Litecoin Price Prediction: Is LTC a Good Investment in 2021? Market Realist
Despite the recent slight recovery of the cryptocurrency market, there is no denying the fact that the crypto industry has been faced with a great deal of volatility over the last few months, made evident by the total market capitalization of the sector that dipped from $2.5 trillion to $1.18 trillion over a 45-day span earlier this year.
Through all these ups and downs, however, 2021 has continued to see an increasing amount of capital enter this fast-evolving space. For example, reports indicate that over the first half of the year alone, venture capital (VC) funds poured in $17 billion into various crypto-related startups and companies.
To put things into perspective, the above-stated figure is by far the most witnessed in any single year and is nearly equal to the total amount raised in all previous years combined. Johnny Lyu, CEO of cryptocurrency exchange KuCoin, told Cointelegraph: “Early-stage investors of cryptocurrency have already achieved profitability and have a deep understanding of the development rules of the market. This is the key reason why they are willing to invest despite market fluctuations.”
Lyu further opined that for traditional investors, the crypto industry allows them to obtain higher returns in a shorter cycle, citing the volatility of Bitcoin (BTC) as an example of the same. “When the market experiences volatility, it is the best time for investing, and investors will profit from it.”
A hefty chunk of the aforementioned $17 billion figure comes from a single deal that saw a new cryptocurrency exchange called Bullish draw $10 billion in cash and digital assets following an initial injection by Block.one of $100 million, 164,000 BTC, and 20 million EOS tokens. Block.one led the capital raise alongside Peter Thiel, Alan Howard, Galaxy Digital and other investors.
In fact, just this one deal would have been enough to make 2021 the biggest year for venture capital investment in the crypto space, but if that wasn’t enough, the remaining $7.2 billion dollars would have equaled 2021 with 2018’s record of $7.4 billion raised, which is even more impressive considering that there are still five more months to go before the end of the year.
On the subject, Igneus Terrenus, head of communications for cryptocurrency exchange Bybit, told Cointelegraph that these numbers are not really startling since VCs are known for their voracious appetite for risk: “VCs are leveraging a relatively abundant and fungible resource — i.e., capital — to tap into something that is far scarcer and unique, which is partners and talents with whom they can build long-term value together.”
A little over a month ago, Silicon Valley-based venture capital firm Andreessen Horowitz announced the launch of its $2.2 billion crypto fund, with a spokesperson claiming that the company was “radically optimistic” about this space despite the price fluctuations. “We believe that the next wave of computing innovation will be driven by crypto,” partners Katie Haun and Chris Dixon were quoted as saying.
Furthermore, it should be pointed out that Andreessen’s first crypto-focused fund went live nearly three years ago, a time when the market was at its lowest levels historically, thereby showcasing the firm’s long-term belief in relation to this yet-nascent industry.
Similarly, Fireblocks, an infrastructure provider for digital assets, revealed that it had been successful in raising $310 million in a Series D round of funding, thus bringing the company’s total valuation to a whopping $2 billion in a period of less than six months. The fundraiser was co-led by institutional giants including Sequoia Capital, Stripes and the venture arm of Thailand’s oldest bank, Siam Commercial Bank.
Solana, a project that seeks to deliver a high level of scalability and transaction speed, also recently announced that it had completed a $314.15 million private token sale, making the nine-figure total the fourth largest fundraising event in the history of the crypto industry. Some of the company’s investors include Polychain Capital, Alameda Research and Blockchange Ventures, among others.
Cryptocurrency exchange FTX too recently closed a $900 million funding round, which saw a total of 60 participants, including Softbank, Sequoia Capital, Coinbase Ventures, Multicoin, VanEck and the Paul Tudor Jones family. As a result, the trading platform’s valuation has grown to $18 billion from $1.2 billion just a year ago, making it one of the largest cryptocurrency companies in the world.
Lastly, Dapper Labs, the team behind CryptoKitties and NBA Top Shot, secured about $305 million in new funding this March from a number of past and present NBA stars including the likes of Michael Jordan, Kevin Durant and Alex Caruso, and other investors including The Chernin Group and Will Smith’s venture capital outfit Dreamers VC. Following the closure of this latest funding round, Dapper Labs now reportedly holds a $2.6 billion valuation.
