This week in Coins
Illustration by Mitchell Preffer for Decrypt.

It was the sixth consecutive week of underwhelming price performance by leading cryptocurrencies. There was a dearth of adoption or regulation stories, which for crypto fans and holders made this one of the slowest weeks in recent memory. 

Market leader Bitcoin (BTC) fell 1.1% over the last seven days and currently trades at $28,972. Its closest rival, Ethereum (ETH), fell 2.3% to change hands at $1,829, according to CoinGecko. 

Tether’s dollar pegged USDT is currently missing its mark and trades for $0.998247 despite the fact that the issuer’s recent quarterly report showed Q2 profits of $850 million, strengthening its total excess reserves to $3.3 billion.

Several big altcoins posted notable losses, including XRP, which fell 12% to $0.624960, Solana (SOL) dropped 9.8% to $22.64, TRON (TRX) dipped 8.1% to $0.077501, Litecoin (LTC) depreciated 9.5% to $82.37, Toncoin (TON) dropped 8.3% to $1.19, and Stellar (XLM) fell 14.4% to $0.136595.

Only one of the top thirty cryptocurrencies by market cap posted notable gains: Dogecoin rival Shiba Inu (SHIB), which blew up 14.7% over the week to trade at $0.00000965.

Shiba Inu’s price movement appears to have been catalyzed by news that the coin’s makers are shedding their memecoin reputation and introducing a new identity protocol to all apps on the ecosystem for increased security and privacy. 

Ethereum
ETH
+34.56%$2,458.94
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ETH price

The only major industry gossip in regulatory news this week broke on Monday, when a Financial Times report featuring Coinbase CEO Brian Armstrong revealed that the U.S. Securities and Exchange Commission had previously asked the exchange to delist all cryptocurrencies except Bitcoin. 

XRP
XRP
-0.33%$2.133
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XRP price

And in major institutional crypto news, software company MicroStrategy—the largest institutional holder of Bitcoin—reported a $24 million Bitcoin impairment charge in Q2. 

In contrast, Jack Dorsey’s Bitcoin-friendly payments company Block reported that $2.4 billion of its total $5.5 billion Q2 net revenue came from Bitcoin.

Litecoin
LTC
-9.03%$84.11
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Price data by
LTC price

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