Once again Bitcoin has breached $40,000 mark after several days of recession and fluctuations in its price ranging from $30,000 to $32,000. However, in the past few days, Bitcoin not only crossed $40,000 for the first time since June 16 and was trading around $39,900 till the filing of this report on July 28, Wednesday.
Details gathered by The Truth International (TTI) revealed that Tesla CEO Elon Musk and Amazon have boosted value and demand of Bitcoin and other cryptocurren- cies in recent days. A few days back, Elson Musk said that his company Tesla could accept Bitcoin again. Meanwhile, Amazon also announced that it was acquiring a block-chain system and experts to accept payments in cryptocurren- cy. Before these announcements, Bitcoin was trading around $31,000. However, within few days, the price of the leading cryptocurrency has improved to above
$40,000 for a gap of many days that has ended disappointment amongst investors and miners who have lost hope of good days of cryptocurrency.
From mid-April to 24th of July, American companies have increased their exposure in bitcoin to 80 percent while American share in mining of this currency too has doubled. During this period Bitcoin has seen a great fall, from $63,000 in April to $28,000 in June/July as China shut down its illegal mining centers throughout the country. Resultantly, cryptocurrency mining compa- nies have shifted to Kazakhstan and Texas, USA, etc.
Market capitalization of Bitcoin has also edged up by more than $127 billion in just few days. On July 28, 2021, Bitcoin market cap was at $747 billion till the filing of this report as against around $620 billion market cap before fresh spike in Bitcoin.
Like Bitcoin, value of Ether has also edged up and surged above $23,000 after a pause of several days. Experts said the prices have continued to rally since July 21 with Sunday’s current price rise representing the largest single daily gain in over six weeks. The world’s oldest crypto is changing hands for around $39,900, slightly after hitting a monthly high of $40,000.
Datamish data show a short squeeze appears to have driven prices higher as those betting on bitcoin heading lower had to sell in quick succession to cover. The reason remains unclear.
“This price action is aligning with what we’ve been seeing the past couple of weeks,” said Daniel Kim, head of capital markets at Maple Finance. “Borrowing rates for USD have started to increase from its lows.” “We’ve also been seeing a significant increase in demand for USDC from institutional borrowers and the sentiment seems to be bullish following the news of Amazon participating in bitcoin,” Kim added.
Experts also claimed that retail giant Amazon is looking to accept bitcoin payments by year’s end and is considering minting its own token by 2022. The retail giant is also seeking a Digital Currency and Blockchain Product Lead.
Other’s argue the rebound in crypto prices is a reaction to a range of good news coming from big tech and finance players from the U.S. markets.
“Most prominently, there were conversations held last week between Jack Dorsey, Elon Musk, and Cathie Wood at the Bitcoin Conference where they talked about where they see bitcoin and cryptocurrencies going with respect to their own organizations,” said Caroline Bowler, CEO of Australian crypto exchange BTC markets.
Future Trading of Bitcoin
The future trading of Bitcoin at Binance exchange has surged to an unexpected level of $48,000 which has stunned investors globally. Today, the actual price of Bitcoin is around $37,300 till the filing of this report. However, the value of Bitcoin in future trading at Binance has increased to
$48,000 in anticipation of increase in value of the leading cryptocurrency in the backdrop of fresh spike in its demand in last couple of days.
There is almost $10,000 difference in real price of Bitcoin in market and its future trading value. Market capitalization of Bitcoin has been fluctuating around $700 billion when this report was published on July 27, 2021. Binance is the largest crypto exchange in the world in volume of trading of cryptocurrencies. The company is very popular in the world especially the Asian countries.
On Monday (July 26), Bitcoin breached
$39,000 mark after a gap of many weeks and it was being traded around $37,300 on Tuesday. Two main developments have boosted demand and value of Bitcoin suddenly _ Tesla CEO Elon Musk announced that his company can receive Bitcoin to sell cars while Amazon announced its plan of accepting payments in cryptocurrencies.
Ethereum (ETH) inflated its gains by over 6 percent to break above the $2,300, crossing the psychological resistance level at $2,200. ETH has gained 23 percent over the last seven days and is expected to continue its bull run in the upcoming days if it breaks out above the $2,400 mark.
All the top 20 cryptocurrencies have registered significant gains at day’s close. Dogecoin (DOGE) led the pack with a 15 percent gain, followed by Chainlink (LINK), Polkadot (DOT), and Polygon (MATIC), among others.
over 2 percent during the day. If BTC continues to hold above the $38,000 level, it can potentially test its twenty-week SMA (simple moving average) at $43,000 levels in the upcoming days.
From mid-April to 24th of July, American companies have increased their exposure in Bitcoin to 80 percent while American share in mining of this currency too has doubled. During this period Bitcoin has seen a great fall, from $63,000 in April to $28,000 in June/July. During this period, China has shut down its illegal mining centers throughout the country, resultantly, miners have shifted to Kazakhstan and Texas, USA, etc.
Like Bitcoin, value of Ether has also edged up and surged above $22,200 for a gap of several days. Experts said the prices have continued to rally since July 21 with
Sunday’s current price rise representing the largest single daily gain in over six weeks. The world’s oldest crypto is changing hands for around $38,700, slightly after hitting a monthly high of $39,850.
Meanewhile, experts said that on July 26, 2021, the price of Bitcoin reached $40,000 for the first time since mid-June, bringing traders back to the market. Daily trading volume for bitcoin reached $9.2 billion, the highest since June 22, according to a report by Arcane Research. Trading volumes in bitcoin were previously trending downward, with some saying this was, in part, due to Wall Streeters “taking a break,” and heading out on summer vacations. Market
action has been lackluster, with the price of bitcoin remaining stuck in a range between $30,000 and $40,000 since May. The recent spike in trading volume could signal that when there’s a market move, interest and activity quickly return.
“The increasing volume amid bitcoin’s strength suggests that the strong recovery was supported by an influx of buyers, a healthy sign for the market,” said Arcane’s report. It’s notable that trading volumes were trending downwards and saw four consecutive days below $3 billion before yesterday’s rebound, according to the report. “Overall, the seven-day average trading volume remains substantially below its yearly average, and trading activity in bitcoin seems to be low so far this summer,” the Arcane analysts wrote.