To gain a better understanding of whether more capital will continue to enter the crypto space, Cointelegraph reached out to Antoni Trenchev, managing partner at Nexo, a digital asset service provider. In his view, the crypto-finance sector possesses enormous untapped potential, especially with digital currencies allowing for an unprecedented level of inclusion for the under-banked. He added:
“The deals we are seeing right now — like Fireblocks snapping up $310M, SoftBank investing $200M in Brazilian crypto exchange Mercado Bitcoin — are being made by billion-dollar money managers after months of boardroom discussions and a result from long-term strategic decisions rather than momentary judgment.”
Not only that, fintech firms currently seem to have an unprecedented opportunity to build upon their existing client bases by offering modern products and services that users and companies really need, especially those that can serve as hedges against inflation — fears of which are looming large on the horizon all over the world.
Simon Kim, CEO at Hashed, an early-stage venture fund, believes that VCs are just now starting to understand the intrinsic value of crypto projects as it was difficult to justify the price of tokens that most blockchain projects had created in the past years:
“Ethereum is facilitating millions of transactions through numerous DeFi services, metaverse games and NFT services built on top of the network. There are now more than 20 million monthly active user accounts using Ethereum. The intrinsic value of DeFi tokens is even more apparent than Ethereum or Bitcoin.”
He further highlighted that much like how the IT industry leaders such as Amazon and Google grew amid the dot-com bubble, many crypto projects today have a solid foundation with a suitable business model and data. “This is why VCs are now pouring their money into crypto projects. They now believe that the next Google, Amazon and Facebook could be found in the space”, said Kim, closing out.
On a more technical note, Lyu highlighted that the increasing VC investments can, in large part, be attributed to the growing number of users that have seemingly flooded into various centralized exchanges (CEXs) and decentralized exchanges (DEXs) in recent months, adding: “Some popular DEXs such as Uniswap and PancakeSwap have exceeded traffic numbers related to some leading CEXs.”
Despite the COVID-19 pandemic that has had the global economy in a sort of standstill over the last year and a half, reports suggest that global venture capital funding over the first half of 2021 has shattered all previous records, with the figure now standing at $288 billion. That’s more than $100 billion when compared with the last six-month cycle record that was set during the second half of last year.
Jehan Chu, Managing Partner for Kenetic, a venture capital firm investing in blockchain companies, told Cointelegraph that the ongoing glut of capital sloshing around the world is forcing investors to take greater and greater risk in search of alpha, and despite ongoing institutional uncertainty about the future of crypto, they have no choice but to invest in the space:
“Fortunately, blockchain technology and crypto have graduated from a carnival freakshow to an inevitable future, so confidence in the underlying companies is at an all-time high. Additionally, a generation of cheap money flowing from the U.S. printing press has concentrated into the hands of investors. There has never been so much capital and the traditional gates have been eroded by partisan politics and poor financial management.”
Founding managing partner at Borderless Capital Arul Murugan believes that as more applications go live, greater infrastructure will be required to be built and as more infrastructure is built, it will attract even more applications, creating a virtuous cycle that started happening this year.
Not only that, he is of the opinion that the gap between traditional finance and decentralized finance (DeFi) is closing up with more people steering towards the crypto spectrum. Murugan opined: “Right now, crypto is less than 1% of traditional finance and people are seeing huge growth opportunities.”
Therefore, as an increasingly digitized future draws closer, the use of crypto tech will likely continue to grow, so it stands to reason that more players from the traditional finance space will continue to make their way into this burgeoning market, helping it to grow even further.
Cryptocurrency market has finally up momentum to push higher mostly across the board recovering billions of dollars for patient hodlers on the back of an uptick in dip-buying and renewed risk-on sentiment.
Despite slight drift from near US $45,000 in the past day, the most popular cryptocurrency, bitcoin is still holding strong around the US $43,500 mark, with all altcoins at levels not since May.
As of press time, Bitcoin (BTC) is changing virtual hands at US $43,600, Ether (ETH) at US $2,950, ripple (XRP) at US $0.79, Binance Coin (BNB) US $341, cardano (ADA) at US $1.42, Dogecoin (DOGE) at US $0.24, ChainLink (Link) at US $22.75, UniSwap (UNI) at US $26.35, Polkadot (DOT) at US $19.42 and Stellar (XML) at US $0.28.
