Bitcoin despairs of volatility as crypto market shows few signs of life: This week's summary

The crypto market is as calm as the photo on the cover of this newsletter.

To be fair, Bitcoin's price has managed to rise by 1.5% over the past seven days, which is probably a significant increase for such a period of time. All kidding aside, the market hasn't been able to make much of a difference, with many inherently volatile altcoins trading at negligible losses.

Seven days ago, Bitcoin was trading below $26,000, but by Monday, the cryptocurrency had fallen towards $25,000. Fortunately, the bulls showed resistance and recovered the price with a definitive Bart-shaped chart formation. It has since been “up-only” and is currently priced at $26,250.

But the rest of the market is mostly painted red. Altcoins are mostly trading in the red.

Ripple is 1.9%, BNB – 1.2%, Ethereum – 1%, Solana – 4%, Cardano – 3%, etc. Of course, some people have increased. These include TRX, which rose about 6%, and Toncoin (TON), which was the best performer of the week among major altcoins, posting gains of over 8.5% for the week.

Beyond that, perhaps the most exciting news this week was a 70-page unpublished Twitter rant by Sam Bankman Fried, the former CEO of FTX, once one of the leading cryptocurrency exchanges. Yes, he wrote 70 pages trying to justify his actions on Twitter, but decided to send it to Tiffany Fong instead. She in turn shared them with the New York Times. There are some real gems in there.

Elsewhere, MetaMask has launched MetaMask Snaps. This has been in the works for quite some time and is considered a significant step forward for the developer of the world's largest self-custody wallet.

Coinbase CEO Brian Armstrong has defended decentralized finance (DeFi), arguing that it has no place under the jurisdiction of the U.S. Commodity Futures Trading Commission. Of course, this was somewhat expected.

Perhaps the biggest news this week was the better-than-expected US CPI numbers. Despite this (i.e. increasing inflation), Bitcoin remained stable.

I'm very excited to see what the next day's market has in store. If one thing is certain, it is that a lack of volatility in cryptocurrencies is usually a sign of a big move. But in which direction? Time will tell.

market data

Market cap: $1.08 billion | 24-hour volume: $32 billion | BTC dominance: 47.1%

BTC: $26,272 (+1.5%) | ETH: $1,616 (-1%) | BNB: $211 (-1.2%)

This week's must-see crypto news

Bitcoin stabilizes above $26,000 as August US CPI numbers beat expectations. Bitcoin price has been steady above $26,000 and has even attempted to challenge $27,000 in the past few days. This is despite the fact that the US Consumer Price Index in August was better than expected.

Ripple Labs will expand its liquidity hub to these two countries. Ripple Labs, the developer of XRP, announced that it has expanded to two new regions. This is related to liquidity hubs, and the countries in question are Brazil and Australia.

SBF wrote 70 pages of unpublished Twitter posts attempting to justify his actions. Sam Bankman Freed reportedly authored 70 pages worth of unpublished Twitter posts. These were instead sent to cryptocurrency personality Tiffany Fong, who shared them with the New York Times.

Coinbase CEO says CFTC should make DeFi off-limits. Brian Armstrong, CEO of major US-based cryptocurrency exchange Coinbase, shared his two cents on the regulatory issue. He believes decentralized finance (DeFi) should be off-limits to the CFTC.

Singapore bans 3AC founder from financial management for nine years. The city-state of Singapore has banned Zhu Hsu and Kyle Davis, founders of bankrupt cryptocurrency hedge fund Three Arrows Capital, from managing any financial affairs for nine years.

MetaMask begins snapping to extend compatibility beyond Ethereum. MetaMask, the world's leading self-custodial cryptocurrency wallet, has launched MetaMask Snap. The goal is to expand its compatibility beyond Ethereum.

chart

This week we will be doing chart analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin. Click here for complete price analysis.