Last week in the news
Markets were traded sideways during the previous week, and were not much affected by the strong increase in US jobs posted as of the end of the week. Bitcoin ended the week testing $23K level, Ether is holding strongly at $1.7K.
The US non-farm payrolls have beaten market expectations for one more time. As announced on Friday, the US added additional 528K jobs in July, more than the market was forecasting, at 258K. Economists and analysts are pointing that such a strong push in US jobs, might indicate further increase of interest rates by the FED. They are also noting that further increase of rates will not have a significant impact on the economy, based on current jobs data.
The Bank of England increased its interest rates by an additional 50 basis points. It was its biggest rate hike for the last 27 years, increasing the cost of borrowing to 1.75%. As it has been noted, the BoE is expecting inflation to peak at 13.3% in October. As per BoE forecasts, the inflation would return to the targeted 2% level in 2025. In the meantime, England central bankers are expecting a recession in the country for the end of this and through the next year.
A research conducted by Deloitte revealed that merchants in the US are welcoming cryptos and stablecoins, as nearly 75% of small businesses are planning to incorporate it into business within the next 24 months. The same study shows that 85% of inquired businesses are expecting that their suppliers will also accept stablecoins, while this might happen within the next 5 years, according to the study.
One of the not-so-welcomed news for all MicroStrategy followers during the previous week was that its CEO Michael Saylor stepped down as a CEO of the company. As per news reports, he is currently short a billion USD, after his BTC bet did not go very well during this year’s rally on the financial markets. He continues to work in the company as Executive Chairman.
The European Central Bank published a study on digital euro, where it has been pointed to the need for a cap on individual holdings of these coins, as there is significant risk of funds outflow from banks. There has been mentioned a maximum amount of 3.000 euro that each individual could hold.
Crypto market cap
Previous week was a relatively flat one on financial markets, as investors are still weighing whether the US is heading toward recession or maybe not. The latest published data on the US jobs market shows that the economy continues to grow, adding additional 528K jobs in July. In this sense, flat trading might continue in the future, until a sign of the state of the economy is clearly evident. During the previous week total crypto market capitalization slightly decreased by $22B or 2%. In terms of the market, these are relatively flat moves compared to the week before. At the same time, daily trading volumes decreased, moving around $110B on a daily basis. Total funds outflow from the beginning of this year remained relatively flat at level of $1.107B, which is a drop of 51%.
Two weeks ago there was a stronger push of the coins to the upside; still, the previous week brought some relaxation in terms of the price moves for the major coins. Bitcoin was leading the crypto market cap drop, by decreasing its cap by $24B or 5%. Ether remained relatively flat, without significant change from a week before. Binance Coin had another good week, in which it`s market cap surged by additional 8%, or $3.7B. It was also a good week for Filecoin, who managed to increase its market cap by 30%, at the same time increasing its coins in circulation by 3.5%. Few altcoins lost some of their strength during the previous week, like Solana, with a drop in value by 7%, followed by EOS and Polygon, with a decrease of 3%. In terms of changes in coins in circulation, Polygon had an increase of almost 12% on a weekly basis, while Tether continued with recovery, adding 0.6% more coins during the previous week.
Crypto futures market
In line with the spot market developments during the previous week, crypto futures were traded lower. BTC futures were traded down by more than 5% across all futures time intervals. Maturities as of the end of this year were traded modestly below $23K on Friday.
ETH short term futures were down by some 4% compared to the week before. Higher drop was with maturities in December this and next year, dropping by 8% and 9% respectfully. December this year was traded slightly below $1.6K.
Markets were traded sideways during the previous week, and were not much affected by the strong increase in US jobs posted as of the end of the week. Bitcoin ended the week testing $23K level, Ether is holding strongly at $1.7K.
The US non-farm payrolls have beaten market expectations for one more time. As announced on Friday, the US added additional 528K jobs in July, more than the market was forecasting, at 258K. Economists and analysts are pointing that such a strong push in US jobs, might indicate further increase of interest rates by the FED. They are also noting that further increase of rates will not have a significant impact on the economy, based on current jobs data.
The Bank of England increased its interest rates by an additional 50 basis points. It was its biggest rate hike for the last 27 years, increasing the cost of borrowing to 1.75%. As it has been noted, the BoE is expecting inflation to peak at 13.3% in October. As per BoE forecasts, the inflation would return to the targeted 2% level in 2025. In the meantime, England central bankers are expecting a recession in the country for the end of this and through the next year.
A research conducted by Deloitte revealed that merchants in the US are welcoming cryptos and stablecoins, as nearly 75% of small businesses are planning to incorporate it into business within the next 24 months. The same study shows that 85% of inquired businesses are expecting that their suppliers will also accept stablecoins, while this might happen within the next 5 years, according to the study.
One of the not-so-welcomed news for all MicroStrategy followers during the previous week was that its CEO Michael Saylor stepped down as a CEO of the company. As per news reports, he is currently short a billion USD, after his BTC bet did not go very well during this year’s rally on the financial markets. He continues to work in the company as Executive Chairman.
The European Central Bank published a study on digital euro, where it has been pointed to the need for a cap on individual holdings of these coins, as there is significant risk of funds outflow from banks. There has been mentioned a maximum amount of 3.000 euro that each individual could hold.
Crypto market cap
Previous week was a relatively flat one on financial markets, as investors are still weighing whether the US is heading toward recession or maybe not. The latest published data on the US jobs market shows that the economy continues to grow, adding additional 528K jobs in July. In this sense, flat trading might continue in the future, until a sign of the state of the economy is clearly evident. During the previous week total crypto market capitalization slightly decreased by $22B or 2%. In terms of the market, these are relatively flat moves compared to the week before. At the same time, daily trading volumes decreased, moving around $110B on a daily basis. Total funds outflow from the beginning of this year remained relatively flat at level of $1.107B, which is a drop of 51%.
Two weeks ago there was a stronger push of the coins to the upside; still, the previous week brought some relaxation in terms of the price moves for the major coins. Bitcoin was leading the crypto market cap drop, by decreasing its cap by $24B or 5%. Ether remained relatively flat, without significant change from a week before. Binance Coin had another good week, in which it`s market cap surged by additional 8%, or $3.7B. It was also a good week for Filecoin, who managed to increase its market cap by 30%, at the same time increasing its coins in circulation by 3.5%. Few altcoins lost some of their strength during the previous week, like Solana, with a drop in value by 7%, followed by EOS and Polygon, with a decrease of 3%. In terms of changes in coins in circulation, Polygon had an increase of almost 12% on a weekly basis, while Tether continued with recovery, adding 0.6% more coins during the previous week.
Crypto futures market
In line with the spot market developments during the previous week, crypto futures were traded lower. BTC futures were traded down by more than 5% across all futures time intervals. Maturities as of the end of this year were traded modestly below $23K on Friday.
ETH short term futures were down by some 4% compared to the week before. Higher drop was with maturities in December this and next year, dropping by 8% and 9% respectfully. December this year was traded slightly below $1.6K.
