This week, Bitcoin (BTC) experienced notable price fluctuations. Starting at approximately $53,991 on August 4, Bitcoin saw a dip to around $49,121 on August 5. However, it rebounded to $57,604 by August 7. This volatility reflects ongoing market dynamics and investor sentiment.
Several factors contributed to these price movements. The anticipation of regulatory developments and macroeconomic conditions played significant roles. Investors are closely watching potential policy changes that could impact the broader cryptocurrency market. Additionally, Bitcoin’s resilience and growing institutional interest continue to bolster its prospects. Analysts suggest that Bitcoin could soon challenge its previous all-time highs, given the current momentum and positive market sentiment.
In the broader cryptocurrency market, Ethereum (ETH) faced a slight downturn. Despite the launch of nine spot Ethereum ETFs in July, ETH prices dropped by 3.4% to close at $3,272. This decline indicates that investors might be taking profits after the initial excitement surrounding the ETFs.
Among other major cryptocurrencies, XRP (XRP) emerged as a strong performer, gaining 26.9% in July. Conversely, Toncoin (TON) struggled, though it remains up 21.5% over the past three months. The total market capitalization of the global cryptocurrency market stands at approximately $2.4 trillion, recovering from the lows of the 2022 crypto winter.
As the market continues to evolve, investors remain cautiously optimistic. The potential for Bitcoin to reach new heights and the ongoing developments in the cryptocurrency space suggest an exciting period ahead for digital assets.
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BITCOIN TO METEORICALLY RISE 15X – HERE’S WHEN!! GUGGENHEIM STANDS BY $600K BTC PRICE PREDICTION!!
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Guggenheim Partners founder Scott Minerd says a $600,000 Bitcoin price is still in the cards, but investors may have to prepare for a further drawdown before BTC can start rising again. In an interview with CNBC, Minerd discusses the possibility of Bitcoin losing over 50% of its based on historical price action.
“Every major run-up in Bitcoin, there has been about an 80% crash. Now, that would make a lot of sense in a lot of ways because that would bring us back into the neighborhood of $15,000.”
“Our research shows that as a store of value, and that’s a debatable point, that if you were to compare it against gold, you’d be at somewhere between $400,000 and $600,000.”
In other trending Bitcoin News today: Bitcoin To Meteorically Rise 15x, Says Crypto Analyst Lark Davis. Davis believes BTC is poised to reach a six-figure price as its fundamentals continue to grow at an exponential rate.
“Bitcoin will go on to rival the market cap of gold this decade. That is a 15X from the current price, which will give a per unit price of $550,000 per BTC.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
TA: Bitcoin Stuck Near $35K, What Could Trigger A Strong Rally
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CRYPTO ANALYST SAYS BITCOIN WILL SURPASS 0K – HERE’S WHEN!! K BTC IS NEXT REAL POSSIBILITY!!
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A crypto strategist who sent an early warning about the Bitcoin (BTC) big correction last year is back with another bold prediction.
Dave the Wave is highlighting a new outlook from entrepreneur and Bitcoin investor Bob Loukas, who expects BTC to crater at the end of the current bull cycle.
Dave predicts that after the current bull market, Bitcoin will go through a “solid correction” for a few years before restarting a new boom cycle that will catapult the leading cryptocurrency above $280,000 at the end of 2027.
BTC investor Bob Loukas tweeted:
“To date, cryptofinance remains a laughed at and obscure market on the fringe of finance. Near the top of the next great Crypto bubble, market cap and penetration will hit ‘warning levels’ that concern the financial establishment.
In response, I believe you’re going to see coordinated full attack that will send crypto into savage + prolonged bear market. (Time+Price) Of course, it will adapt. Engineers will dig deeper. And in many ways, that act will serve as its right of passage.”
In the short term, however, Dave is telling is 38,000 followers that the month-long Bitcoin correction may be coming to an end as technical indicators flash bullish signals.
“Third time lucky?”
The crypto strategist is also keeping a close eye on the performance of a select group of altcoins, which includes Ethereum (ETH/USD), Chainlink (LINK/USD), Cardano (ADA/USD), NEO (NEO/USD), Monero (XMR/USD), and Tezos (XTZ/USD).
Based on Dave’s chart, Chainlink has been the best performer since the 2018 bear market bottom, and it is closely followed by Ethereum, Cardano, NEO, Monero, and Tezos.
Dave compares the long-term timeframe charts of Ethereum and Bitcoin (BTC/USD).
By doing so, according to the trader, Ethereum is poised to explode as it is a full bull market cycle behind Bitcoin. “And the fuller history… suggesting ETH a cycle behind.”
