Bitcoin Goes Back Below $40K As Markets Remain Flat

Bitcoin goes back below $40K as the markets remain flat and among the few leading coins to post stronger gains were Monero, Apecoin, and LUNA as we can see in our altcoin news today.

Bitcoin Cash and Ethereum Classic dropped by 8% and most of the leading coins stagnated this week with some minimal adoption of crypto. Compared to the past two weeks, the losses slowed down as bitcoin goes back below $40K and dropped by 2% to trade at $39,629 while ETH dropped 2.7% to $2960 which is below the critical threshold.

Coins that forked from the market leaders fared worse over the past week. Bitcoin Cash and ETC both posted losses of over 8% and bitcoin cash traded for $318 and ETC is worth $35 at the time of writing. Few other coins posted some major dips and the most notable losses were felt by holders of XRP which dropped 8.45% over the past week to around $0.71. the three top cryptocurrencies surged over the past week like LUNA and increased by 14.35% to $93.09. The privacy coin Monero increased by 18% to $272 after the news of the hard fork In July.

The Reddit-organized bank run could be driving the price as well and the group of Monero fans inspired the supporters to take as much Monero off centralized exchanges as they can afford in the shopping spree that is called Monerun. ApeCoin rallied to a one-month high and the Bored APe yacht club ecosystem is up by 40% from a week ago, trading at $17. A few other factors are at play here like ApeCoin’s listing on lending protocol Gemini Gearn and the rumors that Bored Ape Yacht Club’s parent company planned land sales for the upcoming BAYC-inspired virtual metaverse so ApeCoin will be the native currency.

The report found that BTC started posting a negative correlation with gold which means that BTC is less like digital gold and more like a vote of confidence. Also recently, Payments company Stripe announced a pilot program that will offer a select group of creators on Twitter the option to get paid in crypto. The payouts will be executed on the fast scaling platform Polygon and will support Circle’s USDC Stablecoin.