Gate.io Blog Market Trend 01/08 - 07/08｜BTC Holds Onto $23k, Cardano Accumulation Accelerates Amongst Whales

Market Trend 01/08 - 07/08｜BTC Holds Onto $23k, Cardano Accumulation Accelerates Amongst Whales

08 August 10:34

Having traded sideways between the upper bounds of the $22k and $23k region respectively, Bitcoin has been able to close the week on $23,241 - holding a strong position with only a -1.02% decrease across the last week. With the bear market having ravaged BTC’s previously strong position, the progressive migration into the $22-23k bounds following the tumultuous slide beneath the $20k barrier represents a gradual restrengthening that is a testament to BTCs durability. Moving away from a BTC focus is the increasing accumulation of Cardano by whales and sharks evoking bullish sentiments, with over $138 million worth of Cardano accrued in just eight days. While being a lower volume seen in previous accumulation frenzies, this growing amassment could explode into an ADA price rally and signal a bullish turn for the crypto. On a more institutional note, in a groundbreaking partnership the international investment powerhouse, BlackRock, announced an exclusive partnership with Coinbase in an initiative to bolster access and adoption of BTC for institutional investors.

BTC Holds Onto $23k

Arguably, few assets have been hit as detrimentally by the current bear market as BTC, having essentially halved its value since the onset of the current market conditions. Having already toppled substantially below its 30-day SMA to beneath $20k, BTC has been thrust into a position of price uncertainty that has appeared to only be exacerbated by the sidewards volatility in recent months. However, BTC has seemingly begun to regain some footing across the past week, clawing its way towards or above $23k consistently throughout the week. Having closed the week at a comfortable $23,241, Bitcoin appears to be holding its ground after a week dominated by price volatility veering the asset from the middle bounds of $22k to the middle bounds of $23k.

With the current correction evidently far from over, analysts have predicted further plunges for the ‘king of crypto’. Cryptocurrency resource platform analyst, Tomáš Hančar, has predicted that the LTH SORP 20-day chart SMA is projecting a 1/3rd chance of Bitcoin hitting a bottom price mark of just below $19k - signifying that the ‘Crypto Winter’ is far from over.

BTC’s Sideways Trajectory Across The Past Week. Source: CoinMarketCap

Cardano Accumulation Accelerates Amongst Whales

Despite the ever ensuing ‘Crypto Winter’, Cardano has remained vigilant in recent weeks, with the network being privy to unprecedented levels of network activity signifying the unanimous bullish sentiment amongst the Cardano community. Further acting as a testament to this burgeoning bullishness, across an eight-day period $138 million worth of ADA has been accrued by both whale and shark wallets with varying balances between 10,000 and ten million ADA. Whilst this is far from the most substantial accrual in Cardano’s history, this growing frenzy could pave the way for a substantial breakthrough in ADA’s current price trajectory.

Having incurred substantial losses amidst a notable price ‘dump’ in mid-June, ADA has since been clawing its way upwards in a relief rally that ensued throughout July and has established $0.50 as a new ‘safe zone’ for the asset – which is anticipated to be broken through providing the accumulation accelerates further.

BlackRock Partners With Coinbase To Bolster BTC Adoption

With the aforementioned bear market having relatively quieted positive discussion surrounding the cryptocurrency ecosystem, institutional interest and adoption have waned. However, in a breakthrough partnership consolidated earlier this week, BlackRock announced a partnership with Coinbase in an initiative to bolster cryptocurrency adoption, with a particular focus on introducing institutional investors to the prospect of investing in Bitcoin. Offering Bitcoin trading services and custodial services, BlackRock’s recognition of BTC as a viable asset class for institutional investors represents a historic step into the future of cryptocurrency adoption on a traditional finance level.

Having filed for a blockchain equity ETF in January as a means of offering their clients exposure to blockchain and crypto companies, BlackRock has consistently moved towards the future of blockchain adoption by striving to increase accessibility to blockchain and crypto-focused financial products for their clients. As a result of this historic partnership, Coinbase stocks soared by 17.1% to $95.

Author: Matthew Webster-Dowsing, Gate.io Researcher
* This article represents only the views of the researcher and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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Market Trend 01/08 - 07/08｜BTC Holds Onto $23k, Cardano Accumulation Accelerates Amongst Whales

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