Crypto Weekly: LINK and WLFI Post Double-Digit Gains Amid Market Drop

Key Takeaways

• Strategy offloaded 1,690 bitcoins causing BTC to slide below $63,000.
• Altcoins extended losses as ADA plunged 10.6% and XRP dipped below $1, risking a drop toward $0.95.
• LINK surged 13% after Standard Chartered forecasted the token would reach $200 by late 2030.

Bitcoin Leads Mid-August Market Pullback

After finishing the first week of August with modest gains, the cryptocurrency market ended the second week in the red. Bitcoin, which had posted gains exceeding 3%, led the market lower after it tumbled from over $65,000, closing just above $63,200. It could have been worse after the cryptocurrency fell below $62,500 on Aug. 14, but a quick rebound kept bitcoin’s weekly losses capped below 3.2%.

During the week, the latest inflation report and a lull in hostilities in the Middle East did help boost global markets. However, in bitcoin’s case, Strategy’s announcement at the start of the week that it had offloaded 1,690 bitcoins the previous week weighed on the asset. While Strategy attempted to assuage the market with a promise to resume buying, this ultimately failed to nudge bitcoin back to pre-announcement levels.

The top cryptocurrency’s decline alone wiped out more than $30 billion in market capitalisation and left the market with minimal gains midway through August.