Altcoins
Bitcoin on Track to $60K Recovery, XRP Leads Altcoin Surge, Germany Sells All: This Week’s Market Recap
The cryptocurrency market has been on quite a rollercoaster ride over the past seven days, with price action as volatile as it gets. At the time of writing, the total market cap stands at $2.5 trillion, up 3.5% over that period.
Bitcoin wasted no time and, on July 7, pushed above $58K for the first time this week. The bears immediately intercepted the move and, the following day, pushed it back below $55K, where buyers found a quick recovery only to push it back down to $58K again… the same day.
The entire week was pretty much filled with this kind of volatility. On Thursday, the US Bureau of Labor Statistics released the June consumer price index numbers, which were down 0.1% from the previous month. Markets took it as a sign of relief that inflation was slowing down, and Bitcoin immediately rallied. Unfortunately, the move backfired, and the bears pushed it back below $57,000.
Ultimately, BTC is currently trading around $58,000, but this rollercoaster ride wasn’t the craziest thing to happen in the last seven days.
It looks like the German state that sold off huge amounts of BTC over the past week is finally getting close to wiping out its holdings. Many analysts are taking this as a sign that the pressure will be eased and prices may recover.
On the other hand, there is the looming uncertainty as to whether Mt. Gox creditors who have received their compensation may start selling.
But enough about Bitcoin. Former US President and current presidential candidate Donald Trump is set to appear at a Bitcoin conference this month! It came as a shock to many, while others are attributing it to him reaching out to the community due to the upcoming elections this year.
MicroStrategy, a well-known business intelligence company and one of the largest corporate holders of Bitcoin, will split its shares 10:1. The move was announced by its CEO, Michael Saylor, earlier this week, and MSTR stock has jumped into the spotlight.
All in all, it was a very exciting week for most altcoins as well. They experienced similar volatility to Bitcoin, and some were even more volatile. For example, XRP rose 9.1%, BNB rose 8%, and so on.
It will be very interesting to see if the market continues to recover now that the selling pressure from Germany is set to ease. If one thing is for sure, it is certainly 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 Cryptocurrency Headlines You Shouldn’t Miss
Illinois Court Confirms Bitcoin, Ethereum Are Both Commodities: CFTC Chairman The Chairman of the U.S. Commodities and Futures Trading Commission (CFTC), Rostin Benham, has declared that an Illinois court has formally ruled that both Bitcoin and Ethereum are commodities.
Ethereum Hits New Record High: 47.36 Million ETH Stake in ETH2 Beacon Deposit Contract Data shared by crypto analytics firm Santiment reveals that Ethereum has managed to reach a new record. It seems that as much as 47.36 million ETH have been staked in the ETH2 Beacon deposit contract.
SEC closes investigation into Paxos over BUSD stablecoin. The United States Securities and Exchange Commission (SEC) has fallen its investigation into Paxos for its BUSD stablecoin. The company will not be charged by the SEC with issuing an unregistered security in the form of BUSD.
MicroStrategy (MSTR) rises 3% after Saylor announces 10-for-1 stock split. Business intelligence firm MicroStrategy is going to split 10-for-1, its CEO Michael Saylor announced. MicroStrategy is the world’s largest corporate holder of Bitcoin.
Donald Trump will take the stage at the Bitcoin conference this month. Former US President Donald Trump will take the stage at the Bitcoin Conference in Nashville from July 25 to 27. The appearance he comes as a surprise and is interpreted as a victory for the community.
Selling by small Bitcoin traders is countered by rising holdings by whales and sharks. It looks like 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 on show the increased conviction of major BTC holders.
Graphs
This week, we have a graphical analysis of Ethereum, Ripple, Binance Coin, Dogecoin and Polkadot – Click here for full price analysis.
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