Much of the trade volume , as seen in the small size of transactions, is being driven by retail traders and speculators who are continuing the high level of engagement that began since early 2021, and new entrants who may be looking to jump in and ride the explosive uptrend seen in some of the cryptocurrencies recently.
The crypto price resurgence led by Top Ten coins by value has so far recovered almost $250 billion to the market over the past week, defying concerns that the U.S. could be about to pass far-reaching bitcoin and cryptocurrency tax reporting legislation.
It is not rules out that the most popular crypto asset could continue its upward push to US $50,000 although there are early signs of the stiff resistance. From technical aspect, managing to hold above the US $40,000 psychological level in the coming days is vital as bulls will have to maintain above the 100-day moving average to sustain any upside traction.
On the flip side, the pullback will pull bitcoin back to its previous stronghold range of between US $30,000 and US $40,000.
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At the beginning of this week, cryptocurrency prices struggled a little as the crypto market went into a period of consolidation. Despite the weak momentum, Bitcoin, the world’s most popular and the largest cryptocurrency by market cap, dipped at the US$40,000 mark and is trading around US$38,000, at the time of writing. The market cap, however, is stable at US$755 billion.
While Bitcoin is staggering to surpass the US$40,000 mark, its rival Ether is seeing a spike. At the time of writing, it is trading at US$2,633, up by more than 1.26%. Its market cap also rose above US$306 billion. But the trend for the rest of the cryptocurrency market is marked in red. XRP, Cardano, Stellar, Dogecoin, Chainlink, and Dogecoin declined by approximately 1.3% to 2.5%. Investors are not worried about this bullish trend as it was more or less expected by market experts. According to them, the next week is going to be indecisive for the cryptocurrency market, till it finds a neutral point.
Ether is the second-largest cryptocurrency as per the market cap and its blockchain network, Ethereum, is expected to undergo a big shift. Its upgrade called London has Ethereum Improvement Proposal (EIP) 1599 that aims at changing the way transactions fees or gas fees are calculated.
At present, users have to bid for the price they are willing to pay for their Ether transactions to be picked by a miner, which is a pricy matter. User the new upgrade, this process will be handled by an automated bidding system with a defined fee amount that fluctuates on the basis of how worked up the network is.
Another new aspect of this upgrade is that a part of every transaction fee will be removed from circulation which will reduce the supply of the crypto coin and hike its price. Hence, experts believe that EIP-1599 is one of the most significant upgrades to the Ethereum network since its launch. For investors, this implies that there will be a positive run for Ether in the short term and result in a big boost in the long term. It has the potential to improve the user experience, and leverage other innovations on Etherum’s network like DeFi apps and the proof-of-stake model.
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Bitcoin’s price has been rallying in tandem with altcoins, sending mentions of the markets flipping back to a bullish supercycle for Bitcoin (BTC). The flagship cryptocurrency went through the resistance levels of $42,000 for the first time since May 19, hitting a peak of $42,541 on July 31.
Alongside the market rally, the Bitcoin dominance (BTCD) index has been seeing an uptrend as well. As per data from TradingView, BTCD hit a 3 month high of 49.2% on July 31. The last time it was at these levels was back in May when it was on the decline from the yearly high of 73.6% it hit at the start of January.
The BTCD index is calculated using the ratio of the Bitcoin market versus the rest of the cryptocurrency market. As the name suggests, being the flagship crypto asset indicates the dominance that Bitcoin has over the rest of cryptocurrency tokens.
Speaking with Cointelegraph about the market rally being led by Bitcoin, Pete Humiston, manager at Kraken Intelligence, the research division of Kraken, a cryptocurrency exchange, stated: “Because altcoins felt the brunt of the sell-off over the past few months and because BTC is crypto’s ‘safe haven’ asset, a rally in dominance indicates that market participants are reluctant to rotate back into altcoins.”
It’s also important to note that the last time the BTCD index was at these levels, it was on its way down from a high in January amid the full-blown bull market. Whereas it is currently on the uptrend from the lows it hit in mid-May. Back in May, altcoins like Ethereum (ETH) were outperforming BTC which led to the dominance dropping below 40%. This time around, however, BTC has been making gradual price gains that not all altcoins have been able to match, thus leading to the rising BTC dominance.
