On Tuesday, Bitcoin was once again approaching his mobile average at 50 days. These frequent tests of the medium-term trend signal line indicate a fatigue accumulated in the first cryptocurrency. By way of comparison, the total capitalization of the crypto market is still considerably higher than its average of 50 days, which is currently around 3.57 billions of dollars.
Crypto news
Institutional investors actively buy Ethereum, while retail traders remain on the sidelines. Sharplink bought 83,561 ETH ($ 264.5 million) last week at an average price of $ 3,634. The company’s reserves amount to nearly 522,000 ETH (~ 1.9 billion dollars). However, Bitmin immersion Tech remains the leader, with 833 pieces worth more than $ 3 billion. In total, 64 companies now have 2.96 million ETH ($ 10.81 billion), or 2.45% of the Total Ethereum supply.
Large companies continue to buy Bitcoin, adding 26,700 BTC to their reserves in July. The strategy bought 21,021 BTC for $ 2.46 billion last week. According to BitcoinTheries, public and private companies now hold 1.35 million BTCs ($ 155 billion) on their balance sheets – more than 6% of the total digital gold supply.
American regulators have proposed new rules for cryptographic industry. The CFTC has launched an initiative to legalize the punctual trading of cryptocurrencies on registered exchanges, and the SEC has updated its directives on Stablecoin accounting rules.
The USDE of Ethena laboratories has become the third largest stablecoin. Since mid-July, its capitalization has increased 75% to $ 9.5 billion. The asset demand may have been stimulated by high yields ranging from 10% to 19% per year. The total capitalization of all stablecoins has increased since the seventh consecutive month and approaches $ 275 billion.
