The image shows the difference between the available investment capital and the available amount of Bitcoin. Given the limited quantity of Bitcoin and its massive popularization, this will inevitably lead to an increase in the price of Bitcoin.
The popularity of digital assets continues to grow around the world, regardless of the stance of governments. The increase in the number of users contributes to the rise in the price of cryptocurrencies.
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CryptoQuant analysts compared the current situation on the BTC market with the events of 2020 and noted similar trends.
In 2020, after Bitcoin consolidated around the $10,000 mark for several months, the cryptocurrency eventually saw a significant rise in value.
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We tell you what happened in the cryptocurrency market over the past week:
At the beginning of the week, quotes of the first cryptocurrency failed the level of $60,000. So the market reacted to the message of the trustee of the exchange Mt.Gox about plans to start paying compensation in cryptocurrencies and fiat in early July.
Binance's lawyers managed to get a partial dismissal of the lawsuit in its ongoing battle with the SEC, but most of the charges remain in place.
D.C. Circuit Court Judge Amy Berman Jackson granted the motion in part to dismiss the Commission's claims regarding secondary sales of the BNB token, the BUSD stablecoin offering, and the Simple Earn product.
On June 27, investment firm VanEck filed a Form S-1 with the SEC to register an exchange-traded fund based on the Solana cryptocurrency (SOL).
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According to Santiment, there has been a significant increase in investor interest in buying bitcoin (BTC), while interest in selling has slowed down.
The major cryptocurrency was still approaching its support zone as recently as yesterday.
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The undisputed leader in terms of yield is bitcoin, its growth amounted to an impressive 59.75%.
The Nasdaq Technology Index posted a gain of 14.16%, gold gave a return of 12.87%, and the S&P 500 Industrial Average gained 11.57%.
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According to data from SoSoValue, the market is seeing a significant strengthening of inflows into bitcoin-ETFs.
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We tell you what happened in the cryptocurrency market over the past week:
The first cryptocurrency started the week at below $62,000. On Wednesday, July 3, the digital gold failed the $61,000 mark. The following day, bitcoin fell below $57,000.
Bitcoin is able to reach a new all-time high in August and then grow to $100,000 by the US presidential election in November. Such a forecast was presented in Standard Chartered.
The realization of the scenario depends on the prospects of Joe Biden in the presidential race. His continued participation will support the preferred chances of victory more favorable to digital gold Donald Trump, the experts pointed out.
Euro Pacific Capital President Peter Schiff predicted a significant drop in the price of Ethereum (ETH) - to the $1500 mark.
Amid the market decline, the entrepreneur noted that the second most capitalized cryptocurrency has collapsed below $2900, trading 30% below its March high and breaking through key support levels.
VanEck's Head of Digital Asset Research Matthew Siegel believes that the chances of launching a Solana-based spot ETF in the U.S. depends on the outcome of the U.S. election.
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The US Supreme Court has overturned the Chevron doctrine, which gave regulators discretion to interpret the laws they are charged with enforcing.
It will now become more difficult for the SEC to carry out enforcement actions against cryptocurrency companies due to the near total lack of legal and regulatory clarity in the industry.
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Important figures:
With half a billion users worldwide, increased regulation and technological advancements, the adoption and use of cryptocurrencies will continue to grow.
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Well-known analyst Eric Crown emphasized that historically July was a positive month for BTC.
According to the analyst, it will take until the end of July to prepare for a possible breakout in the value of BTC in Q4.
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What do you think July will be like? Bullish or bearish?
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Write your variants in the comments!
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We tell you what happened in the cryptocurrency market over the past week:
Digital gold started the week with high volatility. The asset was trading at $54,500 on Monday morning, rose to $58,000 by lunchtime, but corrected to $55,000 by late afternoon.
On the evening of July 12, German authorities realized all 49,860 BTC worth about $2.97 billion seized from pirate portal Movie2k in January.
It also emerged in the week that the assets were seized by the police department of the German federal state of Saxony, but were stored on the wallet of the German Federal Criminal Police Office.
The developers of the clicker game Hamster Kombat talked about the genesis of the project and announced the second airdrop. The creators wished to remain anonymous, but stated that they have been working in the crypto industry since 2013.
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During a campaign speech, US presidential candidate Donald Trump was shot in the right ear. The shooter was killed and two other audience members were injured.
π After the assassination attempt, Trump's chances of re-election in the presidential election have increased significantly.
Investors are also predicting an increase in betting on Trump's victory in the coming week. And BTC has already risen above the $60,000 mark after the shooting.
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Sentiment in the post-halving cryptocurrency market is mixed, says the results of a survey from CoinGecko. 49% of respondents are still optimistic about the market, while 25% are neutral about the current situation and another 25% are pessimistic.
By category:
β½οΈMost investors are optimistic (54% are in favor of growth and only 20% bet on a fall);
β½οΈAmong developers 47% are positive and 31% are negative;
β½οΈTraders 39% vs. 33%;
β½οΈSide observers are the most pessimistic, with only 28% believing the market will grow and 42% voting for a fall.
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We have hidden one of the famous terms that every cryptan uses. Your task: write your guess about what word was hidden!
To simplify this puzzle, we are ready to give you a hint:
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We tell you what happened on the cryptocurrency market over the past week:
Having ended the previous week with growth, digital gold continued its upward trend. The coin reached $64,000 on Tuesday, but corrected to $63,000 after Mt.Gox moved $6 billion in assets.
On July 18, the U.S. Securities and Exchange Commission (SEC) approved applications to launch an Ethereum-based mini-ETF from Grayscale and an exchange-traded fund from ProShares.
On the same day, various media outlets named July 23 as the benchmark for the start of trading. This view was also supported by Bloomberg stock analyst Eric Balchunas βin the absence of unforeseen circumstances.β
Polygon developers have set a date for the conversion of the MATIC utility token to Polygon Ecosystem Token (POL) at a 1:1 ratio. The process is scheduled for September 4.
The proposal has been approved by the community. POL will replace MATIC as the primary asset for steaking and paying for gas.
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Kaspa Coin (KAS) is rising despite difficulties in the overall market. Analysts point to Kaspa's unique 8-month cycle as the driving force behind its recent successes.
According to crypto analyst Plan B, Kaspa does not follow broader market trends; instead, it follows its own adoption curve and 8-month cyclical patterns.
It's not too late to become part of the project and get yourself a $KAS!
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Mike Novogratz shared that China may lift restrictions on BTC transactions as early as the fourth quarter of this year.
If the Chinese authorities do allow transactions with digital assets, it could be a powerful catalyst for the growth of the cryptocurrency market!
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According to a report by Ark Invest, BTC is in an oversold zone. This comes after the German government sold off 50,000 BTC (about $2.9 billion) seized in a police operation against streaming platform Movie2k.
βBased on short-term realized gains and losses of holders, as well as outflows from miners, bitcoin appears oversold,β the report said.
Contrary to expectations, the sharp drop in price has not caused a panicked flight from spot bitcoin-ETFs.
Moreover, July saw a veritable boom in inflows into these funds. According to CoinShares data, last week alone, about $1.35 billion flowed into bitcoin-ETFs. And BlackRock's iShares Bitcoin Trust (IBIT) raised $107 million on July 18 after nine days of continuous inflows.
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