The prices of the leading cryptocurrencies experienced a disappointing performance for the sixth week in a row. Due to the absence of significant adoption or regulation news, this week seemed to move at an unusually slow pace for crypto enthusiasts and holders.
Bitcoin (BTC), the cryptocurrency that dominates the market, has seen its value drop by 1.1% over the course of the past week, and it is currently trading at $28,972.
According to data provided by CoinGecko, the value of Ethereum (ETH), the most direct competitor, experienced a decrease of 2.3%, bringing it down to a current level of prices of $1,829.
Tether’s USDT, which is meant to be tied to the value of the US dollar, is currently trading at $0.998247. This is a value that is only slightly off from what was intended for it. In spite of this, it was reported significant profits for the second quarter of $850 million, which helped to boost their total excess reserves to a price of $3.3 billion.
What about other currencies?
A number of significant alternative cryptocurrencies also experienced significant losses. Litecoin (LTC) saw a depreciation of 9.5% to $82.37, Toncoin (TON) decreased by 8.3% to $1.19, and Stellar (XLM) fell by 14.4% to $0.136595. XRP decreased by 12% to reach $0.624960. Solana (SOL) decreased by 9.8% to $22.64. TRON (TRX) decreased by 8.1% to $0.077501.
Only Shiba Inu (SHIB), a rival cryptocurrency to Dogecoin, stood out with significant gains among the top thirty cryptocurrencies based on market capitalization. Shiba Inu is an abbreviation for Shiba Inu. Over the course of the past week, its value of prices increased by 14.7%, reaching a trading price of $0.00000965.
The recent news that the creators of the coin are taking steps to shed its reputation as a memecoin appears to be the driving force behind the recent surge in the price of Shiba Inu. With the goal of improving both security and privacy, they are implementing a new identity protocol across the board for all of the apps that are part of the ecosystem.
This week’s regulatory news was relatively quiet, with the only significant industry gossip being about Coinbase. A report by the Financial Times exposed that the U.S. Securities and Exchange Commission had previously requested Coinbase to remove all cryptocurrencies from its platform, except for Bitcoin.
On the institutional front, software company MicroStrategy, which holds the largest amount of Bitcoin among institutions, disclosed a $24 million impairment charge related to Bitcoin in the second quarter.
In contrast, Block, the payments company founded by Jack Dorsey, demonstrated its Bitcoin-friendly stance as it revealed that a substantial $2.4 billion of its $5.5 billion Q2 net revenue came from Bitcoin-related activities.