Crowdsense Crypto Weekly Review and Outlook | July 11 - July 18 2021
News Highlights
Malaysian police destroy Bitcoin mining rigs
Tennessee mayor calls Bitcoin the only major fix for inflation
Billionaire Mark Cuban reportedly accumulating new crypto asset
Ethereum co-founder quits crypto over personal safety concerns
Binance burns near $400mn worth of BNB tokens
Daily Dogecoin volume soared to near $1bn during Q2
Blackrock CEO Larry Fink says there’s little demand for crypto assets
Markets
The entire market value of all crypto assets has been moving in a range between $1.3 trillion and $1.5 trillion over the last few weeks and currently sits around $1.29tn, with a 1.1% decrease over the previous 24 hours.
BTC-USD is down around 4% over the past week and the pair has continued its sideways movement around the $30k support handle that remains a crucial level to focus on in the coming weeks.
ETC-USD fell closer to 7% during the last week and the $1,800 handle forms support in the near-term with the pair so flat in the trading week.
The Week Ahead
Bitcoin is being accumulated at current levels by whales who have viewed the latest dips as good buying opportunities. This trend was evidenced over the weekend with one Bitcoin whale buying almost 30,000 Bitcoin. It is worth noting that the same entity controls almost 145,000 Bitcoins, which are spread across 18 different wallets. Such a large purchase points to ongoing bullish sentiment from big players in the market and further dips may be seen as buying opportunities ahead.
MATIC-USD is starting the week on an extremely bearish footing after recently dropping to a two-month low amid a more risk-off mood within the wider crypto sector. This could be due to the resurgence in COVID-19 cases worldwide and the increased regulatory scrutiny around digital assets. However, crypto exchange Kraken announced that MATIC will be available to those users based in the US, Canada and Australia and this could potentially drive near-term bidding interest in MATIC-USD.
Dogecoin experienced a minor boost from Elon Musk once again after the tech superstar changed his Twitter profile picture to reflect DOGE on his sunglasses. DOGE-USD however quickly retraced in a sign that the market is yet to be convinced of any inherent value within the meme coin. That said, the Dogecoin community remains determined to push the pair through $1 in the coming months and any dips lower may be seen as buying opportunities by the meme coin faithful.
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