Bitcoin
BTC$48 023.28

-0.71%

Ethereum
ETH$3 563.80

-1.89%

Cardano
ADA$2.42

-2.23%

Binance Coin
BNB$421.22

-2.55%

Tether
USDT$1.000499

0.02%

XRP
XRP$1.093567

-2.51%

Bitcoin fails to return to steady growth


06 Aug 2021   #Bitcoin

The benchmark cryptocurrency remains at $38K on Thursday, again running into a sell-off after a slight growth to $39.6K. The price fluctuations occur at shallow trading volumes, making the reliability of price bounces likely to be highly questionable. On the data analysis side, bitcoin got support from buyers on Wednesday on the downside to the 200-day simple moving average but failed to build on the upside, returning to that line on Thursday. Although it is important to keep in mind that for the past two months (almost forever for the crypto market), the first cryptocurrency has failed to grow above $40K.

The other day, comments by new SEC head Gary Gensler got crypto market participants very excited. The attention to his statement could be compared to one of the Fed’s members. Investors tried to catch the mood and hints of the new head of SEC, which surprised even Gensler. His attitude could be interpreted as unfavourable for the current order of the crypto market.

The US authorities will tighten the rules, increase transparency, and do everything possible to protect investors. All this means de-anonymisation, pressure on crypto exchanges, and legalisation of all digital assets. However, apart from regulating cryptocurrencies, the tasks of the new SEC head are so many that digital assets are not on the pressing agenda.

Separately from that, US authorities said they intend to collect about $28 billion from cryptocurrency taxes. The lawmakers propose to raise this money by applying new requirements to exchanges and other significant participants in the crypto market.

On the positive side, Glassnode data showed the highest recent bitcoin outflows from centralised exchanges. About 40,000 BTC were withdrawn in just one week. The flow exceeds 100K per month. Now only just over 13% of bitcoin turnover is on cryptocurrency exchanges. In theory, this means that investors are not ready to get rid of their coins right now, which could point to a return of growth in the long run.

Also on the positive side, one could consider the resumption of allowing crypto projects to buy ads from Google. The ban was made in June 2018 on the wave of popularity of ICOs, among which there were a lot of fraudulent ones. That is why now only regulated cryptocurrency organisations will be able to buy ads.


Related

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Bitcoin bulls look to profit from Friday’s $195M BTC options expiry
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Bitcoin price flirts with $40K, but derivatives data is still bullish
Here are the BTC price levels to watch as $38K emerges as bulls' line in the sand
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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 83.6% 24 $48 023.28 -0.71% 3.44% $903 705 648 774 $30 868 405 829
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 52 $3 563.80 -1.89% 4.12% $418 950 530 113 $18 493 669 977
3 Cardano (ADA) ADA Cardano predictions 66% 64 $2.42 -2.23% -3.43% $77 683 489 177 $3 095 901 217
4 Binance Coin (BNB) BNB Binance Coin predictions 68.4% 70 $421.22 -2.55% -0.83% $70 821 892 729 $1 657 577 581
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000499 0.02% 0.05% $68 288 037 795 $74 172 515 331
6 XRP (XRP) XRP XRP predictions 71.2% 56 $1.093567 -2.51% -3.05% $50 984 520 461 $3 018 193 479
7 Solana (SOL) SOL Solana predictions 57.2% 89 $146.88 -7.34% -21.00% $43 597 219 268 $3 263 512 936
8 Polkadot (DOT) DOT Polkadot predictions 63.2% 83 $36.36 1.92% 15.42% $35 909 826 746 $2 318 625 572
9 Dogecoin (DOGE) DOGE Dogecoin predictions 66.4% 65 $0.254974 3.69% 0.76% $33 480 789 211 $1 873 594 606
10 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000186 0.02% 0.01% $29 230 519 112 $2 845 039 489
11 UniSwap (UNI) UNI UniSwap predictions 68.8% 56 $25.82 -4.67% 9.72% $15 791 177 382 $595 594 004
12 Terra (LUNA) LUNA Terra predictions 68% 67 $36.20 -0.80% 12.70% $14 549 248 511 $1 555 371 086
13 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 69 $64.76 6.83% 48.17% $14 265 392 957 $2 603 032 868
14 Chainlink (LINK) LINK Chainlink predictions 74% 56 $29.85 -5.29% 4.13% $13 491 251 604 $1 523 058 445
15 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000197 0.01% 0.02% $12 747 342 580 $6 385 206 639

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