In addition to the market capitalization being significantly larger than the rest of the crypto assets, keeping stablecoins aside, Bitcoin is the most highly traded crypto-token in a 24-hour period with Ethereum being a close second. However, stablecoins are known to impact Bitcoin dominance as well due to huge influxes in that market. A prime example of this was back in April when a $3 billion USD Coin (USDC) influx led to the Bitcoin dominance hitting its lowest since August 2018.
Humiston further spoke on what the market conditions would need to be like to sustain the ongoing uptrend in the index, saying that, “Until it’s clear as day that we’re entering back into a bull market uptrend, we can expect folks to remain relatively risk-averse, altcoins to underperform and BTC dominance to trend higher.”
JPMorgan’s global market strategist, Nikolaos Panigirtzoglou, recently mentioned in an interview with CNBC that if the Bitcoin dominance goes past 50%, it could be an indicator of whether the “bear phase is over or not” for the cryptocurrency markets. However, as seen in the bull run starting in late 2020 and even in 2018, the BTC dominance usually rises at the beginning of recovery after a slump and drops during euphoric phases of the market. Usually, this period of euphoria is followed by a major correction and then the cycle repeats itself.
It is also noteworthy that even though BTCD is used as a measure of market sentiment when looked at in purely percentage terms, it’s often not the most reliable indicator. As the cryptocurrency markets mature, it is inevitable that some altcoins will become more resilient to crashes and lead to a decline of Bitcoin dominance.
A report from Stack Funds was released in May after BTC dominance dropped to nearly 40%, revealing that the index could bounce back and mark the end of the market slump. Shaun Heng, vice president of growth and operations at CoinMarketCap, a cryptocurrency ranking and analytics platform, told Cointelegraph:
“Although Bitcoin is volatile, I believe it will still dominate the market for a while to come. Bitcoin is the basis for which all other cryptocurrencies were made, and while I don’t expect to see it reach the heights it did in the past, I also don’t think it will fall off considerably in the foreseeable future.”
While Bitcoin is often considered to be the safe-haven asset of the cryptocurrency markets, this “sentiment recovery” that Bitcoin is witnessing saw it regain some of what was lost during the start of the summer. ETH has shown 12.1% over the last seven days compared with Bitcoin’s 3.30%.
In a recent development, the CEO of Pantera Capital, Dan Morehead, mentioned that the transition of Ethereum to Ethereum 2.0 (Eth2) network will help Ether outpace Bitcoin. In addition to ETH’s price rally, the Ethereum network is also soon to undergo a major update. In a benchmark event toward the migration of the blockchain to an entirely proof-of-stake network, on August 4, the highly anticipated London hard fork takes place which adds five Ethereum Improvement Proposals (EIPs), including the EIP-1559.
This is a new transaction pricing mechanism that alters the dynamic expansion and contraction of block sizes to improve scalability. This is set to change the way network fees are managed by incentivizing miners for prioritizing transactions.
Even though this is a huge change for the network and is highly anticipated in the community, Humiston mentioned why this might not impact the macro trend of the markets any time soon: “Because the impact of the London hard fork/EIP-1559 will take time to materialize and BTC dictates the macro trend, we don’t anticipate August 4 will ignite a new alt season.”
He even added that since the hard fork is a high-profile event that is perceived as a long-term tailwind for the token, the event could be a case of “buy the rumor, sell the news,” leading to a short-term weakness for ETH. However, it is also possible that the hard fork could support another rally for ETH. It’s important to recognize that due to the high correlation between the price movements of ETH and BTC, ETH may not rally based on the hard fork development single-handedly and it would need BTC to hold above $40,000 levels for a rally to be possible.
Even though Ethereum’s market capitalization is only 18% of the entire crypto market — less than roughly 50% of BTC’s market capitalization — its utilization in the decentralized finance (DeFi) markets often makes it a contender for the top-ranked token by 24h trading values. In fact, early in July, a Goldman Sachs analyst said that Ether could overtake Bitcoin as the most dominant digital currency as it seems to be the one with the “highest real use potential.”
However, Heng opined that “There is a high correlation between Bitcoin performance and that of altcoins, even with Ethereum. As Bitcoin value drops, so do the values of altcoins. And Bitcoin’s performance in the past is in part what boosted altcoin availability today.”
