This past week was indeed a week of positivity around a number of different things. The overall global crypto market cap recovered by over $127 billion, or slightly more than 15% over the past week. A closer observation of other asset classes across the world tells us that the crypto market recovered in tandem with equities too. US’ tech focused Nasdaq index surged over 6% in the past week too, along with Dow Jones and S&P 500 roughly 3-5% each.
Global Crypto Market Cap | Source: Tradingview
Crypto market’s recovering sentiments also happened on the back of Bitcoin, the largest crypto by market cap recovering over 12% over the course of the week, and Ethereum touching almost 19% in the same duration. Along with that, a bunch of other prominent altcoins like RUNE, AAVE & MATIC recovered over 29%, 27% and 24% respectively.
Read more: Crypto Crash Reason
CRYPTO MARKET OVER THE WEEK: AN OVERVIEW
| Global crypto market cap | $931 billion |
| Rise/Fall in crypto market cap | 15.3% |
| Global DeFi TVL | $78.45 billion |
| Rise/Fall in DeFi TVL | 8.05% |
| Bitcoin Price | $21,800 |
| Ethereum Price | $1,243 |
*As on 8 July, 2022 – sourced from Tradingview, Coingecko & DefiLlama
Bitcoin Price Analysis Weekly
BTC/USD | Source: Tradingview
Taking a closer look at Bitcoin’s technical structure, we can clearly see that after this week’s rally, Bitcoin prices are extremely close to its downward trendline resistance. If, over the next week, Bitcoin is able to breach past the $23,000 region, we will see a stronger upward momentum from the kind coin.
However, its upward journey will face more resistances along the way. The first would be the next psychological price level of $30,000 and the region around it. That was a zone where Bitcoin consolidated for most of the month of May and a part of June too. If the $30,000 level is breached, then the next wide resistance zone roughly $37,000 to $42,000, where Bitcoin prices had consolidated for a major part of this year before crashing down.
So while immediate technical structure seems moderately bullish, a long-term structure is still riddled with difficulties and will take a lot of effort to breakout of those levels.
Check Bitcoin to INR Price here
Cardano Price Prediction: What to Expect from ADA Price in the Next 24-48 Hours?
Will ADA Price Reach INR 50 Today?
The Cardano price faced some turbulence at INR 37 as it had been rejected below these levels multiple times. Therefore, the ADA price after a minor consolidation below these levels, surged high slicing through parallel consolidation, securing levels above INR 37.5. Presently, the price is trading above INR 38 carrying extreme bullish momentum to achieve INR 40 anytime from now. By the end of the day’s trade, the price may hover below INR 42 as INR 50 still appears distinct.
Read more in detail – Cardano Price Prediction
TOP CRYPTO MARKET NEWS MARKET OVER THE WEEK
Over the past week, the overall crypto market has been seeing recovery in sentiments and prices all across the board. Especially with Bitcoin holding on above the crucial psychological level of $21,000. Along with that, developers took another step in the direction of the highly anticipated Ethereum 2.0 upgrade and its transition from PoW to PoS. Etheruem’s Sepolia testnet successfully merged its PoW chain with its PoS chain, becoming the second of the three public testnets to run through The Merge.
Read more on Ethereum Testnet Merge Succesful
Along the same lines, Cardano’s long awaited Vasil Hark Fork also took another step in the direction to bring more scalability and speed to the network to handle network congestion and skyrocketing gas fees. On 4 July, Cardano’s IOHK announced that it had successfully hard forked the Cardano testnet, bringing them one step closer to finally upgrading the mainnet.
In another set of positive news, after facing major liquidity problems and shutting down customer withdrawals in June, Celsius Network has finally paid off a loan to the Deli platform ‘Maker’. Now this allows them to reclaim their 21,962 wrapped Bitcoins (WBTC) worth about $440 million.
Read more on Celsius Network Repayment to Maker Protocol
But on a sad note, another crypto lender, Voyager filed for Chapter 11 bankruptcy on 6 July, becoming the second high-profile crypto firm to do so in this month. This is becoming more and more commonplace as the market crash has introduced liquidity issues that plague these companies and are thus forced to either acquire their assets and repay customers to shut down altogether.
CRYPTO MARKET NEWS OVER THE WEEK: BIGGEST GAINERS & LOSERS
Let’s take a look at some of the biggest gainers and losers from the top 100 coins this week.
|
CRYPTO |
GAINS | CRYPTO | LOSSES |
|
THORchain (RUNE) |
29% |
Amp (AMP) |
-5.3% |
|
Aave (AAVE) |
27% |
Huobi Token (HT) |
-2.8% |
|
Cosmos (ATOM) |
24.5% |
– |
– |
|
Polygon (MATIC) |
24% |
– |
– |
| Avalanche (AVAX) | 22% | – |
– |
*Sourced from Coingecko, as on 8 July, 2022
CRYPTO MARKET: THE WEEK AHEAD
Now, looking ahead it can be expected that the crypto market will continue its slow, yet steady move upwards. That is, unless of course, some other major bad news comes our way. Bitcoin (BTC), after the past week’s rally is extremely close to its downward trendline resistance and if over the next week is able to breach that, which is roughly around $23,000, we can see a stronger upward momentum in the king coin.
Ethereum too has been edging closer to its trendline resistance and is trading barely inches away from it. If we see a continued bullish momentum to breach the resistance the bulls are able to flip it to a resistance zone then, a further pullback may be avoided. And following the two coins above, the rest of the altcoins can also be expected to display good bullish action is the momentum continues.
Check out the video below to watch our co-founder and CEO, Sumit Gupta speak to Crypto India and Crypto Point Hindi to clear the FUD around CoinDCX and the crypto market as a whole.
INDIAN CRYPTO MARKET ANALYSIS OF THE WEEK
Impact of 1% TDS Implementation
In the Indian crypto scene, things haven’t been too good either. The implementation of the 1% TDS from 1 July, 2022 has several affected trading volumes in Indian exchanges and people have been disincentivized to trade in the market. The 1% TDS which will be cut automatically on every crypto sale transaction has dissuaded investors from participating in the spot markets.
Read more on 1% TDS on Crypto
Indian Crypto Investors on 30% Crypto Tax
Along with the 1% TDS, the 30% tax on crypto gains, which went live from 1 April, 2022 has also worked to dissuade traders and investors from participating in the market. This is one of the highest tax brackets in the country, and to add to that the fact that Indian investors cannot even set off their crypto losses against any other gains has resulted in the Indian crypto space losing some steam, along with broader global bear market cues.
Read more on 30% Crypto Tax
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