Bitcoin price reached a value of $24.7k yesterday but failed to sustain this level. Later in the evening, the price dropped back to just over $23,500. The largest cryptocurrency by market capitalization is trying to end its recent losing streak by ending at a high this month. Altcoins also rose, but the results were mixed. More on that later.
In other news, Bitcoin looks set to end the month on a positive note after a nearly three-month hiatus. The cryptocurrency has been in a downward trend since the end of the first quarter of 2022. Now it will take the next step by closing the month on a high after a few long, uneventful months. However, we still have today to go before the crypto can actually hit a bullish end, so keep your fingers crossed.
Around the world, many countries’ fiat currencies are failing miserably, especially against the US dollar. Record demand for the dollar comes amid an economic slowdown. More on that later.
Sales of the official token of the Central African Republic (CAR), called Sango, have been slow and not as expected by the government. So far, only $1.26 million has been raised from the sale, not the hundreds of millions the state was hoping for. However, there is still some time left.
Popular crypto exchange Binance has partnered with Rome-based soccer club Lazio to sell NFT tickets to its fans. Lazio is one of the most popular clubs in Italy with a loyal fan base and rivals local club AS Roma. NFT tickets for football matches will be on sale for the first time next season.
The lawyer for Ripple Labs, the company behind the XRP cryptocurrency, has once again called on US lawmakers to pass sensible legislation regarding the crypto sector. Ripple is currently embroiled in a protracted legal dispute with the SEC over its XRP crypto project with no end in sight. According to Ripple’s advisor, the SEC is bullying crypto projects in the country.
The SEC, on the other hand, wants to use its power to regulate the crypto sector even more. Gary Gensler, the current SEC chairman, has released a new video outlining a plan to regulate the sector, including crypto trading platforms. However, the SEC is still pushing to regulate most cryptocurrencies as securities. It will be a problem.
A group of economists at the European Central Bank has recommended limiting access to a new digital euro to help banks sustain themselves. They argue that a digital euro could wreak havoc on the current financial system and lead to many job losses in the banking sector.
Crypto analysis website Chainalysis has reported that approximately $2.2 million worth of crypto has been sent to pro-Russian groups in Ukraine. These are mainly located in border towns like Donbass, where they fight against Ukrainian troops on behalf of Putin. But at the same time, hundreds of millions of dollars have also been sent to the Ukrainian government and armed forces. This shows that the crypto sector can be used to send money to both groups, but at the same time Ukraine is receiving much more than the Russians in this war.
Bitcoin price briefly rises above $24.5k
Bitcoin briefly traded above $24.5k yesterday. The cryptocurrency tried to overcome the resistance above $24,000 but has so far failed to do so as it fell back to $23.5k.
The last 36 hours started with BTC rate around $23.8k. It traded sideways for a while before starting to rally at 14 yesterday. It didn’t register a major price increase, but managed to move above $24.7k. It trades around $24.5ki at the time of writing.
Bitcoin is doing its best to end July on a bullish note. This would be the first time in months and it could take us into a short-term price increase phase which is much needed. But the day is not over yet, so bulls need to be a little more careful.
Bitcoin’s total market capitalization was around $468 billion and its share of the crypto market was 42.52%.
Altcoins present a mixed picture
Many of the top altcoins had various gains. They include Ripple (XRP, 5.2%), Cardano (ADA, 1%), Solana (SOL, 3.4%), Dogecoin (DOGE, 0.2%), Polygon (MATIC, 0.6%), Shiba Inu (SHIB, 0.8%) .
In other news…..
National currencies failing around the world are fueling crypto usage
In developing/semi-developed countries like India, Nigeria, Pakistan, Bangladesh, Algeria, Sri Lanka, Argentina, Brazil, etc., local currencies have recently recorded all-time low exchange rates against the dollar, causing huge problems for their economies.
Economic uncertainty is likely to increase over the next two years, economists predict. This is why the adoption of cryptocurrencies is likely to grow strongly over time, especially in these countries. Sticking to the local currency in these places will not be possible at all for the foreseeable future, even with rising interest rates.