Weekly performance of Bitcoin and Ether: a decline recorded, Matic-token opposes the trend

Weekly performance of Bitcoin and Ether: a decline recorded, Matic-token opposes the trend

weekly performance of Bitcoin and Ether

Bitcoin and ether, the two biggest cryptocurrencies, experienced slightly negative developments in the past week. Bitcoin has recorded a decline of 0.32 % in the last 24 hours and reached a price of $ 30,157 at 07:40 a.m. in Hong Kong. According to CoinmarketCap, this led to a weekly loss of 1.33 %. Ether, on the other hand, recorded a slight decrease of 0.09 % and achieved a price of $ 1,862, which led to a loss of 3.71 % this week.

Matic token from Polygon stands out from this trend and recorded an increase of 1.15 %, whereby the price was $ 0.6876

JPMorgan report on Bitcoin ETF applications

A recently published report by JPMorgan has brought some doubts about the transformative potential of the flood of Bitcoin ETF applications on the cryptom market. The report points out that similar products already exist in Canada and Europe, but have only recorded limited tributaries. Although the approval of these ETFs in Bitcoin enthusiasts has aroused optimism, their effects could not be as profound as it was assumed.

investors continue to rely on Bitcoin

According to Santiment, a blockchain data tracker, investors have acquired another 71,000 Bitcoin since July 17, which corresponds to a total value of around $ 2.15 billion. This persistent accumulation indicates that the mood of the investors is still positive and may be influenced by the statements of Blackrock CEO Larry Fink via the asset class.

prospects for ETFs and upgrades on the cryptom market

Justin d’Anethan, head of APAC Business Development at Keyrock, a crypto marketmaker based in Belgium, commented on the growing number of ETFs in the cryptomarkt. Although the applications for admission are still far from the approval, indicate that a Bitcoin ETF will eventually become a reality. He also suggested that the approval of such ETFs could pave the way for other ETFs, including those based on ether.

In another development, the BingX cryptocurrency exchange announced its support for the indore upgrade of polygon on Saturday. The stock exchange explained that this upgrade will improve the performance of the polygon network. Bingx based in Singapore was founded in 2018 and currently serves over 5 million users in more than 100 countries and regions.

The overall market capitalization of cryptocurrencies remained stable at $ 1.18 trillion in the course of the year, while the trading volume has been slightly back to $ 19.74 billion in the last 24 hours, as CoinmarketCAP data show.