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Your Gateway to crypto news and insights
Global Markets Faced Major Downfall, Prices of Bitcoin Touches $40,000 Again
30 July 18:31
Important Announcement From Gate.io
Gate.io has launched more than 1,000 trading pairs, making it the world's largest exchange for crypto coins. It was recently ranked #1 for Altcoins by Coin Clarity and was named “Altcoin Hunter's Dream”.
However, we have noticed that most of the new and non-mainstream coin markets have limited liquidity, poor market depth, and other problems.
To further enhance the user experience, Gate.io has officially launched the centralized Automated Market Maker (AMM) service: allowing most of the new and non-mainstream coin markets to gain the same liquidity as Uniswap, and allowing users to enjoy a low-cost and high-quality user experience on a centralized platform.
For more details, please click: Gate.io will Upgrade Certain Markets to Automated Market Maker (AMM) Mode
Cryptocurrency Market
The Crypto market has continued to rise since July 21. Price of Bitcoin reached $40,000 again, which was the third time breaking $40,000 since the crashdown of May 19. Spot price of Ethereum is now stable at over $2,000, and aiming for $2,500. From July 21 to July.28, the price of Bitcoin showed bullish for 8 straight days, while the price of Ethereum showed bullish for 9 straight days. Under the lead of two main stream coins, the rest of the market also showed bullishness, showing a sign of bouncing back from the Crypto market.
From a technical perspective, the width of the Bitcoin price Bollinger Bands has increased significantly after the 24th, and the spot price has frequently continued to move up the boundary, showing a strong growth trend. The 7-day moving average and 14-day moving average of Bitcoin spot prices have both risen. At the same time, the degree of divergence between the short-term moving average and the long-term moving average has gradually increased. Although the Bitcoin price did not increase on the 29th and 30th, it entered the adjustment stage, but the technical indicators showed that the momentum of Bitcoin price growth was still sufficient. The spot price of Ethereum is still moving upward in the Bollinger Bands. Compared with Bitcoin, Ethereum's price volatility is slightly weaker, and the price keeps increasing in a steady state. In view of the recent surge in the correlation between the prices of Ethereum and Bitcoin, the price of Ethereum may move sideways and sideways with the price of Bitcoin.
Recently, a large amount of funds have returned to the cryptocurrency market, which may be related to the poor performance of other investment products globally. When investing in cryptocurrencies, investors should also pay attention to the dynamics of other investment products.
Crypto News
Crypto startup Solana will partner with developer community Devolio and crypto Youtube community Super Pumped to operate a hackathon event named Build out Loud. The hackathon, which starts on August 13, has already gained support from many influencers and entrepreneurs. Students, developers of Web2 and Web3, engineers in India are all invited to this event.
Bitcoin price analyst PlanB tweeted that “on-chain signal still indicates this bull market is far from over, $64K was not the top. This is in line with S2F(X).” Analyst PlanB created the famous S2F and S2F(X) models, which are used to predict the price of Bitcoin in the future, predicting that the price of Bitcoin may reach $100,000 by 2022.
The NFTsmarket continues to become more popular. Axie Infinity, a blockchain based game where users battle creatures called Axies to progress through the game, has become more popular than ever. According to the stats by Token Terminal, the total revenue of Axie Infinity in July has reached $207 million, which has increased 17 times since its launch, averaging $6.9 million per day.
News in the Financial Market
With the spread of covid variants and the rebound of the epidemic in some parts of the world, global financial markets went into turmoil again, and A-shares, Hong Kong stocks and U.S. stocks all experienced a plunge. In addition to the virus, some analysts believe that high inflation in the U.S. is the main culprit and say that the U.S. economy will gradually slow down, while high inflation will make people less willing to spend and swallow a lot of profits of listed companies.
Tesla released its second-quarter financial report this week, in which its Bitcoin holdings were impaired by $23 million due to the plunge in bitcoin prices. According to estimates, Tesla now holds about 46,000 bitcoins in total at an average cost of about $29,661 since it announced in February that it had purchased $1.5 billion worth of bitcoins.
U.S. online brokerage firm Robinhood (HOOD) was officially listed on the Nasdaq on July 29, local time, with an issue price of $38. And the price fell 8.73% down to $34.820 as of the close of U.S. stocks. Prior to this, Robinhood had reached a settlement with the New York Department of Financial Services (NYDFS) on anti-money laundering and cybersecurity-related issues and paid a $30 million fine.
In an interview with John Rolle, governor of Bahamas’ central bank, Kristalina Georgieva, the managing director of International Monetary Fund(IMF), stated that embracing Bitcoin as legal tender is not advisable, while Bitcoin is not yet to be accepted widely enough to become a fiat. Georgieva also stated that the central bank-issued digital currencies, or CBDCs will be the safest and the best choice for payment in the future.
Big News
The Sputnik reported that Russia has formally submitted to the United Nations the world's first draft against the use of information and communication technology for cybercrime and illegal use of cryptocurrency.
In order to crack down on tax evasion as well as tax avoidance, and close possible loopholes for future money laundering, the Israeli Ministry of Finance intends to formulate a new law to force citizens who purchased or held cryptocurrency of more than 200,000 NIS ($61,000) to submit a declaration to the tax authority. If this law is approved, it will bring an additional $9.2 million in tax revenue to Israel.
The bipartisan infrastructure deal in the U.S. plans to raise about $28 billion through crypto coin taxation by applying new information reporting requirements on exchanges as well as other parties. A copy of the deal draft shows that brokers who transfer any digital assets are required to submit application forms under the revised information reporting system.
Kristin Smith, the executive director of the Blockchain Association, said the draft means many individuals involved in crypto trading may have to start reporting their transactions. Earlier news said that the U.S. White House's infrastructure plan is funded primarily from unused emergency relief funds, stronger tax enforcement related to cryptocurrencies, and other sources.
Gate.io Weekly Blogs:
The Necessary Terminology for Investing in Cryptocurrency: Financial Derivatives
Science: What You Need to Know About Investments in Liquidity Mining Products
How Monetary Policies Affect the Global Cryptocurrency Market
Author: Gazer. C & Charles. F (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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