The crypto market looks exciting again after the May 19, 2021 crash. It's been a tough battle between the bulls and bears. After Bitcoin reached the $64k+ level it dropped down to $28k+ level, during that time I never had the interest to write about crypto topics that much as I got bored seeing the red market. I am a holder, it's just so boring seeing the up and down but mind you it's just normal as long as you don't engage yourself in leverage trading.
Image Source: Unplash.com (Christian Weidiger)
The market looks exciting as Bitcoin is back to the $40,000 level after the excessive FUD against Bitcoin mining cracked down and crypto regulations as a threat to the current financial system. It's been how many months that BTC played up and down but never been able to cross the $40k level. Some big traders are bullish that if BTC crossed the $42k level it will bring back the bull market run and enough to bring FOMO. The market is thrilled as most traders are anticipating whether the bull run in 2021 ends or the bear market begins.
What are the crypto highlights this week?
Bitcoin crossed the $40k level this week twice already despite that there are American politicians' warnings in the crypto market, still, the thought was about the “threat to the current financial system and financial stability”.
XRP surges up to 10.5% strongly
Ripple declared a proposal to move the remittance market between Japan and the Philippines that is worth $1.8 billion per year. With this news, XRP surges up to $.7518 yesterday.
Ripple declared that SBI Remit which is the largest money transfer provider in Japan is forming a team with the Filipino mobile payments service Coins. ph, as well as its crypto exchange SBI VC Trade-to, inaugurated a new remittance path using Ripple's On-Demand Liquidity service.
Image Screenshot from the source
This use case is inciting as Japan has one of the highest remittance costs worldwide that double the 5.92% which is only seen in G8 countries.
Information Source: Coinmarketcap.com
It's exciting how XRP fights its battle, I thought when Ripple faced a lawsuit it will be doomed but it was not, and even crossed $1+ during the last peak.
Burger King in Brazil Accepting Dogecoin 🇧🇷
Burger King in Brazil has accepted Dogecoin as payment. The said fast food chain will accept DOGE to purchase Dogepper, a snack that was made for dogs.
Customers can buy their dogs treats for 3 DOGE worth $.062 as of writing.
Image Screenshot from the source
Information Source: Coinmarketcap.com
Imagine this shitcoin Doge has been also adopted by merchants, although it was just a “joke” coin. With this, crypto adoption is possible in every way.
Interest on Eth from Institutional Group Grows
Within 12 months Eth institutional demand grows and it surges up to 895% in price.
According to Coinbase in a report to recap market activity in 2021, the first half of 2021, ETH trading volume hit $1.4 trillion with a 1,461 % increase compared to the same period with the previous year. But, leads on the trading volume which is $2.1 Trillion between January to June, with 489% higher from the same period in 2020.
To zoom out the five years, ETH total returns reached 17,962% while BTC gains have 5,119% only.
Image Screenshot from the source
Information Source: Coinmarketcap.com
ETH has been gaining a lot of exposure especially that the NFT went mainstream and mostly NFT runs on Ethereum blockchain. With the current hype of Axie Infinity a blockchain and NFT based game, ETH may surpass BTC in the long run.
Closing Thoughts
The current market sentiment was also associated with the rumors circulating the market that was spread by an insider that Amazon is preparing to accept Bitcoin as payment, followed by the major altcoins Eth, Bitcoin Cash, and Cardano (ADA).
However, BTC prices slowed down when Amazon denied the rumors.
Still, the market looks exciting to me as BTC can cross $40k again before July ends. August will be an exciting month in crypto and onwards, let's see what will happen.
Hold and never sell in red!
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Thank you for reading!
Date Published: July 29, 2021
Let the bull run! :) Excited much.