The other day investors received two ambiguous reports of analytical companies. According to the materials, the actions of the U.S. Federal Reserve in relation to key rates may increase the risks of recession. For example, Bitcoin lost about 3% for the week, falling from $31.2 thousand at the close of June 30 to the level of $30.2 thousand. At the same time, on Thursday, July 6, BTC updated the maximum since the beginning of 2023 – $31.5 thousand, but to hold on to this top has not yet managed. Overall, the situation continues to be ambiguous.
Satoshi Spain founder: “This is mining 2.0.” Crypto farms will now start training AI algorithms. The rapid rise in popularity of neural networks such as ChatGPT has opened up new opportunities for cryptocurrency mining companies. A prime example recently was Satoshi Spain, a Spanish company that sold and leased mining equipment during the cryptocurrency boom, and now helps its customers reconfigure the equipment for AI computing algorithms.
️ Another Poly Network hack cost its users $42 billion The Poly Network cryptocurrency platform, which combines the work of several blockchains of different types, was hacked by hackers. According to current data, the attackers generated about $42 billion of “empty” tokens in dozens of blockchains at once. The administration of the platform reported that the problem affected 57 cryptocurrencies in 10 blockchains, including Ethereum, BNB Chain, Polygon, Avalanche, Heco, OKX and Metis. Recall that this is not the first time the Poly Network has been hacked. In 2021, another hacker managed to steal $600 million worth of cryptocurrency. However, the stolen funds were later returned to the platform.
Top Growth of the Week
– BitTorrent (BTTOLD) – $0.0000005 (+96.7K%).
– Manna (MANNA) – $0.0005 (+12.7K%).
– TNC Coin (TNC) – $0.0003 (+11.5K%).
Top drops of the week
– SAUCEINU (SAUCEINU) – $0.000008 (-100%).
– Xoloitzcuintli (XOLO) – $0.00000060 (-99.6%).
– SAUDI RAPTOR (SAUDIRAP) – $0.000001 (-99.3%).
Top 3 of the week by trading volume
– Tether (USDT) – $1 (+0%).
– Bitcoin (BTC) – $30119 (-1.8%).
– Ethereum (ETH) – $1861 (-4.5%).
Summary
Against the backdrop of the Fed report, the cryptocurrency market is again volatile – even though Bitcoin is breaking records, the cryptocurrency was unable to hold on to its highest value for the year. At the same time, a number of koins also show not obvious dynamics: for example, Litecoin (LTC) is already approaching the indicator of weekly decline of -17%, while Waves (WAVES) is growing – and very well, now the weekly growth rate is +14%.
So, there is definitely room to make money and definitely room to lose in the market this week, so be sure to keep the risks in mind when investing in cryptocurrencies.
