What a week! 🥵 Since the last time we spoke, a lot has happened, and although we all expected a quiet summer, the reality has been very different.
On days like these, when so much is happening so quickly, it’s more important than ever to stay informed. So here are your 3 news highlights of the week.
The Craziest Week for Bitcoin
The week started with BTC below $50K, its lowest level since February. The macroeconomic instability caused by the historic drop in the Nikkei, poor employment data in the US, and tensions in the Middle East triggered a sharp decline in prices.
However, Bitcoin has been recovering throughout the week and is now at $60,737*.
This recovery has been driven by ETFs, which have recorded historic daily inflows, exceeding $5.7 billion in a single day.
Moreover, most of the BTC returned to Mt. Gox creditors in recent weeks (approximately half of the 127,000 BTC) has not been sold, demonstrating that users continue to trust the asset in the long term, which has boosted market confidence.
*Data extracted on August 9 at 10:11 AM.
Grayscale Launches 2 New Trusts: SUI and TAO
With the strong performance of crypto investment products, like BTC and ETH ETFs, and the increasing demand for such products, Grayscale has created 2 new crypto trusts: Grayscale Sui Trust and Grayscale Bittensor Trust.
Trust funds are financial instruments that facilitate a legal agreement in which one party transfers the ownership of its assets to another.
Thus, SUI and TAO join 18 other Grayscale investment products linked to cryptocurrencies such as Bitcoin, Ethereum, Chainlink, Solana, Filecoin, Near Protocol, Stellar, or ZCash, among others.
These launches demonstrate the growing interest of institutions and the general public in the crypto sector, increasing adoption and strengthening the growth of the blockchain ecosystem.
And if you already have SUI in your Bit2Me Wallet, make the most of it by moving it to Earn and enjoying up to 6% APY.
Coin of the Week: Solana
Solana has led the crypto market recovery since last Monday, growing more than 7.5% in 24 hours and over 13.6% in a week.
In comparison, Solana has outperformed Bitcoin and Ethereum.
According to analysts, Solana’s strong performance is supported by the continued growth in its number of active users, the increase in the total value locked in its DEXs, and the expansion of its ecosystem with new use cases such as Real World Assets.
