Bitcoin hiked towards weekly highs just hours after the US GDP report on Thursday. The asset entered its $22,000 to $24,000 consolidation channel as on-chain metrics suggest that activity has returned to levels observed in late 2021 (as covered last week).
According to data from Coinmetrics, Bitcoin and Ethereum related activity is now concentrated during European and US business hours with a significant downward change in activity during Asia-Pacific business hours.
Crypto exchange FTX continues to play the role of White Knight, offering to bail out Voyager Digital customers for 75 cents on the dollar in a joint liquidity proposal. Read more about our thoughts on the subject here.
Despite the market downturn, venture capitalists poured more than $8 billion into crypto startups during Q2 2022. Crypto deals were led by exchanges/lending, infrastructure, data, DeFi, Layer1s, and Web3 early-stage and later-stage companies.
Following a series of insider token listing trades from Coinbase employees, the SEC has launched a formal investigation on the crypto exchange for allowing trading in several tokens that should have been listed as securities.