Banking Giants Reveal Bitcoin Exposure But Crypto Markets Tank: This Week’s Roundup

The broader cryptocurrency market lost around $70 billion in capitalization in the past seven days as most coins traded in the red. This comes on the back of some considerable declines over the past few days, so let’s dive in.

As of Bitcoin, the price was trading above $60,000 this time last week, and even attempted a push above $61,000 over the weekend. As soon as Monday arrived, however, the bears took control and pushed the price below $59,000. Buyers had an unsuccessful recovery opportunity and things went south on Wednesday when the price fell back below $59,000.

Yesterday, the bears continued their offense, sending BTC as low as $56,200 on some exchanges, resulting in over $200 million in derivatives positions being liquidated. Buyers were able to regroup and recover where Bitcoin is currently trading at $58,000.

That said, much of the selling pressure was likely caused by the fact that Mt. Gox moved another batch of BTC, while the US government also moved 10,000 BTC from a custodial wallet to Coinbase, likely with the intention of selling.

As is often the case, once Bitcoin goes down, so do the rest of the altcoins. Some of them had it worse. For example, SOL is down 10%, DOGE – 5.5%, ADA – 5.7%, etc.

There are, of course, some exceptions. TRX has risen by 3%, being the only large-cap currency that trades in the green. This is due to increased network activity as the protocol has been generating 50% more trading fees compared to Ethereum over the past 30 days. This makes TRON the most profitable blockchain at the moment.

All in all, there was also a lot of positive news. Goldman Sachs and Morgan Stanley, two of the world’s largest international investment banks, were revealed to manage a combined $600 million worth of BTC. Meanwhile, the world’s third largest pension fund (Japan’s), also disclosed investments in BTC.

It’s unclear what the future holds for Bitcoin and the rest of the market, but one thing is for sure: it’s going to be exciting!

Market data

Market capitalization: $ 2.14 thousand | 24 Hour Flight: $90 Million | BTC Dominance: 53.6%

BTC: $58,067 (-3.9%) | ETH: $2,582 (-1.2%) | BNB: $516 (+2%)

This week’s headlines you can’t miss

Most institutional investors held or increased Bitcoin ETF positions in the second quarter. US-based institutional investors continue to show serious support for Bitcoin through exchange-traded funds (ETFs), according to a recent report from Bitwise’s chief investment officer. 66% of them have maintained or increased their participation.

This is when the Altcoin season will happen, according to Arthur Hayes. Arthur Hayes, the former CEO and co-founder of BitMEX, shared his thoughts on the possibility of an incoming altcoin season. He believes that this would happen once BTC reaches $70,000 and ETH – $4,000.

Marathon Digital Buys $250 Million in Bitcoin (BTC) After Raising $300 Million Through Senior Notes. Marathon Digital Holdings (MARA), one of the world’s largest publicly traded BTC mining companies, has purchased the cryptocurrency for around $250 million. The move was financed through a $300 million senior note offering.

Morgan Stanley becomes the fifth largest IBIT holder with a position of $188 million. Institutional investment banking giant Morgan Stanley recently disclosed a sizable position in the BlackRock Bitcoin ETF IBIT site. The investment was valued at nearly $188 million, which includes 5,500,626 shares of IBIT.

Goldman Sachs currently manages $419 million in Bitcoin ETFs. International banking behemoth Goldman Sachs currently manages about $419 million in Bitcoin ETFs on behalf of its clients. The bank holds positions in 7 of the 11 BTC ETFs available in the United States.

US inflation figures as expected, Bitcoin sees slight volatility. The US Consumer Price Index numbers came out this week, marking what experts expected: 2.9% over the past 12 months and 0.2% over the past month.

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

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