D-Core Weekly Crypto Market Insights

Another bad week for Bitcoin—the eighth in a row—although this is relatively better than what we have seen in the previous ones. A situation that reflects what is happening in the global financial markets and that could be reversed if something important happens.

On the other hand, there is Ethereum, obviously strongly dependent on Bitcoin, which could start the change that has been rumored for some time. Meantime, the altcoin world (with a few very rare exceptions) continues to fall.

Again, the news of the week is that we had the eighth weekly negative for Bitcoin: an all-time record in the history of the first cryptocurrency. This means that for eight straight weeks the price of Bitcoin closed lower than the previous week.

In the meantime, however, adoption is moving a lot, which is a sign that when markets are weak it is still time to build. At the same time, the most important representatives of the fiat world said they were extremely worried about the rise of Bitcoin or disinterested in investing in it. Which could be interpreted as signals of a fear of the “old establishment”.

The President of the European Central Bank said that Bitcoin, Ethereum, and crypto have no value and that consequently they should be regulated.

Bill Gates thinks Bitcoin wouldn’t add anything to society. Also, in this case, it would be necessary to verify what Bill Gates means by “society”, because given what his foundation does he should know very well the problems that come with having people unbanked since it operates in the poorest countries in the world.

As for Ethereum, which usually takes a back seat during bear markets, it was instead the week of the merge. Or rather, the announcements that have helped to clarify how the protocol should move in this sense.

Firstly, we will soon have the merge on the main testnest, a step of enormous importance that should lead—at least according to what was circulated at the end of the week—to the merge on the mainnet as early as August.

We will see if these deadlines are met or if, as has already happened in the past, there may be other delays, given the complexity of the operation. However, this will remain the topic that almost everyone on the market will continue to discuss, in particular for the large amount of $ ETH which, gradually, will return to the disposal of those who had placed them in staking. However, there are other types of considerations that must be made to assess whether or not they will be reserved on the market and if they could be a real problem for the price of Ethereum.

With the merge, we will get to the heart of the transition to Ethereum PoS and therefore there will be important staking incentives. This will push all those who have already been staking to continue with their activity. It would be currently a surprise to see a huge capital flight from Ethereum.

Those who were here already in 2018 will be experiencing this phase in a much more peaceful way, being accustomed to swinging on the market of much greater proportions. The altcoin market seems to be following very similar dynamics to 2018.

It seems clear at this point that some flagship projects will disappear or otherwise lose pace with newcomers, and corrections like this only speed up the process. Soon it might be a very interesting time to shop and enter the market on emerging coins and tokens.

Of course, it’s always very important to keep in mind that the altcoin market tends to offer much higher risks than Bitcoin and Ethereum. Those who want to approach this market during this particular phase will have to pay a lot of attention and be aware of the huge risks.