Altcoins
Bitcoin on course for $60K recovery, XRP leads altcoin surge, Germany sells off: This week’s market recap
The cryptocurrency market has seen some considerable ups and downs over the past seven days, with price volatility as high as it gets. At the time of writing, the total capitalization stands at around $2.5 trillion, up 3.5% over that time.
Bitcoin wasted no time, and on July 7, it broke above $58,000 for the first time this week. The bears immediately caught the move and the next day pushed it back below $55,000, where buyers quickly recovered to push it back to $58,000 again… that same day.
The entire week has been more or less marked by this type of volatility. On Thursday, the U.S. Bureau of Labor Statistics released the June Consumer Price Index figures, which came in 0.1% lower than the previous month. Markets took this as a sign of relief that inflation was slowing, and Bitcoin immediately jumped. Unfortunately, this move was not for nothing, and the bears pushed it back below $57,000.
Ultimately, BTC is currently trading around $58,000, but this roller coaster ride isn’t the craziest thing to happen in the past seven days.
It appears that the German state, which has been selling massive amounts of BTC over the past week, is finally about to reduce its holdings to zero. Many analysts see this as a sign that the pressure will ease and prices could rebound.
On the other hand, there is uncertainty about whether Mt. Gox creditors who receive their recoveries will start selling.
But enough about Bitcoin. Former US President and current presidential candidate Donald Trump will be appearing at a Bitcoin conference this month! This came as a shock to many, while others are associating it with him reaching out to the community due to the upcoming elections later this year.
MicroStrategy, a well-known business intelligence company and one of the largest holders of bitcoin, is splitting its stock 10:1. The move was announced by its CEO, Michael Saylor, earlier this week, and MSTR shares jumped on the news.
Overall, it’s been a very exciting week for most altcoins as well. They’ve seen similar volatility to Bitcoin, and some have been even more volatile. For example, XRP is up 9.1%, BNB is up 8%, and so on.
It will be very interesting to see if the market will continue to rally now that the selling pressure from Germany is expected to ease. One thing is for sure: we are in for some exciting times!
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 can’t miss
Illinois court confirms Bitcoin and 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 formally ruled that Bitcoin and Ethereum are commodities.
Ethereum hits new record high: 47.36 million ETH staked in ETH2 Beacon deposit contract. Data shared by crypto analytics firm Santiment revealed Ethereum has managed to reach a new all-time high. It appears that 47.36 million ETH has been staked in the ETH2 Beacon deposit contract.
SEC drops investigation into Paxos over BUSD stablecoin. The United States Securities and Exchange Commission (SEC) has abandoned its investigation into Paxos over the BUSD stablecoin. The company will not be charged by the SEC with issuing an unregistered security in the form of BUSD.
MicroStrategy (MSTR) climbs 3% after Saylor announces 10-for-1 stock split. Business intelligence company MicroStrategy is to conduct a 10-for-1 stock split, CEO Michael Saylor said. MicroStrategy is the world’s largest holder of bitcoin.
Donald Trump will take the stage at the Bitcoin conference this month. Former US President Donald Trump will be speaking at the Bitcoin conference in Nashville from July 25-27. come as a surprise and is interpreted as a victory for the community.
The massive selloff by small Bitcoin traders contrasts with the increase in whale and shark holdings. It appears that small Bitcoin traders are selling their coins. Conversely, whales and sharks (terms used to describe larger holders) are accumulating more – a dynamic presentation the higher 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 the full price analysis.
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