July 14 Cryptocurrency Market Update

 

July 14 Cryptocurrency Market Update

Date: Jul. 14, 2021, 05:25 PM KST

[Bitcoin Decline]

Bitcoin (BTC) has been trading at $32,000 in a bearish trend for the past 24 hours. Bitcoin has been trading in the $30,000-$40,000 range since the end of May, and the trading range has narrowed further to $32,000-$36,000 in the last two weeks.

As of 7 a.m. July 14th (Korean time), according to CoinMarketCap, the price of Bitcoin is down 1.05% to $32,557. Its market capitalization is approximately $610.3 billion and its dominance is 45.7%.

It is interpreted that rising inflation in the United States has lowered the value of stocks and cryptocurrencies. The Consumer Price Index (CPI) released by the U.S. Department of Labor surged 5.4% in June, the highest level in 13 years. As a result, the U.S. Treasury yield rose to 1.4% and the dollar index strengthened, leading to a decline in Bitcoin. Bitcoin, which is considered ‘digital gold’, was rather weak in front of inflation rather than as a hedge against inflation.

However, co-founder of Gemini Cameron Winklevoss tweeted today, “inflation is trending. Bitcoin fixes this.”

Meanwhile, Galaxy Trading tweeted on the 12th (local time) that there are “rumors that Apple [has] purchased more than $2B in Bitcoin.”

CEO and founder of ChainLeak Joshuwa Roomsburg also tweeted on the 12th (local time), “Rumor has it, Apple will make an announcement today that they have purchased $2.5B in Bitcoin. If that happens, I’ll buy the latest iPhone TODAY! I won’t use it, I’ll just keep it as a souvenir for when BTC started it’s climb to $100k.”[New York Stock Exchange]

On the 13th (local time), The Dow Jones Industrial Average closed at 34,889.79, down 0.31% from the previous trading day. The S&P 500 also fell 0.35% to 4369.21, while the Nasdaq Composite fell 0.38% to close at 14,677.65. The S&P 500 and Nasdaq hit all-time highs during the day but fell on news that the Consumer Price Index (CPI) rose sharply in June.

[Expert Opinion]

Regarding the Bitcoin price outlook, Head of Technical Analysis at Evercore ISI Rich Ross said he sees first resistance at $36,000 with support at $33,000 and $30,000, suggesting that there is a possibility that it will fall below $22,000.

CoinDesk also used the analysis of founder and managing partner of Fairlead Strategies Katie Stockton to prove that $30,000 is a strong support for Bitcoin. In a report published on Monday, Stockton wrote “The consolidation phase itself is neutral, but we think a breakout is more likely than a breakdown.”

Additionally, CEX.IO also said that the size of the US Federal Reserve’s (Fed) balance sheet has increased by more than $8 trillion since the beginning of 2020, and that Bitcoin may retest the new price level of $45,000.Disclaimer: This feed is intended to convey more information only and does not represent the views of KOK PLAY. All or part of the feed content does not guarantee or promise the completeness of the document. Please check the relevant information directly.