Bitcoin Rejected at $67K, Strategy Stays on Hold, BitMEX Shuts Down: Weekly Crypto Recap

BTC has dropped by roughly three grand after marking a local peak at $67,000. Strategy doesn’t want to buy or sell, while a derivatives giant says goodbye.

The previous business week ended with a leg down that drove the primary cryptocurrency to $62,500. However, it reacted swiftly and recovered to $64,000 during the weekend.

The gradual climb continued on Sunday and Monday morning when BTC peaked at $65,000, but it was rejected and slipped south by over a grand to $63,750. The next leg up was a lot more impressive. Bitcoin didn’t stop at $65,000, and even the $66,000 resistance fell on the first attempt. Thus, the asset’s rally extended for a bit more, reaching $67,000 (on some exchanges) for the first time since the middle of June.

It came on the heels of renewed ETF net inflows and new accumulations from certain large investors. However, the price run couldn’t be sustained for long, and BTC quickly dipped back down to $66,000 on Wednesday, $65,000 on Thursday, and it plunged to $64,000 earlier today.

Despite its $3,000 correction from the local top, bitcoin remains about 2% up on the week. Similar gains are evident from Ethereum, which challenged $1,950 at one point, and TRX, which remains at around $0.33. Even more impressive price performance comes from XMR; a 9% pump has driven the privacy token to over $350. UNI and HBAR have posted notable gains as well, while HYPE, ZEC, CC, and DOGE remain in the red on a weekly scale.

Bitcoin’s market dominance has also dwindled in the past few days. It exploded to over 57% during the mid-week run, but it has dipped below 56% on CoinGecko now.

Market Data

Market Cap: $2.295T | 24H Vol: $61B | BTC Dominance: 55.9%

BTC: $64.000 (+2%) | ETH: $1,855 (+2.4%) | XRP: $1.09 (+1.7%)

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This Week’s Crypto Headlines You Can’t Miss

Strategy Extends Bitcoin Buying Pause While Growing Its USD Reserve: Details. Saylor’s company appears to have listened to some market experts who suggested that it should pause its BTC purchases in favor of rebuilding its USD reserve. The past week proved that narrative right once again with another no-buy bitcoin announcement.

Veteran Crypto Exchange BitMEX to Shut Down in September. After nearly a decade in existence, the veteran derivatives platform BitMEX announced that it will close shop in September. The creator of the 100x perpetual swap will permanently cease operations on September 23 and urged users to withdraw their funds by then. While on the subject, DEX aggregator Odos said it will shut down next week.

SEC Agrees to Overhaul Recordkeeping After Settling Coinbase Lawsuit Over Gensler’s Lost Texts. Despite not admitting any wrongdoing, the US Securities and Exchange Commission settled with Coinbase a lawsuit launched by the exchange and agreed to pay $150,000 in attorney fees. The regulator also said it will review its own internal processes.

‘Hackers Day’: 3 Crypto Protocols Drained of $35 Million in 24 Hours. July 23 became known in the crypto community as ‘Hackers’ Day’ with 3 major exploits taking place within less than 24 hours. The largest of the bunch was against Arbitrum-based protocol AFX Trade, in which the bad actors swiped over $24 million in USDC.

EU Hits Russia With Toughest Crypto Crackdown Yet. The European Union approved its 21st sanctions package against Russia, targeting 11 crypto operators and 94 financial institutions to combat sanctions evasion. Many of those platforms came from Belarus and Nigeria and were linked to numerous Russian financial activities.

Ethereum (ETH) Is Cheap, But Not at Bottom Yet: Analysts. The world’s largest altcoin may be trading well below its record peaks and at a discount, but that doesn’t necessarily mean that it has bottomed yet. Analysts at CryptoQuant noted that only two out of five signals suggest that the worst is behind ETH.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.