Bitcoin Unable to Conquer $17K, Trust Wallet’s TWT Soars 100% Weekly (Market Watch)


Bitcoin failed at $17,000 once more, while most alternative coins have turned red again. Ethereum is down to $1,200.

TWT is among the few impressive gainers, following integrations with Binance Pay and Coinbase Pay.

Bitcoin Falls Below $17K

The primary cryptocurrency was flying high before the FTX drama unfolded last week and had tapped a multi-week peak at over $21,500. However, it almost seemed inevitable that the asset will eventually fall back down, given everything that has been going on this year.

The collapse of once the third-largest cryptocurrency exchange brought a lot more negativity to the market, and bitcoin found itself plummeting to $15,500 for the first time in about two years. The bulls tried to intervene at this moment and pushed BTC north.

However, it couldn’t go any further than $17,000. Even that level gave in yesterday when the UK announced its highest inflation rate in about 40 years of 11.1%.

Bitcoin has been unable to conquer $17,000 and currently trades several hundred dollars below that level. Its market cap is down below $320 billion, and its dominance over the alts is at 38.4%.

BTCUSD.  Source: Trading View
BTCUSD. Source: Trading View

TWT Gains 100% Weekly

Ever since the aforementioned saga with FTX started to develop, the crypto community has been pushed for regulations and self-custody. The latter resulted in impressive price performances for some related assets.

Such is the case with Trust Wallet’s TWT, which has skyrocketed by approximately 100% in a week. The asset is up by roughly 40% in the past 24 hours alone, as Trust Wallet announced integrations with Binance Pay and Coinbase Pay.

The rest of the altcoin scene is not all that positive. Ethereum has lost another 3.5% of value and struggles below $1,200. Just for reference, ETH stood well above $1,600 before FTX crumbled.

Binance Coin, Ripple, Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu have all declined by similar percentages daily.

LEO and XCN are the only exceptions from the larger- and mid-cap alts. Nevertheless, the cumulative market cap of all crypto assets has seen another $20 billion gone and is down to $830 billion.

Cryptocurrency Market Overview.  Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.



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