, which is more than the first quarter's $2.44 billion.
- There are now more Ethereum addresses than ever before that have some amount of Ethereum in them. This is the highest number we've ever seen, just like it was last year around this time. There are currently 71,364,788 addresses with Ethereum, the second most valuable type of digital money.
- Litecoin, the second oldest digital money network, has halved its reward for miners for the third time. Miners now earn 6.25 LTC for each block they process, down from 12.5 LTC. This happens every 840,000 blocks and will continue until all LTC are created by 2142. After rising 30% in six weeks, LTC's value fell nearly 6% following this reward cut.
- Shiba Inu (SHIB) token has surged 10% in the last seven days amid the developer team unveiling a new digital identity service for all its applications
- This will be useful in SHIB's virtual reality project and a soon-to-be-released secondary network called Shibarium. A main developer of SHIB said that the digital identity system will give better "safety, privacy, and less fraud" among other benefits.
🌟 What to Expect
- Coinbase (COIN), the largest U.S. cryptocurrency exchange that is openly traded, has said that Base, its secondary blockchain system made using Optimism's OP Stack, will become available to everyone on August 9. From the following Thursday, people can start connecting their Ethereum (ETH) to Base.