Markets
Bitcoin on track for $60K recovery, XRP leads altcoin push, Germany sells out: This week’s market recap
The cryptocurrency market has been on quite a rollercoaster ride over the past seven days, with price action being as volatile as it gets. At the time of writing, the total market cap has stabilized at around $2.5 trillion, up 3.5% during that time.
Bitcoin wasted no time and on July 7th, it surged above $58K for the first time this week. Bears intercepted the move immediately and the next day pushed it back below $55K, where buyers found a quick recovery only to bring it back to $58K again… on the same day.
The entire week has been more or less filled with this kind of volatility. On Thursday, the US Bureau of Labor Statistics released the Consumer Price Index numbers for June, which registered a 0.1% decrease compared to the previous month. Markets took this as a sign of relief that inflation was slowing down, and Bitcoin immediately surged. Unfortunately, the move was not in vain, and the bears pushed it back below $57,000.
All in all, BTC is currently trading around $58,000, but this rollercoaster ride isn’t the craziest thing to happen in the past seven days.
It appears that the German state that has been selling off large amounts of BTC over the past week is finally getting close to clearing its holdings. Many analysts are taking this as a sign that the pressure will ease and prices could recover.
On the other hand, there is the looming uncertainty that Mt. Gox creditors who receive their recoveries may start selling.
But enough about Bitcoin. Former US President and current presidential candidate – Donald Trump – will be making an appearance at a Bitcoin conference this month! This has come as a shock to many, while others are associating it with the fact that he is reaching out to the community because of the upcoming election later this year.
MicroStrategy — a well-known business intelligence company and one of the largest corporate holders of Bitcoin — will split its shares at a 10:1 ratio. The move was announced by its CEO Michael Saylor earlier this week, and MSTR shares surged on the news.
Overall, it was a very exciting week for most altcoins as well. They experienced similar volatility as Bitcoin, and some were even more volatile. For example, XRP was up 9.1%, BNB was up 8%, and so on.
It will be very interesting to see if the market will continue to recover now that the selling pressure from Germany is likely to ease. If one thing is for sure – there are definitely exciting times ahead!
Market data
Market Cap: $2.46T | 24H Vol: $71B | BTC Dominance: 50.9%
BTC: $58,022 (+2.6%) | ETH: $3,125 (+4.6%) | BNB: $532 (+8%)
This Week’s Top Cryptocurrency Headlines You Shouldn’t Miss
Illinois Court Confirms Bitcoin, Ethereum Are Commodities: CFTC Chairman The Chairman of the United States Commodities and Futures Trading Commission (CFTC) – Rostin Benham – stated that a court in Illinois has formally ruled that both Bitcoin and Ethereum are commodities.
Ethereum hits new highs: 47.36 million ETH staked in ETH2 Beacon deposit contract. Data shared by cryptocurrency analytics firm Santiment reveals Ethereum has managed to hit a new all-time high. It appears that a whopping 47.36 million ETH has been staked in the ETH2 Beacon deposit contract.
SEC drops investigation into Paxos for BUSD stablecoin. The United States Securities and Exchange Commission (SEC) knocked down its investigation into Paxos for the BUSD stablecoin. The company will not be charged by the SEC for issuing an unregistered security in the form of BUSD.
MicroStrategy (MSTR) rises 3% after Saylor announces 10-for-1 stock split. Business intelligence company MicroStrategy is set to conduct a 10-for-1 stock split. The announcement was made by its CEO, Michael Saylor. MicroStrategy is the largest corporate holder of Bitcoin in the world.
Donald Trump will take the stage at the Bitcoin conference this month. Former US President Donald Trump will be on stage at the Bitcoin Conference being held in Nashville from July 25-27. The appearance he comes as a surprise and is interpreted as a victory for the community.
Selling by small Bitcoin traders contrasts with rising holdings by whales and sharks. It appears that small Bitcoin traders are selling their coins. On the other hand, whales and sharks (terms used to describe larger holders) are accumulating more – a dynamic displaying the highest conviction of the largest BTC holders.
Graphics
This week we have a chart analysis of Ethereum, Ripple, Binance Coin, Dogecoin and Polkadot – click here for full pricing breakdown.
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