[Newsletter] Weekly Wrap-Up – Traders Celebrate Bitcoin Price Regaining $20,000

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Bitcoin temporarily regained the $20,000 level after retreating to as low as $18,095 in what could be its worst price crash in recent memory. However, as mentioned, the relief is temporary. At the time this article is being written, Bitcoin price shed around $2000 to arrive at the $19,829 price point, according to aggregator site Coingecko.

Ethereum, on the other hand, had an impressive 10% price increase in the last 24 hours. After hitting $897 on June 19, its lowest since early January 2021, it climbed to $1,140 although as of publishing time, it is at $1,079.

Where Bitcoin goes, the entire crypto market follows. The entire crypto market cap is back at $910 billion while other popular coins, including BNB and ADA are up 6.5% and 4.2% respectively.

The market upside provided some relief to traders who saw Bitcoin shed value from a high point of $69,000 November last year all the way down to $18,095 yesterday. “If someone had told me two weeks ago that we were celebrating a pump to $20,500 I would not have believed him,” says the Twitter account of UniswapCalls.

Last Week Recap: BSP Urged to Ban Binance in the Philippines

Last week was the most bearish to date when it comes to crypto news, with Bitcoin retreating to less than $20,000 or Php 1 million for the first time since December 2020. Locally, we’re reported about a Think Tank group in the Philippines urging the Bangko Sentral ng Pilipinas (BSP) to suspend and ban Binance, and stop it from applying for VASP because it operated without one in the country. Binance said it has not received a copy of the letter but said they are open to discussions.

Another bad news, we found out that the Coinbase layoffs have also affected members of its Southeast Asia and Philippine team. But all is not doom and gloom because Binance said it is actively hiring, in fact the global exchange is looking fr 2,000 more people to join the company.

But the implosion of Three Arrows Capital, Finblox, and Celsius (article today) were probably the key stories from last week. All of them, their problems started, it appears, when Do Kwon’s Luna/Terra experiment went from billions to zero.

More News and Features on BitPinas:

News

  • Coins.ph Partners with Crypto Infrastructure Company Fireblocks, Plans to Support More Blockchain
  • CZ Questions Report on US SEC’s BNB Probe
  • Axie Official Meetup in Manila is Sold Out in Less than 10 Minutes
  • Do Kwon Denies Cashing Out $2.7 Billion worth of LUNA before The Crash
  • Justin Sun’s Stablecoin USDD is Showing Signs of Depegging
  • UBX, Unit 256 Team Up For Wider Filipino Fine Art Ownership via NFTs
  • 19 Individuals Arrested for Illegal Crypto Scheme in the Philippines
  • You Can Now Buy Decentraland’s MANA on Coins.ph
  • SEC Issues Advisory Against USDT-Centered Scheme of Decentra
  • PDAX Explains Benefits of a BSP-Licensed Crypto Exchange
  • Elon Musk Faces $258 Billion Lawsuit For ‘Dogecoin Pyramid Scheme’
  • Axie Infinity Launches Axie Creator Program
  • [Recap] AxiePH Meetup: Axie Infinity Plans to Spend Its Second Bear Market Building Alongside its Fans

Features

Event This Week

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Finally, a meme

I don’t think the meme will age well today.

This article is published on BitPinas: [Newsletter] Weekly Wrap-Up – Traders Celebrate Bitcoin Price Regaining $20,000

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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