Announcements Gate Research: Crypto Market Stabilizes and Rebounds, Bitcoin Tests $57,600, Ethereum Struggles

Gate Research: Crypto Market Stabilizes and Rebounds, Bitcoin Tests $57,600, Ethereum Struggles

2024-08-08 09:46:40 UTC 7078 Read

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Gate Research's Weekly Market Review and Outlook covers Bitcoin and altcoin trends, macro liquidity, on-chain indicators, hot project updates, token unlock information, and key industry events, providing comprehensive analysis and predictions for the cryptocurrency market.

Gate Research：The cryptocurrency market experienced significant volatility this week. Amid global financial turmoil, Bitcoin rebounded to above $57,000 after dipping below $49,000. Meanwhile, Ethereum underperformed, declining by over 40%. Additionally, the Ronin Bridge was exploited, sparking market concerns, although some assets have been returned. Despite a strong rebound in the altcoin market, the overall recovery has been slow. Investors should continue to monitor macroeconomic factors and market sentiment.

Firstly, in **Market Analysis,** BTC reached a weekly high of $65,65 before plummeting and forming a short-term resistance level around $57,000. Ethereum experienced a significant drop of over 40% this week, currently trading around $2,500 with weak momentum.

Next, in **Data Highlights**, while BTC ETFs experienced continuous net outflows, the market value of stablecoins slightly increased by 0.14% to $164.24 billion, indicating a slowdown in the inflow of external funds. This phenomenon may be attributed to the unstable macro environment, as investors adopt a more cautious stance.

Moving to **Market Opportunities**, this week's airdrop project to watch is Super Champs. Developed and operated by Joyride Games, it includes a collection of role-playing mobile games. Currently, Bullet League and Racket Rampage, both casual mini-games, are available.

Lastly,  in **What to Watch Next Week**, the deadline for general claims in the Chapter 11 bankruptcy cases of Terraform Labs (TFL) and Terraform Labs Limited (TLL) has been set for 5:00 AM Beijing Time on August 10, 2024. Users with claims against TFL prior to January 21, 2024, must submit their claims before this deadline.

Deep Dive into This Week's Review 👉🏻 [Gate Research: Crypto Market Stabilizes and Rebounds, Bitcoin Tests $57,600, Ethereum Struggles](https://www.gate.io/learn/articles/gate-research-crypto-market-stabilizes-and-rebounds-bitcoin-tests-57600-ethereum-struggles/3746?ch=GSW_ann_20240808&utm_campaign=TR_4sfbKDHg&utm_content=&utm_medium=CPM&utm_source=CH_79kTf7RP&utm_term=t)

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Gate.io Team
August 8th, 2024

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