Market Watch: BTC Taps $23K, SOL Slumps 4% Following Wallet Hack

After yesterday’s brief price slumps below $23,000, bitcoin has reversed its trajectory and reclaimed that level.

Most altcoins are also slightly in the green today. Solana is among the few exceptions following the latest hack that compromised over 7,000 wallets.

Bitcoin Back at $23K

Last week went unexpectedly well for the primary cryptocurrency, given the events that transpired in the US. Firstly, the Fed raised the interest rates by 75 basis points, which is usually a bearish sign for the crypto markets.

Later, it became known that the US had entered into a recession, at least according to the official meaning of the word. However, President Biden refused to admit this, which sent BTC’s price higher once again.

This culminated in a surge to above $24,500 on July 30 – bitcoin’s highest price tag since June 13. Despite retracing slightly in the following hours, the asset still managed to close July in the green.

The weekend was rather calm, but the start of the new week brought some pain for the bulls as BTC slid below $23,000 yesterday. It reacted well to this drop, though, and now sits just over that line.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Bitcoin News

Michael Saylor stepped down as MicroStrategy’s CEO to focus on more developments regarding bitcoin.

Glassnode said the lack of network activity and low fees suggest that the recent price spikes were a bull trap.

SOL Drops Following the Hack

Ethereum continues to trade around the $1,600 level. The asset dropped below it yesterday, but a 3.3% increase in a day has pushed the second-largest crypto to above it now.

BNB is close to $290 after a similar daily increase. Cardano, Polkadot, Dogecoin, Shiba Inu, Avalanche, and MATIC are also in the green from the larger-cap alts.

More gains from the mid-cap alts come from Ethereum Classic (9.5%), Uniswap (8%), and Chainlink (5%). ApeCoin is the best performer, with a 17% daily surge.

In contrast, Solana is down by more than 4%. This is because of the recent hack that saw over 7,000 Solana-based wallets compromised.

The crypto market cap is up by $30 billion in a day but still stands below $1.1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Industry News

Coinbase launched Ethereum staking for institutional investors due to the growing demand.

Cardano’s Charles Hoskinson explained the recent delays in the Vasil hard fork and said he didn’t anticipate more.

The USDT supply has finally begun increasing after several months of constant declines.


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Cryptocurrency charts by TradingView.