Global #Bitcoin

In a notable rebound, the cryptocurrency market has surged by approximately 2% over the past 24 hours, pushing its total market capitalization above the $2 trillion threshold. This upswing marks a significant recovery from recent downturns and underscores the market's resilience.

The vision of decentralized finance (DeFi) on the Bitcoin blockchain has long remained out of reach due to Bitcoin's lack of native smart contracts. However, a breakthrough may be on the horizon with the launch of the OP_NET testnet, set to debut on Wednesday.

Xapo Bank, a pioneering digital asset custodian, has expanded its services to the UK, introducing interest-bearing accounts for both Bitcoin and fiat currencies. This move marks the first time such combined accounts have been offered in the UK, highlighting the country's robust regulatory framework that attracted the firm.

As of now, Bitcoin and major altcoins exhibit stability, yet the aftermath of the weekend's sharp liquidation has left a significant impact on the market. The recent wave of liquidations, which saw billions in leveraged positions wiped out, has created a technical pressure on prices, even though the market seems stable at press time.

A recent analysis by prominent crypto analyst CrediBULL Crypto has highlighted a significant divergence between Bitcoin (BTC) and Ethereum (ETH), indicating a potential disparity in their recovery trajectories.

Following a dramatic downturn in the cryptocurrency market on Monday, August 5, Bitcoin is beginning to recover, with its price climbing above $55,589—a 12.2% increase from its lowest point just a day prior.