As Bitcoin’s dominance maintains its rebound along with price levels holding above $38,000, the premium cryptocurrency continues to quash the “flippening” narrative that the drop in Bitcoin’s active addresses over two weeks brought back into the spotlight. In addition to MicroStrategy’s CEO, Michael Saylor pledged to buy more BTC. Even though the firm holds over $400 million in “paper” losses, he said that there is no reason to not hold Bitcoin for 100 years.
Apart from institutional investors like Saylor keeping their faith through the market slump, it appears that even the retail investors have not given in to the fear, uncertainty and doubt (FUD) surrounding the crypto-verse in the recent past. A report from Crypto.com revealed that the number of crypto users worldwide has more than doubled from 100 million in January this year to 220 million in June. Such re-enforced support noticed in the market adds to the positive sentiment often contributing to higher price stability for BTC — a characteristic that is usually expected from mature assets in the financial markets.
This ongoing uptrend in Bitcoin dominance could very well be a sign of another bull market season getting triggered. From what was witnessed in the bull run that began in Q4 2020 and lasted until May 2021, the BTC dominance first rose to a yearly high of 73.5% before the rest of the altcoins caught up to its proportional price action, leading to a full-blown bull market. If this trend repeats itself, the crypto community could be in for another market dominated by the bulls, and the rising BTC dominance is the flag bearer for that event.
Although I don’t write much about breaking news in the luxury industry, by contrast, the crypto market is having a considerable impact on the global supply chain. More to the point, the fashion industry intends to capitalize on the estimated $2 trillion dollars. Moving forward, in this feature, my aim is to showcase to you the top brands spearheading this milking process and the innovative technology that will soon aid their operations.
The Future Is Now For Fashion brands:
Since the birth of the fashion industry trend has been the currency. And at this point it time, nothing seems to be trending more than blockchain technology. Essentially, the technology has given the industry and ultimatum; sink or swim. As a promise to establish luxury brands who are riding on the waves on this trend, I would be off-center not to mention Bvlgari, as well as Hublot, which launched an E-warranty that enables customers to authenticate a product via a simple photo taken with a mobile phone. Moreover, the latter has also begun selling specific timepieces via Bitcoin only, a bold move, but one met with high interest by collectors around the globe.
During a time when sustainability practices are at the forefront of most manufacturing strategies with common sense, fashion brands are making their best efforts to lighten the carbon footprint. As a result, there have been more and more fashion brand owners and billionaires on the lookout for better means of accessing the market besides Bitcoin. Not surprisingly, Prada spA, and Richemont’s cartier signed an alliance alongside other fashion brands like LVMH, to provide a Blockchain solution to combat counterfeiting; offering product authentication.
Citing volatility concerns, market behemoths are exploring alternate means of storing and utilising their wealth on-chain. The rise of stablecoins pegged to national currencies provide such an opportunity, with decentralized finance (DeFi) projects like Onomy Protocol building progressive and interoperable stablecoin ecosystems, whilst simplifying the adoption of blockchain technology. International brands may exchange these stablecoins between national currencies on the Onomy Exchange, which brings the $6.6T per day Forex market on-chain.
Volatility may also be viably dealt with through value preservation mechanisms – in fact, the introduction of the world’s very first adaptive digital currency, NDAU serves as a compliment to Bitcoin in the blockchain space. Accepted on top-finance platforms such as Investview and showcased to millions of investors on Bittrex Global, NDAU proves its capacity to be an adaptive store of value, one that is able to preserve wealth while alleviating the downside risks.
At the Fashion Institute of Technology, an abundant number of professors, including myself, are racing to catch-up and comprehend how all this works. Moving on, another tech company soon to be thriving in the waters of blockchain technology is NFT Tech, the first NFT creation and trading infrastructure with a liquid matching engine. Through this ecosystem, users may create, collect, and trade digital collectibles alongside fellow enthusiasts, while no longer having to pay exorbitant fees, or waste time trying to find trading partners.
This re-engineers the NFT ecosystem from the ground up, opening the doors to adoption by fashion brands and their customers worldwide which have already begun dabbling in the space by releasing digitized versions of their clothing designs or blockchain-based ownership tracking services.
Crypto opportunities: This is where fashion takes a deep dive.
While the crypto market’s sideways price actions led to interest dropping, social influencers such as luxury brand (Tesla) owner, Elon Musk have “flipped the coin”, resulting in a magnanimous transition from $178 billion to a whooping $2 trillion as at this year (2021), according to Coindesk.
