cryptocurrencies: Crypto Week at a Glance: Crypto market feels the blues as GBTC shares unlock
The global crypto market remained in the blues, losing market cap significantly by around $100 billion over the week before regaining partly as the week ended. Market capitalization is now at $1.27 trillion, down from $1.34 trillion at the start of the week.
Bitcoin (BTC), despite its decline, continued to gain dominance this week with a 46.3 percent share of market capitalization in a worrying sign for major altcoins. While BTC ended the week with a 6% decline, major altcoins shed further. Ethereum (ETH), with a 11% drop in the week, fell below $2,000 levels and is currently testing critical support at $1,800. Other prominent altcoins like Polkadot (DOT), Dogecoin (DOGE), Uniswap (UNI), Solana (SOL) and Polygon (MATIC) are down by upwards of 20%. The current market mood is one of indecisiveness and dormancy. Trading volume across major cryptocurrency exchanges remained comparatively low underlining the cautious mood of the investors. On July 18, the Grayscale Bitcoin Trust (GBTC) will be unlocking shares valued at 16,240 BTC. The release can potentially lead to deviations in Bitcoin prices either way as investors resort to wait-and-watch mood.
Among adoption news, Bank of America, the second largest bank in US, has reportedly greenlit trading in BTC futures to some of its clients. Early in the week, there were reports of Argentina proposing a bill to allow workers to accept their salaries in Bitcoin. France called for an EU-wide cryptocurrency regulation that would lend greater power and control to Paris-based European Securities and Markets Authority (ESMA) to regulate the growing crypto market in the region.
Institutions such as Paypal and Visa continued to lend support to Bitcoin and cryptocurrencies. Paypal announced that its users now will be able to make weekly crypto purchases of up to $100,000, a five-fold increase in buying limits. Visa announced issuance of a physical Bitcoin Debit card in Australia after it reported crypto-linked card usage of
$1 billion plus in the first half of 2021.
Bitcoin This Week
Bitcoin is nearing its lowest weekly end in more than a month closing just above $31,400. The current week saw BTC going downhill steadily to register a 6 per cent weekly dip while trading within a relatively thinner range. The selling pressures could drive BTC prices further down below $30,000.
Bitcoin has not only failed to break resistance at $33,000, but also struggled to stay above the $32,000 level. It currently is trading above its immediate support near $30,960. Failure to maintain this level will shift attention to the next support at around $30,030.
The Bollinger bands, an indicator that measures the price’s standard deviations relative to a moving average, are pointing to a BTC trade margin squeeze that may lead to huge move in the coming days. Analysts predict that BTC would most probably be making one additional low before initiating a price rise.
Top Gainers This Week – (as of 6pm, July 17, 2021. Source: CoinMarketCap)
NEM (XEM): 30.9 per cent
Ravencoin (RVN): 19.2 per cent
OKB (OKB): 10.4 per cent
Hedera Hashgraph (HBAR): 10.1 per cent
Axie Infinity (AXS): 4.3 per cent
Top Losers This Week – (as of 6pm, July 17, 2021. Source: CoinMarketCap)
THORChain (RUNE): -32.4 per cent
Telcoin (TEL): -30.1 per cent
THETA (THETA): -26.2 per cent
0x (ZRX): -25.1 per cent
Amp (AMP): -24.9 per cent