Bitcoin En Route to $60K Recovery, XRP Leads Altcoin Push, Germany Sells Out: This Week’s Market Recap

3 months ago 64

The cryptocurrency market has gone through a considerable rollercoaster in the past seven days, with the price action being as volatile as it can get. At the time of this writing, the total capitalization settled at around $2.5 trillion, up 3.5% during that period.

Bitcoin wasted no time and, on July 7th, pushed above $58K for the first time this week. The bears intercepted the move immediately and, on the following day, pushed it back below $55K, where buyers found a quick recovery only to bring it all the way back to $58K again… on the same day.

The entire week was more or less filled with this type of volatility. On Thursday, the US Bureau of Labor Statistics released the numbers for June’s Consumer Price Index, which clocked in at 0.1% less compared to the previous month. Markets took it as a sign of relief that inflation was slowing down, and Bitcoin surged immediately. Unfortunately, the move was for not, and the bears pushed it back below $57K.

Ultimately, BTC is currently trading at around $58K, but that’ rollercoaster was not the craziest thing that happened over the past seven days.

It appears that the German state that’s been selling massive amounts of BTC throughout the past week is finally getting closer to zeroing its holdings out. Many analysts are taking this as a sign that the pressure will be alleviated and that the prices might recover.

On the other hand, there’s the looming uncertainty of Mt. Gox creditors who receive their recoveries might start selling.

But enough about Bitcoin. Former US President and current presidential candidate – Donald Trump – will be making an appearance at a Bitcoin conference this month! This came as a shock to many, while others are associating it with the fact that he’s cozying up to the community because of the upcoming election later this year.

MicroStrategy—a well-known business intelligence firm and one of the largest corporate holders of Bitcoin—will be splitting its stock in a 10:1 ratio. The move was announced by its CEO, Michael Saylor, earlier this week, and MSTR shares popped on the news.

All in all, it’s been a very exciting week for most altcoins as well. They experienced similar volatility as Bitcoin, and some were even more volatile. For instance, XRP is up 9.1%, BNB is up 8%, and so forth.

It’s very interesting to see if the market will continue recovering now that the selling pressure from Germany is likely to decrease. If one thing is certain – we’re definitely in for exciting times ahead!

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 Crypto Headlines You Better Not Miss

Illinois Court Confirms That Bitcoin And Ethereum Are Both Commodities: CFTC Chair. The Chairman of the United States Commodities and Futures Trading Commission (CFTC) – Rostin Benham – has stated that a court in Illinois has formally ruled both Bitcoin and Ethereum to be commodities.

Ethereum Hitting New Records: 47.36 Million ETH Stake in the ETH2 Beacon Deposit Contract. Data shared by the crypto analytics firm Santiment reveals that Ethereum has managed to hit a new record. It appears that a whopping 47.36 million ETH has been staked in the ETH2 Beacon deposit contract.

SEC Drops Investigation Into Paxos For BUSD Stablecoin. The United States Securities and Exchange Commission (SEC) has dropped its investigation into Paxos for the BUSD stablecoin. The company will not be charged by the SEC with issuing an unregistered security in the form of BUSD.

MicroStrategy (MSTR) Pops 3% After Saylor Announces 10 For 1 Stock Split. The business intelligence firm MicroStrategy will be doing a 10 for 1 stock split. This was announced by its CEO, Michael Saylor. MicroStrategy is the world’s largest corporate holder of Bitcoin.

Donald Trump to Take Stage at Bitcoin Conference This Month. Former US President Donald Trump will be taking the stage at the Bitcoin Conference that’s being held in Nashville from July 25th to 27th. The appearance comes as a surprise and is interpreted as a win for the community.

Sell-Off by Small Bitcoin Traders Contrasted by Increasing Whale and Shark Holdings. It appears that small Bitcoin traders are selling off their coins. On the flipside, whales and sharks (terms used to describe larger holders) are accumulating more – a dynamic showcasing the higher conviction of larger BTC holders.