Bitcoin
BTC$68 144.21

-2.18%

Ethereum
ETH$2 432.74

-3.15%

Tether
USDT$0.999849

0.03%

Binance Coin
BNB$559.14

-2.72%

Solana
SOL$161.74

-3.59%

USD Coin
USDC$1.000206

0.03%

Risk demand recovery has given Bitcoin a chance to rebound


23 Jul 2021

#Bitcoin

Cryptocurrencies took advantage of the rebound in the stock market, locally offsetting the recent decline. From a broader perspective, the coin only manages to offset part of the losses but globally it still fails to return to growth. Bitcoin adds almost 5% during the last 24 hours. The growth comes with higher trading volumes, which is a positive signal. However, there are concerns that this positive dynamics will exhaust its potential already at current price levels around $32K.

If this is indeed the case, we get a scenario of sustained selling of the cryptocurrency while trying to grow. However, if within the previous cycle in early 2018 this led to the collapse of the crypto market and the beginning of the crypto winter, now the sentiment of the retail sector has no global impact on Bitcoin. The rally to $65K was not driven by retail crypto enthusiasts, the price was driven by big capital. Of course, the rally was supported by the retail sector but even the maximum level of panic by private investors is hardly catastrophic.

Bitcoin’s clear dependence on the decisions of big capital, which has no special feelings about digital currencies and pursues only the goals of maximum enrichment, sets up scepticism in assessments of long-term potential. The crypto community used to fear Bitcoin’s dependence on the concentration of computing power in China. Now the fear is the large involvement of big capital. Of course, when institutional investors buy, it’s only welcome as the price grows but sooner or later, they will start selling.

The good news is that now we can observe a stage of asset accumulation. If you look at the news agenda, big capital continues to increase its stake in the crypto sector. For example, the Rothschild Investment Corp fund increased its holdings in Grayscale’s BTC and ETH trusts by 5%. This is now a general trend, and it is very likely that we will still see Bitcoin rise in the coming days or weeks. However, at some point a new massive sell-off will begin with a potential $10K target, zeroing in on the entire rally from last October.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 76% 40 $68 144.21 -2.18% 1.79% $1 347 686 332 613 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 88.4% 21 $2 432.74 -3.15% -1.50% $292 933 112 862 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $0.999849 0.03% 0.13% $120 558 503 347 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90% 3 $559.14 -2.72% -4.18% $80 571 389 671 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 70.8% 65 $161.74 -3.59% -5.66% $76 152 698 387 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000206 0.03% 0.05% $34 881 687 500 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 92% 6 $0.500590 -2.82% -2.60% $28 467 867 628 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 60.4% 78 $0.148946 -8.26% 7.81% $21 840 127 813 DOGE 7 days price change
9 TRON (TRX) TRX TRON predictions 90% 4 $0.164096 -2.02% -1.03% $14 186 736 232 TRX 7 days price change
10 Toncoin (TON) TON Toncoin predictions 91.2% 13 $4.76 -3.35% -3.00% $12 108 039 231 TON 7 days price change
11 Cardano (ADA) ADA Cardano predictions 89.2% 7 $0.338480 -6.20% 1.96% $11 845 120 349 ADA 7 days price change
12 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
13 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92.4% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 92.4% 1 $65 806.83 0.78% -2.68% $10 083 957 608 WBTC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 80.4% 29 $0.000017 -5.57% -0.81% $9 910 281 096 SHIB 7 days price change

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