- Bulls take Bitcoin safely over USD 7k,
- India differs date for cryptocurrency hearing
- The US testifies “The Future of Money”
Finally, this week, the bulls rose and this rise dint give the chance for bears to react or show any signs of their existence. After a 2 month of constant battle the kept Bitcoin range bound with a downward sentiment, the Bitcoin finally rose over a thousand USD moving to safety over USD 7300.
This was not just the rise of Bitcoin but it also took the other cryptocurrencies and the sentiment up with it. Meanwhile, in India, the apex court hearing on the RBI circular for INR support to crypto industry was differed to September 11 as Securities and Exchange Board of India (SEBI,) the market regulator in the country, was not ready with its reply which the apex court felt was crucial for the regulation hearing.
Meanwhile, in the USA, the hearing of “The Future of Money: Digital Currencies” went underway this week as a lot of details and economics around it were discussed. This news was important as this took cryptocurrencies now was being discussed in political corridors of the United States.
Other big news that hit the crypto street this week, was that Stellar Lumens were approved by Islamic Scholars as sharia-compliant and Coinbase applying to start its own Political Action Committee (PAC) to fund US elections.
Bitcoin saw a solid spike this week moving above USD 7000, removing all fears that loomed last week of a USD 6000 breach. Stationed well above USD 7000, and consolidation around USD 7200-7300 levels could form a firm base for Bitcoin to scale further up. The prices hit the high point of USD 7,466.86 and the lowest point of USD 6,357.01 during the week.
The bulls will have to keep charging forward to take the price further up as any negative news may create a downward spiral again. Also on the futures front, CME Group reported near 100% growth in quarterly volume displaying popularity in bitcoin futures.
The exchanges that were more active, in volumes, with BTC across various pairs this week were Binance (5.47%), OKEx (3.86%) and Bitfinex (2.49%).
Charlie Lee recently urged users to buy at least one Bitcoin before trading in any other cryptocurrency. He tweeted,
“There will be at most 21 Mn Bitcoins in existence. There isn’t even enough BTC to go around for every millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. Once you have 1 BTC, buy all the shitcoins you want!”
Also, Tom Lee continued his positive stance reaffirming his USD 25000 prediction on Bloomberg.
Ethereum also replicated the same sentiment that Bitcoin showed but couldn’t put the same strength gaining over 6 % this week compared to an over 15% gain from Bitcoin. Ether prices, on the top, this week were at USD 513.43 and were at lows of USD 443.69 being pretty much in the range. The exchanges that were more active, in volumes, with ETH across various pairs this week were CoinEx (5.61%), OKEx (5.01%) and ZB.COM (3.61%).
Some news this week around Ethereum was that Executives and operators of major crypto businesses, which are valued at many billions of dollars, have been optimistic towards Ethereum than bitcoin, the most dominant cryptocurrency in the global market.
This week, on CNBC’s Fast Money, Circle co-founder and CEO Jeremy Allaire said ETH could be the catalyst for the next cryptocurrency rally, due to the “enormous” amount of developer activity on the Ethereum blockchain.
Also, Brian Armstrong, the CEO of Coinbase, has been steadily positive towards ETH since late 2017. He had also publicly disclosed that he personally owns more ether, the native cryptocurrency of Ethereum, than bitcoin.
XRP also moved BTC and ETH way with a close to 3% rise this week. But what was more important that XRP crossed the levels of USD 0.5 which is considered key for the coin. XRP prices, on the top, this week were at USD 0.519560 and were at lows of USD 0.43648. The exchanges that were more active, in volumes, with XRP across various pairs this week were Bitbank (16.83%), HitBTC (9.54%) and Binance (9.64%).
Ripple this week gathered news about not being a cryptocurrency in a true sense. Anatoly Castella, CEO, Elpis Investment, the world’s first AI-powered digital assets investment fund, told reporters he believes that XRP is not a ‘real’ cryptocurrency’, not fitting with the ‘purest interpretation’ of the word. The founder of another major digital assets fund, Arianna Simpson of Autonomous Partners, echoed his sentiment:
“I have a lot of concerns about the level of centralization there, and I have regulatory concerns if what they have issued is a security”.
The other movers and shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on July 22 at 11:30 pm IST) were
- Proxeus- Showing a rise of 177.61%
- ToaCoin- Showing a rise of 157.12%
- Elite- Showing a rise of 151.26%
- Sumokoin- Showing a drop of 69.28.%
- RealChain- Showing a drop of 61.31%
- Super Bitcoin – Showing a drop of 50%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.