Ethereum surpassed Bitcoin in total daily active addresses, as seen in the chart below and this is perhaps an indication that Bitcoin is losing its status as the world’s premier digital currency
Soros Fund Management, family office of legendary investor George Soros, recently approved trading of Bitcoin and other cryptocurrencies
TP ICAP, Standard Chartered and Fidelity all awaiting UK approval to launch cryptocurrency trading platforms
Grayscale Investments adds Cardano to flagship digital large cap
US SEC commissioner says Bitcoin ETF approval long overdue
The entire market value of all crypto assets passed $1.4 trillion again after Bitcoin and altcoins recovered over the last few days and trading started to pick up on Monday.
BTC-USD gained around four percent last week and remains relatively range-bound over the past month. Investors should however keep an eye out for the $32,000 support level
ETH-USD rose approximately 10% last week and the pair gapped slightly higher at the start of the week. Resistance in the near-term is likely to be found around the $2,400 handle
The Week Ahead
Bitcoin’s hash rate has crashed to its lowest levels since 2019 and the network’s mining difficulty has plunged by nearly 30%, making it the largest-ever drop since Bitcoin launched in 2009. This was largely caused by a crackdown on bitcoin mining in China and BTC-USD’s climb to recent highs coincided with this. Such a development bodes well for active miners and this has led up to a corresponding decrease in transaction fees.
Market commentators are highlighting the unlocking of 16,000 Bitcoin worth of GBTC shares as a key event that may affect Bitcoin price in July. It is believed that this may add more to Bitcoin’s selling pressure as accredited investors may sell at least a portion of their GBTC holdings after the unlocking period.
Interestingly, Ethereum outperformed Bitcoin in address activity for the first time in history and this is a significant event since Ethereum has traditionally played second fiddle to Bitcoin in terms of adoption. This suggests that we could see the trend of Ethereum adoption continue to rise in the coming weeks, especially in light of the EIP-1559 upgrade slated for the current month of July. Take note also that the percent of Ethereum held on exchanges recently hit the lowest since November 2018.
Cardano could see positive returns in July ahead of the Cardano Alonzo smart contract hard fork. Prominent crypto influencer Lark Davis ”Cryptolark” suggests: “Cardano is about to enter the smart contract era finally. This means that Cardano is going to be able to start doing stuff…All of that stuff is going to explode when we have smart contracts coming in.” Already, Cardano’s price has recovered from June 22 low and bullish calls on ADA-USD prices predict a target beyond $1.54.
Chart of the week
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