It was not a good week for the crypto market. While altcoins had been posting strong gains, in recent days the main tokens have turned red, although they are struggling not to lose key levels. Bitcoin has lost almost 5% in the last seven days to close the week at over $58,000. However, for Ethereum the drop was more pronounced and exceeded 7% to $2,460.
This way, The main cryptocurrency by market capitalization closes August with a negative balance exceeding 11%. On July 31, it reached US$66,373, since on Monday of the financial crash it was quoted at US$50,393. Ethereum red hits 25% and its lowest in the last 30 days was US$2,241.
The week in crypto
Cryptocurrency prices rose on Thursday following strong US economic data. Major tokens advanced in the session following economic data showing a slowdown in inflation and stronger-than-expected economic growth in the second quarter. BTC was back above $60,000, while ETH was close to $2,600. Other major coins like Cardano (ADA) and Avalanche (AVAX) rose by a similar margin.
The rally in crypto prices on Thursday was not enough, with most coins closing the week substantially lower.
The price for the crypto dollar on Buenbit ended August at $1,301 for purchase and $1,277 for sale. While the blue dollar closed at $1,290/1300, and the MEP marked $1,261/$1287
Altcoin season: what you need to know
Are Altcoins Really About to Skyrocket? While an altcoin season might seem unlikely given the current torrent of negative sentiment in the market, Other indicators lend credence to the potential for an altcoin rally. The timing of the next altcoin season remains a hot topic in the crypto community, especially given current market conditions. The Fear and Greed Index, a widely followed sentiment gauge, currently stands at a score of 46, indicating a period of “neutral.” This is a notable drop of 10 points since last week, according to data from alternative.me, reflecting caution among investors.
Donald Trump and his promise to turn the US into the ‘crypto capital of the planet’
Former President Donald Trump shocked the crypto community on Thursday by posting a video on X, in which he announced his ambition to transform the United States into the “crypto capital of the world.” At the end of the video, the logo of World Liberty Financial, a decentralized finance (DeFi) project founded by his sons, Eric Trump and Donald Trump Jr., is prominently displayed.
In the video shared on X, Trump outlined his vision for ensuring the United States becomes a global leader in cryptocurrencies. This post follows their recent reveal of their fourth non-fungible token (NFT) project.
And since his chat with X owner Elon Musk, Trump’s X account activity has been constant, with regular posts keeping his followers informed. His sons have been hinting at a new DeFi project, which Eric Trump says will focus on “digital real estate.” To share updates on this initiative, The Trumps have launched a Telegram channel called World Liberty Financial, where they plan to keep the community abreast of developments. On Thursday, the Telegram channel administrator urged the community to support the project, noting that “President Donald J. Trump just tweeted about World Liberty Financial. Let’s show our support and move forward together.”
So far, both the Telegram channel and the X page of World Liberty Financial have been cautious in revealing specific details of the projectbut have issued warnings for followers to stay alert for possible fraudulent projects and scams related to WLF.
Source: Ambito
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