Crypto Markets Recover $40B as FLOW Explodes 60% Daily (Market Watch)

Bitcoin is yet to decisively overcome the $23,000 level but still stands just over it as of now. Most altcoins are slightly in the green today, with FLOW outperforming all following a massive META-initiated surge.

Bitcoin Boring at $23K

Following the latest interest rate spike by the Federal Reserve and US President Joe Biden’s refusal to admit that the country has entered into a recession, the primary cryptocurrency jumped last week to its highest price level since June 13 at over $24,500.

However, the asset failed at that point and returned to $23,000, where it spent most of the weekend. The start of the new week began with a minor drop and a bounce off towards $24,000, but BTC couldn’t reclaim that line.

As such, it fell back down to $23,000 and sits there now as well. As such, its market cap is once again below $450 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Bitcoin News

CryptoQuant analyst predicted that BTC’s price could slump below $20,000 again but noted that it might be a good time to start buying again.

Due to massive heat waves in Texas, Riot Blockchain said it mined 28% less BTC in July compared to June.

MicroStrategy’s stocks skyrocketed by 15% in the two days since Saylor stepped down as CEO and took a bitcoin-related role.

FLOW Steals the Show

After battling with the $1,600 level for a few days, it seems Ethereum has finally managed to reclaim it. The asset is up by more than 2% in a day and trades north of $1,650.

Binance Coin continues to register local peaks. Another 5% increase in the past 24 hours has pushed BNB to nearly $320 – the highest it has seen in two months.

Ripple, Cardano, Solana, Polkadot, Dogecoin, Shiba Inu, Polygon, and Avalanche are also in the green from the larger-cap alts.

FLOW, on the other hand, exploded by nearly 60% in a day after META (formerly Facebook) announced it will integrate the Flow blockchain.

The crypto market cap is up by approximately $40 billion in a day and sits close to $1.1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Industry News

Coinbase’s shares finally saw a substantial uptick of almost 20% in a day following a partnership with BlackRock.

Fairfax County Retirement Systems – a Virginia-based pension fund – invested $70 million in crypto lending.

Despite the positive approach to crypto until recently, several major Portuguese banks halted the accounts of digital asset exchanges.