The cryptocurrency market digest (BTC, SOL). Overview for 03.08.2022


After five trading sessions of declining, the BTC managed to reach stability and is even trying to grow a bit. The asset is mostly fluctuating at $23,412.

There isn’t too much activity in the cryptocurrency. It could be explained by controversial external background, investors’ concerns about geopolitics, and so on. However, the fact is: the crypto market has no trading ideas of its own and market players believe it would be unwise to buy without any support from stock indices.

Interestingly enough, the BTC wasn’t too effective in talking advantage of the uptrend in S&P 500 and NASDAQ that took place earlier. Of course, the major crypto asset moved away from the lows, but it still hasn’t been able to break the resistance at $23,500. The daily chart shows that if bulls take control, the BTC may break $23,500 and continue rising to reach $24,200-$24,500. Otherwise, the first downside target might be $22,500.

The crypto market capitalisation is currently estimated at $1.06 trillion; the fear index is up to 34 points.

Minexmr shuts down

One of the key Monero mining pools will shut down on 12 August. It is known that the pool controls about 40% of all Monero mining facilities.

Solana suffered from exploit

Solana seriously suffered from the hacker attack. According to OtterSec, hackers got access to 8,000 wallets and stole over $8 million. The most part of these wallets didn’t record any activities in the last six months. The ecosystem's reputation might be compromised: all transactions were signed by wallet owners, which means that hackers had their private keys.

Variant: investments in crypto companies

Venture company Variant announced it raised $450 million for two new funds. One of them is Web-3, which will get about $300 million, while the others are new startups. Variant is very interested in crypto projects: earlier, it invested in the DeFi-platform Goldfinch and some other companies.


Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.