Top 5 Cryptocurrencies Today:
Name Price (usd) 24 hr Volume 24h %
(*At Time Of Writing*)
1.- Bitcoin (BTC) $39,523.00 $44,544,657,775 +14.21 %
2.- Ethereum (ETH) $2,368.39 $29,489,713,690 +9.89 %
3.- Tether (USDT) $1 $74,585,889,975 -0.03 %
4.- Binance Coin (BNB) $322.15 $2,170,131,431 +7.83 %
5.- Cardano (ADA) $1.35 $2,568,532,543 +11.78 %
*All prices are in US dollars at the time of writing (GMT-5). Criteria for considering the Top 5: Market Cap & 24h Volume.
Crypto News
Bitcoin Surges Past $39,000 for the First Time in 6 Weeks
1.-Bitcoin sentiment has turned bullish again after a 1.5 month sell-off which took the leading cryptocurrency to prices below $30,000.
Bitcoin FUD (Fear, Uncertainty & Doubt) surrounding China's crackdown on cryptocurrency and the environmental impact of Bitcoin mining are beginning to wear off, contributing Bitcoins recent breakthrough.
Amongst the factors influencing Bitcoins breaktrhough, experts attribute the move to bullish comments stated by Twitter CEO Jack Dorsey and Tesla CEO Elon Musk:
2.-Twitter CEO Jack Dorsey stated that Bitcoin "will be a big part" in Twitters Future during the company's Q2
earning calls.
3.-Tesla CEO Elon Musk says SpaceX Tesla and himself own and hold Bitcoin.
3a.-Tesla could be accepting Bitcoin payments in the near future as "mining is becoming greener" and more than
50% of Bitcoin mining has become sustainable.
Sources:
1.-CNBC, "Bitcoin tops $39,000 for the first time in nearly 6 weeks", as found in: shorturl.at/gnxZ9
2.-Bitcoin.com, "Jack Dorsey Calls Bitcoin a 'Big Part' of Twitter's Future as a Global Currency" as found on: shorturl.at/fpvFS
3 & 3a.- The Verge, "Elon Musk says SpaceX holds Bitcoin, ribs Jack Dorsey at conference" as found on: shorturl.at/txRX3
Bitcoin's Daily Trading Volume Hits 9 Month Low
According to Santiment, Bitcoin has hit a 9 month low daily trading volume equivalent to that of October 2020, months before the catalysis in the rise of Bitcoin's price from $20,000 to its $64,000 all-time high in April 2021. This news does not necessarily indicate a near future drop or rise in Bitcoins price but indicates that "individual trades will have greater impact on the market". The latter could mean that in the next week’s prices in the leading cryptocurrency and thus the altcoin market could fluctuate drastically in positive and negative directions.
Bitcoin and Ethereum have been constantly withdrawn from exchanges with a Year to Date high to alternative wallets which could trigger a supply squeeze and a breakthrough in the price of the cryptocurrency market.
Source: Yahoo Finance, "Bitcoin Hits $34,800 as Daily Trading Volume Hits Nine Month Low" as found in: shorturl.at/ryzOT
Cryptocurrency Titans Binance and FTX Limit Their Leverage on Cryptocurrencies
Worldwide criptocurrency exchange titan Binance echoes the newcomer cryptocurrency exchange sensation FTX to limit their leverage to 20X on cryptocurrency to protect consumers. At 125X leverage trading, a consumer could instantly turn a bet of $1,000 usd to $125,000 usd, which would make the profit jaw dropingly high, but bets always come with a risk, in this case an abysmal risk. If a position on leveraged trades is liquidated the remainder of the money on a wallet (at least on Binance) is liquidated as collateral for the lost trade. Leveraged trading in parallel with the volatile cryptocurrency market accelerated a global market crash as $20,000,000,000 usd on leveraged bets were liquidated on May of this year. Stiffening regulations around crytocurrecy exchanges exerted pressure around consumer protection leading to the limitation of leveraged trading to only 20X.
Source:
NY Times, "Leaders in Cryptocurrency Industry Move to Curb the Highest-Risk Trades", as found on: shorturl.at/wxJY4
*Amazon Denies Report of Accepting Bitcoin and Other Cryptocurrencies as Payment
Amazon posted a job listing in search for a cryptocurrency and blockchain expert which lead to feverish speculation that the retail giant would be in the process of accepting cryptocurrency payments. This news triggered a 14.5 % increment in Bitcoin when supposedly an anonymous insider source told the British newspaper City A.M. that "Amazon could be accepting Bitcoin payments as early as this year". She would have also told the news site that the e-commerce titan has been working on cryptocurrency for several years which lead to the assumption that the launch of cryptocrrency payments wouldn't take long because the plans are "already there". However these news were later denied by Amazon which prompted a return in Bitcoins trading price to sub $37,500 prices.
Source:
Reuters, "Amazon denies report of accepting bitcoin as payment", as found in: shorturl.at/fipH0
Thank you for reading and see you tomorrow! -----WolvenLock-----
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