The widespread adoption of cryptocurrency, as well as the introduction of the new non-fungible tokens (NFTs) based on blockchain tech, have led to massive interest from top brands all over the world. I receive a pitch at least once a day asking me to cover this topic. Sadly, by the time I catch-up, something new arrives.
It is no different in the diamond industry, as high-end luxury brands such as De Beers team up with similar major players as well as smaller brands to develop an open source blockchain platform called Tracr; it enables these brands to trace their supply chain from ground floor to consumers. This is where is gets very interesting in the fashion business. A platform such as tracer can inform a brand about the intricacies of the cotton crop yield. It blows my mind to think how the technology can trace all the details of the supply chain.
Another example is Nike; because of NFTs’ ability to certify uniqueness, Nike has adopted this technology, and hence manufactured digital shoes, which are virtual, unique, and tradeable representations of real products. Such is also the case with Louis Vuitton, which has started using NFTs to track the provenance and ownership of luxury goods. Gucci has expressed interest in launching its own NFTs, stating that “it’s only a matter of time”, as reported by TheBlock.
Speaking about opportunities, social billionaires are preserving their fortunes and sustaining their luxury lifestyle by investing in crypto assets and NFTs.
One brand that makes this possible is AXIA. This ecosystem is a comprehensive overhaul of today’s most popular internet services, implemented in a decentralized and secure manner. Its over 17 applications range from a banking portal to a privacy-focused search engine, all of which are underpinned by AXIA Coin.
The asset-supported digital currency is described as an effort to “upend traditional financial structures, lower participant costs, and advance a more equitable and inclusionary economic model on a global scale.” Through AXIA, users not only preserve the value of their funds due to the stability of the AXIA Reserve, but are able to create ongoing value through their activity in the network, all of which generates monetary rewards for themselves and others.
Amongst the sea of decentralised technologies and investment platforms for index strategies, Phuture Finance stands out head and shoulders!
As seen on Bitcoin.com, “Phuture Finance raised $1.5m in Seed Funding to Launch Indexing Protocol on Ethereum ”. Its private seed round fundraise included prominent blockchain investors, including NGC Ventures, SevenX, Moonrock Capital, Origin Capital, Waterdrip Capital, and D64.
Other notable investors that participated include Genblock Capital, Decentralabs, Synergia, Vendetta Capital, Richard Ma (CEO of QuantStamp), Danish Chaudhry (CEO of Bitcoin.com Exchange), and leading liquidity provider Skynet Trading
“The thriving decentralised investment platform for passive index strategies.”
Phuture was built in such a way that native and non-native crypto users can create and invest into both new and existing indices created by the community. The platform provides an architecture that rebalances across multiple indices simultaneously, making it’s index unique, scalable and combined.
In an interview with Bitcoin.com, Charles Story (Head of Growth,Phuture) said “At Phuture we’re delighted to be partnering with some of the most exciting investors in the space. We’ll be working in unison to redefine the role of an index within a Web 3.0 environment, and fulfil our vision of becoming the de facto index solution within crypto.”
The capital raised will be used to fund the continued development of Phuture as it moves towards its upcoming version one launch, as well as building out the ecosystem; including the Phuture team and early user base.”
Oliver Blakey, Managing Partner at Ascensive Assets also had this to say in an interview with Bitcoin.com about their investment in Phuture “We’re proud to be backing Phuture as its lead investor. We believe that indices are going to have a huge role to play within crypto, just as they have in traditional finance.
Phuture is introducing a new blueprint for indexing protocols and its development trajectory converges the usability gap between crypto natives and the wider market – an invaluable attribute to have as crypto continues to permeate into traditional finance.”
Cryptocurrency prices weakened on Tuesday as the virtual coin market saw increased profit-booking by investors. However, analysts suggest that the consolidation is minor and virtual coin markets will not witness a major impact due to it.
Bitcoin, the world’s most popular cryptocurrency was trading at $38,582.30, down over 2.5 per cent at 2:05 pm. Bitcoin’s market capitalisation fell sharply to $724.36 billion.
Meanwhile, Ether fell over 3.5 per cent to trade at $2,487. The second-most popular virtual coin’s market capitalisation fell to $290.85 billion. Most other popular cryptocurrencies fell including XRP, Cardano, Dogecoin, Polkadot and Litecoin.
