Archive for  July 2021

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A total of 42,850 Bitcoin (BTC) option contracts worth $1.7 billion are due to expire on Friday, July 30. Bulls may be able to benefit on the $40,000 call (buy) options for the first time since the May 21 weekly expiry. The most recent surge in price may have been prompted by the rumor that Amazon would accept crypto payments, but after the e-commerce giant denied these rumors, BTC has held relatively steady. An aggregate of $650 million in BTC futures is set to expire this Friday, but this will largely depend on the CME’s $455 million because traders might close their position before the expiry, which happens on Friday at 3:00 pm UTC.

According to a recent study from prominent U.S. crypto exchange Coinbase, Ethereum’s trading volume rose faster than Bitcoin’s in the first half of this year. Ethereum’s total trading volume reached $1.4 trillion, but its growth was much faster, up 1,461% from $92 billion in the first half of 2020. Coinbase remarked that it has been the first sustained period of time ever that Ethereum’s trading pace exceeded Bitcoin’s. The study also tracked overall crypto market capitalization, which began the year at $769 billion, peaked at $2.4 trillion in May, and concluded the year at $1.4 trillion, representing an 86 percent year-to-date gain.

Bitcoin’s price has risen by more than 10% in only a few hours, with prices swiftly rising from around $35,000 to just shy of $40,000 on July 26. Price action shows a violent short squeeze that occurred as prices broke above $35,000, with bullish momentum suddenly accelerating as prices quickly rallied 15% from roughly $34,000 to $39,800 over the course of fewer than three hours. Polkadot and Chainlink are also among the day’s top gainers, each having increased by more than 11% in the past 24 hours. 

The European Commission has introduced a new proposal that would compel crypto-asset service providers to gather extra Anti-Money Laundering data from people who use cryptocurrencies for money transactions. The declared goal of this plan is to prevent the spread of money laundering within the European Union. Service providers conducting transfers must have the name of the originator of the transfer, the account number, where the account exists, and where it is used to process the transaction. The originator’s address, official personal document number, customer ID number, or date and place of birth would also be required under the proposal. When a transfer exceeds 1,000 euros, or when a sequence of payments appears to be connected and the total surpasses 1,000 euros, these extra information requirements would apply.

Ethereum developer Virgil Griffith has violated the terms of his bail and has been taken into custody after he allegedly accessed his cryptocurrency account. The Ethereum Foundation researcher will most likely be imprisoned for the next two months. He is due to stand trial on September 21 on accusations of conspiracy to violate North Korean sanctions and faces up to 20 years in prison. According to Law360, Judge Castel’s main concern was flight risk since the assets Griffith held had jumped in value into the $1 million range, which may have influenced his decision to check the wallet, the judge stated.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading at just above $31,500 late Sunday — a potential -$2,800 weekly candle. The weekend had delivered few shocks, with Bitcoin trading within an expected range following a short surge beyond $32,000 on Friday.  Despite maintaining $31,000 support and so far failing to retest $30,000, Bitcoin was on course to record its lowest weekly finish since December 2020. While some traders and analysts expressed their lack of satisfaction with spot price action after two months of hovering in the same range, others were still mindful of potential disruption.

On July 15, the price of Bitcoin (BTC) fell below its “final support zone” at $31,000, prompting traders to offer gloomy predictions about the future if bulls fail to maintain this level. Data from Cointelegraph Markets Pro and TradingView shows that the price of GHST has rallied 21% from a low of $0.997 on July 14 to an intraday high at $1.21 on July 15. CNS’s price rose 36% from a low of $0.0003 on July 14 to an intraday high of $0.00042 as traders sought to purchase tokens and supply liquidly for its launch on PancakeSwap. The price of TLM skyrocketed by 307% over the past week, rising from a low of $0.08 on July 9 to an intraday high at $0.33 on July 15 with a 24-hour trading volume of $884 million.

A fresh wave of selling pushed Bitcoin’s (BTC) price close to the $32,000 support level as the low trading volume and general disinterest from traders saw the price revisit the lower section of its current range. Bitcoin price has a tendency to trade within a consistent range following significant price moves, with previous instances lasting up to 132 days as was the case in late 2018 to early 2019. Along with Bitcoin, the price of Ether (ETH) dropped as the network’s rising momentum ahead of the impending London Hard Fork failed to sustain a price over $2,000, culminating in a daily low of $1,918.

The price of Bitcoin (BTC) stayed largely stable throughout the weekend, inching closer to $34,000 on July 11. Nonetheless, BTC/USD has dropped over 50% from its all-time high above $65,000 in mid-April. Despite the huge drop, investors remain confident in the digital asset’s long-term optimistic prognosis. A spike in Bitcoin accumulation sentiment appears as the cryptocurrency continues to maintain its bullish bias above a strongly-held $30,000-support level.

The second-largest cryptocurrency by market cap peaked north at $2,350 on Sunday, its highest reading since June 18. Bitcoin’s price stability and anticipation of major protocol upgrades are fueling investors’ appetite for ETH. The expiration of $230 million in Ether (ETH) options on Friday appears to have shifted market sentiment in favor of the bulls, at least for the time being, as investors remain cautiously optimistic about the upcoming London hard fork and the prospect that Bitcoin (BTC) has established a firm bottom. ETH rose more than 6.5% to $2,370 on Sunday, the highest in over two weeks.