Weekly Cryptocurrency News Digest

Bitcoin difficulty readjustment, London hardfork release date, mainland China blocking Binance — these are the breaking crypto news of this week. More on them and other news you might have missed in the latest cryptocurrency news digest from our team, enjoy!

Key Takeaways

  • This weekend, Bitcoin mining difficulty was readjusted and scored a record drop of 28%. On-chain metrics are recovering to normal levels;
  • Nevertheless, the market reacted more acutely to China banning Binance;
  • In Ethereum news, it is on a steady road to the London upgrade; the fee burn and other improvements will hit mainnet on August 4.

ChangeHero Updates: New Design

2021 07 09    16.43.56 720 - Weekly Cryptocurrency News Digest: BTC Metrics Recover

Our website got a facelift this week! We updated the main page and transaction process to a more refined look — check it out and let us know what you think!

Latest Cryptocurrency News Digest

Bitcoin Digest

image 720 1 2 - Weekly Cryptocurrency News Digest: BTC Metrics Recover
Source: TradingView
  • Bitcoin price had a nice weekend and a stormy working week again. Just before Monday, it attempted to break through the $36,000 resistance but dropped a significant percent down to $34,400.
  • After that, two more attempts to breach $34,800 were made but the news from China curbed the buyers’ efforts. Binance getting blocked in China caused another drop to $32,100.

Bitcoin News

  • Is Bitcoin in danger of crashing again? Definitely not, and there are signs to back this. For the first time in two months, whale BTC holdings hit a local high, which is interpreted as a bullish sign.
  • That is not all good news: BTC mining difficulty saw a record 28% drop after this week’s recalculation. It means that the miners that stayed online will make more profit and on-chain metrics such as block times recovered.

Altcoin News

  • Ethereum’s London upgrade received a release date: August 4. It will introduce a controversial EIP-1559, which will burn extra fees instead of directing them to miners.
  • Remember the meme coin Shiba Inu? They introduced a DEX, ShibaSwap, which surpassed $1 billion in total locked value within the first 24 hours.

Business Cryptocurrency News

  • USDC issuer Circle is preparing to go public with Concord Acquisition Corp in Q4 2021. The initial valuation puts the company at $4.5 billion.

Cryptocurrency News on Adoption

  • Visa told CNBC that in the first half of 2021, crypto card usage exceeded $1 billion in volume. The crypto cards supported by the payment provider are issued by Coinbase, Circle and BlockFi.
  • Luxury hotel chain Pavilion Hotels announced that they will start accepting payments in 37 cryptocurrencies.

Regulation & Politics Cryptocurrency News

  • The ongoing events about Binance and China’s crackdown converged: the crypto exchange is now blocked by the Great Firewall. That was expected: a couple of weeks ago all keywords relevant to crypto exchanges were removed by the Chinese Internet service providers.
  • Meanwhile, the American CryptoFed DAO became the first legally recognized decentralized organization (in the US). The news comes from the crypto friendly state Wyoming, which is becoming the center of attention in cryptocurrency news.

Cryptocurrency News Digest from Social Media

Video of the Week

It’s always the right time to go over crypto safety measures! YouTuber InvestAnswers compiled 20 pieces of advice to secure your holdings.

Cryptocurrency News Digest from Twitter

The drama around blogger and developer known as TechLead does not cool down. Most recently, he launched Million Token, but the community members quickly caught on to it being shady.

This week, Twitch trading went on another level: crypto trader Mr. Goxx stepped up the game for everyone. The trader, who is also a literal hamster, is choosing a currency with a hamster wheel and places a buy or sell order by going through tunnels.

Obviously, the whole thing is meant just for fun, which is clearly disclaimed in all Twitter notifications.

Square will be building a hardware wallet of their own, as announced by Jack Dorsey. In a lengthy thread from June leading to the announcement, he mulls over challenges of balancing security and usability, which the product will tackle.

Influencer of the Week

If you aren’t new to Crypto Twitter, you might have heard about WhalePanda, but if you are, he’s on plenty of lists for recommended follows for a reason. Comments on the current market, analytics and witty jokes are the most common post types you can find there.

This Week on the Market

At the moment of writing the digest, the general market stats are:

  • Total Market Cap: $1,360,776,663,724 (-0.49%);
  • BTC Dominance: 45.1%.

7d Change in Top Coins

image 720 4 - Weekly Cryptocurrency News Digest: BTC Metrics Recover
Source: CryptoRank

How is the market this week? Looking pretty normal, with some gainers and losers. At the moment of writing, the weekly change of the top currencies is:

Gainers of the Week

What is the best cryptocurrency to invest in right now? Probably the ones that are dropping. But if you have bags of these tokens, this week you’re already in profit:

  • Synthetix (SNX) $10.40 (↑60.54%);
  • 0x (ZRX) $0.8546 (↑29.77%);
  • Compound (COMP) $398.99 (↑23.27%).

Conclusion

Despite what was happening in mainland China, the news from the crypto world is overwhelmingly bullish. There’s a good chance that as soon as in a few weeks we may see their effect.

For weekly crypto news, keep an eye on our blog! Follow ChangHero on Twitter, Facebook, Reddit and Telegram for daily updates.


Quick links:

Related Posts
Title
Digest 1 - Weekly Cryptocurrency News Digest: BTC Metrics Recover
Article Name
Weekly Cryptocurrency News Digest: BTC Metrics Recover
Description
This week in the cryptocurrency news digest, we covered the Bitcoin mining difficulty drop and China's crackdown on cryptocurrency.
Author
Publisher
ChangeHero
Logo
Subscribe
Notify of
guest
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Henry
Henry
12 days ago

This is the best time to mine bitcoin.