Cryptocurrency highlights | Check yesterday’s prices
The cryptocurrency market has witnessed a sharp recovery over the past two weeks but encountered outflows for the fourth consecutive week. A bulk of the outflows came from Bitcoin products, suggests data from digital asset manager CoinShares.
Cryptocurrency outflows hit $19.5 million the week ended July 30, with Bitcoin reaching $19.7 million in outflows. However, some virtual coins such as XRP and Polkadot saw minor inflows during the week.
Commenting on the weakness, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “The cryptocurrency markets consolidated over the past 24 hours. Most of the major cryptos saw some profit booking.”
“After 12 successive green candles, ETH declined by around 4.2%. It is still a minor profit booking and not a selloff as the traded volumes have remained constant over the past 24 hours,” he added.
“Such consolidations help the market to eliminate the bad actors. We can expect the markets to remain under some pressure over the week.”
Price (US Dollar)
Market cap (Billion)
Volume (24 Hours)
DISCLAIMER: The cryptocurrency prices have been updated as of 02:25 pm and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and be updated daily.
Global Blockchain Identity Management Market 2021-2025 The analyst has been monitoring the blockchain identity management market and it is poised to grow by USD 3. 58 billion during 2021-2025, progressing at a CAGR of almost 71% during the forecast period.
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Bitcoin and cryptocurrency prices have soared this weekend, with the bitcoin price making significant gains over $40,000 (subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover crypto blockbusters poised for 1,000% gains).
The bitcoin price climbed to almost $43,000 per bitcoin last night, its highest since mid-May and almost $10,000 higher than its price this time last week. Meanwhile, the ethereum price has led the cryptocurrency market higher over the last 24 hours, with traders eyeing $3,000 per ether token. The combined crypto market has added $250 billion over the last week and is now nearing $1.7 trillion.
However, many crypto traders are feeling increasingly nervous due to the $550 billion bipartisan infrastructure bill that’s currently making its way through U.S. legislature and includes a provision to raise $28 billion from crypto investors, with some warning it could “kill” the industry.
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“This is a deeply misguided provision that, if adopted, will do far more harm than good to U.S. interests,” Jake Chervinsky, a crypto-focused lawyer, wrote in a lengthy Twitter thread laying out how the bill could impact the burgeoning crypto industry and market.
The bill, which this week passed a preliminary Senate vote, proposes taxing bitcoin and cryptocurrency profits to fund U.S. infrastructure investment, with the definition of a broker being widened to the extent that crypto exchanges and wallet providers would need to collect far more information about their users than they currently do.
Any broker that transfers any digital assets would need to file a return under a modified information reporting regime, according to a draft copy of the bill seen by Coindesk.
“The provision includes updating the definition of broker to reflect the realities of how digital assets are acquired and traded,” the document said. “The provision further makes clear that broker-to-broker reporting applies to all transfers of covered securities within the meaning of section 6045(g)(3), including digital assets.”
“Things are moving fast, which can feel scary,” wrote Chervinsky, adding “don’t panic. This provision isn’t final yet and still can be changed.”
Chervinsky warned that “it defies logic to adopt a regulation for which compliance is literally impossible, unless the goal is to kill the industry,” and “this could mean a de facto ban on [crypto] mining in the USA.”
Since China’s bitcoin and cryptocurrency mining crackdown in recent months—in which those who use powerful computers to secure blockchains and validate transactions in return for new crypto tokens were expelled from the country—the U.S. has emerged as a potential new home for many.
However, lawmakers who fear bitcoin and crypto mining could accelerate climate change have signaled they’re unhappy with the industry’s U.S. growth.
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Bitcoin and crypto experts are warning the language used in the bill risks broadening definitions of brokers to the extent it includes those that provide hardware and software.
“Unfortunately, in the drafts, we’ve seen the categories of persons who would be obligated to report is so broad that it potentially covers persons who only provide software or hardware to customers, and who have no visibility whatsoever into user transactions,” Jerry Brito, the executive director of Washington D.C.-based crypto think tank Coin Center said via Twitter, adding he was trying to “fix” the bill’s crypto provision.
“It potentially also covers miners’ indexes, the saving grace is that arguably miners’ indexes for that matter do not have customers as defined by the tax code.”