In other trending Bitcoin News today:
THREE KEY REASONS WHY BITCOIN’S MACRO CHART IS STILL BULLISH
Bitcoin’s macro trend remains bullish despite its inability to hold above crucial technical levels during the summer rally.
One crypto-asset analyst recently shared a series of charts and tweets showing that there are multiple reasons to be bullish on Bitcoin from a macro time frame.
Three of these reasons are as follows:
– Bitcoin has flipped the middle of the macro 1,000 range into support, meaning it looks primed to test range highs at $14,000.
– Bitcoin recently broke the multi-year downtrend that originated from the $20,000 all-time high set in December 2017. The downtrend was even retested by Bitcoin in late July, suggesting that it is acting as support. BTC breaking this trendline is important as it acted as resistance in 2019.
– BTC retraced to the “golden pocket” Fibonacci Retracement level in March, suggseting there will be an “impulse wave” towards all-time highs over time.
Underlying on-chain trends agree with the positive sentiment put forth by the aforementioned trader.
Glassnode reported that the number of BTC whales has been on a strong incline since the 2018 lows:
“The number of Bitcoin whales (entities holding ≥ 1K BTC) has been on an upwards trend for the past months. An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of $BTC price appreciation.”
Other on-chain trends supporting Bitcoin growth include an increase in the realized cap and a decreasing number of BTC on exchanges, which should support price growth.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Three Key Reasons Why Bitcoin’s Macro Chart Is Still Bullish
https://cointelegraph.com/news/17k-bitcoin-price-a-real-possibility-if-bulls-flip-12k-to-support
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JP Morgan: Bitcoin’s ‘Biggest Enemy’ – Suddenly Appears To Be Going All In On BTC | K Bull Trap?
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BITCOIN NEWS TODAY: Earlier this month, JP Morgan signed Coinbase and rival BTC and crypto exchange Gemini after a lengthy vetting period, it was first reported by the Wall Street Journal.
JP Morgan approved the two Bitcoin exchanges’ accounts last month and is already processing transactions—potentially signalling the end of the crypto industry’s banking woes.
The bitcoin and cryptocurrency community has complained for years that banks including J.P. Morgan have denied them services and blocked accounts that dealt with crypto businesses.
Meanwhile, it has emerged Jamie Dimon has been hosting secret meetings with Coinbase chief executive Brian Armstrong since 2018, author Jeff Roberts revealed in his book, Kings of Crypto.
“Ironically, Brian Armstrong and Jamie Dimon of J.P. Morgan—who was the biggest enemy of bitcoin and has pissed on it for years—it turns out they were having secret meetings in 2018 at J.P. Morgan’s headquarters,” Roberts told Laura Shin’s Unchained podcast while promoting the book, which charts Coinbase’s rise to the top of the crypto industry.
However, J.P. Morgan’s interest in cryptocurrencies might not extend all the way to bitcoin quite yet.
“We are supportive of cryptocurrencies as long as they are properly controlled and regulated,” Umar Farooq, JP Morgan’s head of digital treasury services and blockchain, said back in 2017. J.P. Morgan launched its own answer to bitcoin last year, JPM Coin.
Unlike bitcoin, JPM Coin is pegged to the dollar and aimed at speeding up and reducing the costs of global payments.
Meanwhile, some have accused Coinbase’s Armstrong as being “skeptical” of bitcoin while working to promote other blockchain networks and cryptocurrencies such as ethereum.
“I’m sure he would deny it, but it’s interesting to me that the CEO of the world’s most prominent bitcoin-related company seems so skeptical of bitcoin,” said Bloomberg editor and analyst Joe Weisenthal, commenting on a Twitter thread by Armstrong suggesting it might not be bitcoin that pushes the cryptocurrency ecosystem into the mainstream.
Despite J.P. Morgan’s softening attitude toward bitcoin and crypto, the nascent technology is still fighting an uphill battle.
In other trending Bitcoin News:
$10,000 Bull Trap? Why Bitcoin Price Is Now Likely to Pull Back
Bitcoin price is up 25% for the month of May, but is a pullback now imminent?
Starting out on the monthly, we can see that Bitcoin grew in value by nearly 25% in the month of May.
This is always a nice thing to see. However, since the March 12 dump, it’s nothing for long term hodlers to get excited about just yet.
Nevertheless, as the one month candle is due to open above the .382 fib retracement level, a move up towards the .618 of $13,700 is something to be excited about.
With that being said, let’s not get ahead of ourselves, we first need to claim $11,800, and one cannot ignore that a move to the downside is always a possibility for the king of cryptos also.
As things stand, if June was to be bearish, a pullback to between $7,400 and $7,600 is where I’d be placing some buy orders, and that is what I’ll explain today.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cointelegraph.com/news/10-000-bull-trap-why-bitcoin-price-is-now-likely-to-pull-back
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