Bitcoin touches $40,000 Mark as Crypto Market Rebounds
Bitcoin, the world’s largest cryptocurrency as per market cap has spiked 30% in the previous week. However, be informed that this isn’t the sole spike in the crypto market this 4th week of July. Namely $ETH, $DOT, $DOGE and $XRP have timed a significant gain this week too. Continue reading, as Cofinex India explores this week’s crypto market gains, the reason behind the spike, and stay updated over the current market scenario.
To stay looped in, take a look at the prices of the ten largest cryptocurrencies in real-time on Cofinex Markets here.
Market Recap
While Monday (26/07) saw a massive jump back in the prices of most if not all cryptocurrencies, Tuesday (27/07) witnessed a boomerang back to usual, wiping off all spikes in the previous 24 hours.
The early attempt at landing the $40,000 mark on Monday triggered excessive expressions, which prefaced an approximate 10% pullback. Regardless, buyers have been actively operating at lower support around $34,000-$36,000.
Wednesday witnessed a flurry in prices with an approximate gain of 17% since the previous day and Bitcoin finally managed to land its $40,000 mark, once again since mid-June this year. The rally has continued for 6 days straight and currently stands at $41,552 value as recorded at the time of publishing this article. With a stiff price resistance as low as in the $40K range, $BTC is continuing to stand strong in the $41K mark. Has the worst of the bear market surpassed? Only time shall tell.
The Rumoured Reason Behind The Spike
While the reason behind the spike is yet to be ascertained, it can partly be stated that Bitcoin rose to the $40K mark as a mix of speculative bearish bets by investors magnifying the rally, fuelled by a job posting by Amazon.com pointing towards positive steps towards the crypto industry.
The job listing briefly mentioned an executive role that would aid the company’s “blockchain momentum and digital currency strategy” which led to a stir in the crypto market over Amazon accepting Bitcoin as a mode of payment. Amazon recently denied the rumors of taking this step.
Not to mention, commentary amongst major crypto personalities, namely Elon Musk also added to the momentum-building rally. The Tesla CEO revealed SpaceX’s bitcoin holdings and mentioned that the company has no plans of selling the asset anytime soon.
On A Closing Note
The global cryptocurrency market is in a sea of red today, as observed during the time of publication. (01/08) The largest cryptocurrency by market capitalization, Bitcoin, is up by nearly 18% over the past month as per the latest data and is still going strong at $41K with an approximate -0.12% plunge in the past 24 hours.
As for the others, Ethereum (+5% approx. in 24 hours), Cardano(+3% approx. in 24 hours), and other leading altcoins have observed more moderate increases in July 2021. Ripple(+2% approx in 24 hours), surged by approximately 16% in July 2021.
Data Source: Cofinex
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