Crypto Week at a Glance: Crypto market feels the blues as GBTC shares unlock

Team of Analysts, Giottus Cryptocurrency Exchange

The global cryptocurrency market remained in the black, significantly losing its market capitalization by about $ 100 billion over the week, before partially recovering at the end of the week. The market capitalization now stands at $ 1.27 trillion, compared to $ 1.34 trillion at the beginning of the week.

Bitcoin (BTC), despite its decline, continued to dominate this week with a market capitalization share of 46.3 percent, which is a worrying sign for the major altcoins. While BTC ended the week down by 6%, the main altcoins fell even more. Ethereum (ETH), down 11% over the week, has fallen below the $ 2,000 level and is currently testing critical support at $ 1,800. Other well-known altcoins, such as Polkadot (DOT), Dogecoin (DOGE), Uniswap (UNI), Solana (SOL) and Polygon (MATIC), declined by more than 20%. The current market mood is a state of indecision and inaction. The trading volume on the main cryptocurrency exchanges remained relatively low, which underlines the cautious mood of investors. On July 18, the Bitcoin trust in shades of Gray (GBTC) will unlock shares worth 16,240 BTC. The release could potentially lead to deviations in bitcoin prices anyway, as investors resort to a “wait and see”mood.

Amid the adoption news, Bank of America, the second-largest bank in the US, has reportedly allowed BTC futures trading to some of its clients. At the beginning of the week, there were reports that Argentina proposed a bill allowing employees to receive salaries in bitcoins. France has called for EU – wide regulation of cryptocurrencies, which would give greater power and control to the 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 support Bitcoin and cryptocurrencies. Paypal has announced that its users will now be able to make weekly crypto purchases worth up to $ 100,000, which increases the purchase limits five times. Visa has announced the release of a physical bitcoin debit card in Australia after it reported the use of crypto-related cards
worth $ 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. This week, BTC has been steadily declining, registering a 6 percent weekly drop, trading in a relatively narrower range. Pressure from sellers may lead to a further decline in the price of BTC below $ 30,000.

Bitcoin not only failed to overcome the resistance at $ 33,000, but also struggled to stay above the $ 32,000 level. It is currently trading above its immediate support of around $ 30,960. Failure to maintain this level will shift attention to the next support at $ 30,030.

The Bollinger bands, an indicator that measures the standard deviations of the price relative to the moving average, indicate a reduction in the BTC trading margin, which can lead to huge changes in the coming days. Analysts predict that BTC will most likely make one more minimum before prices start to rise.

The best players this week are (as of 6 pm on July 17, 2021. Source: CoinMarketCap)

NEM (XEM): 30,9%
Ravencoin (RVN): 19.2%
OKB (OKB): 10.4%
Hashgraph Headers (HBAR): 10.1%
Axie Infinity (AXS): 4,3%

This week’s top losers are (as of 6pm on July 17, 2021. Source: CoinMarketCap)

Torchin (RUNE): -32.4%
Telcoin (TEL): -30.1%
THETA (THETA): -26.2%
0x (ZRX): -25.1%
Amp (AMP): -24,9%

error: Content is protected !!