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Bitcoin Reclaims $42,000 for the First Time in 10 Weeks

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The crypto market consolidated further by 2.5 per cent to close at $1.62 trillion as of 10am IST fuelled by Bitcoin’s (BTC) upward trajectory in the last 24 hours. Investors were brewing with confidence as trade volumes across exchanges rose by a significant 17 per cent.

BTC finally broke above the $41,000 mark yesterday after being range bound for more than 2 months. BTC gained 4.8 per cent in the last 24 hours to close at $41,700. Bears managed to hold BTC to between $38,000-$40,000 in the past few days. However, the bulls stepped in as trade volumes saw a dramatic increase of over 32 per cent reversing the trend from the previous day. BTC flipped the major resistance level of $41,000 to support.

Ethereum (ETH) continued its upward momentum to break through major resistance at $2,410 and now stands at $2,450 gaining a moderate 1.5 per cent. ETH’s support levels are forming at $2,280 and $2,350. ETH has rallied 35 per cent over the past two weeks ahead of its London Hard fork event which is slated to go live on August 4.

Among top 20 cryptocurrencies, Polkadot (DOT), Uniswap (UNI), and Litecoin (LTC) gained by over 5 per cent. Chainlink (LINK) was the top gainer by 10 per cent while Polygon (MATIC), Ripple (XRP) and Cardano (ADA) dipped marginally.

BTC broke the 100-day moving average yesterday indicating bullish sentiment as it looks to test the next resistance levels at $44,700 and $47,000 in the upcoming days.

Top Gainers today:

  1. Flow (FLOW): 44.3%
  2. Neo (NEO): 22.5%
  3. Helium (HNT): 18.6%

Top Loser today:

  1. Synthetix (SNX): – 4.7%
  2. Quant (QNT): -2.8%
  3. Theta (THETA): -2.3%

The analysis includes the top 100 coins only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

  1. The President of Ukraine signed the bill titled “On Payment Services” into law that allows the National Bank of Ukraine (NBU) to issue a Central Bank Digital Currency (CBDC). NBU had partnered with the stellar blockchain protocol earlier this year to experiment with CBDC.
  2. Wealthfront, an US investment giant, has announced to provide its nearly 400,000 clients with the option to get Bitcoin exposure upto 10 per cent of their portfolio through Grayscale Bitcoin Trust (GBTC).
  3. Global exchange Binance has been served a public reprimand by Malaysian Securities Commission to cease all operations within 14 days in the country for illegally operating a Digital Asset Exchange (DAX). Binance CEO has promised to work with the regulators as the exchange giant continues to face regulatory challenges in some countries.
  4. US state Virginia has presented a new Bitcoin and cryptocurrency bill named ‘The Digital Asset Market Structure and Investor Protection Act’ in the U.S. Congress. The legislation seeks to integrate digital assets into the financial structure of the state.

DISCLAIMER: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.



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