July 16 Cryptocurrency Market Update
July 16 Cryptocurrency Market Update
Date: Jul. 16, 2021, 02:41 PM KST
[Bitcoin Decline]
Bitcoin has retreated to the $30,000 level on some exchanges amid a bearish trend over the past 24 hours.
As of July 16th 6:30 a.m. (Korea time), the global Bitcoin price on CoinMarketCap was down 3.38% to $31,751. Its market capitalization is approximately $595.1 billion, and its dominance is 45.5%.
Google Trends searches for keywords ‘Bitcoin Price’ also recorded 19 points, the lowest figure in the last 7 months. It was down about 67 points from the 86 points recorded in May. CoinDesk analyzed that “the cryptocurrency’s two-month-long dull price action between $30,000 and $40,000 seems to have driven away retail interest, which surged earlier this year. ”
In this atmosphere, negative comments from major influential figures have been followed one after another. For example, chairman of the U.S. Federal Reserve (Fed) Jerome Powell said during a hearing of the House Committee on Financial Services on the 14th (local time) that If there is a digital currency (CBDC, digital dollar) in the United States, neither stablecoins nor cryptocurrencies will longer be needed. Co-developer of the cryptocurrency Dogecoin (DOGE) Jackson Palmer also tweeted on the 14th (local time), “I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted “no”.”
Additionally, CEO of Doubleline Capital Jeffrey Gundlach, considered the ‘new bond king’ on Wall Street, said, “I would not own Bitcoin presently. I think you’ll have an opportunity to buy it at a cheaper level.”
On the other hand, in an interview with CNBC on the 14th (local time), CEO of Ark Invest Cathie Wood said that she remains optimistic despite China’s crackdown on mining and the fall of Bitcoin price after Elon Musk’s tweets because in the long run, Bitcoin could lay a more solid foundation.
On the 15th (local time), cryptocurrency on-chain analyst Willy Woo also tweeted, “Bitcoin is decentralised gold, it removes gold’s failures.”
[New York Stock Exchange]
On the 15th (local time) on the New York Stock Exchange (NYSE), the Dow Jones closed at 34,987.02, up 53.79 points (0.15%) from the previous trading day.
The Standard & Poor’s (S&P) 500 index closed at 4360.03, down 14.27 points (0.33%) and the tech-focused Nasdaq closed at 14,543.13, down 101.82 points (0.70%).
[Expert Opinion]
Regarding the Bitcoin price forecast, cryptocurrency trader Michaël van de Poppe said that Bitcoin could not maintain the level of $32,400, so the final support level that must be maintained is between $31,000 and $31,500. If it goes lower than that, the next support level is believed to be at $29,000 and $24,000.
In addition, Coinness quoted an analysis by Wisebitcoin Research Center, saying “iIf the BTCUSDT perpetual futures collapses at $31,175, it could drop to $29,300.”On the other hand, in a recent interview with Anthony Pompliano, on-chain analyst Willy Woo said “This is a bull market. There’s no mistaking this.” Woo believes the new price target for Bitcoin is $157,000. However, he predicts that once Bitcoin resumes its bull trend, he expects the model to hike up the price target.
“If we squeeze out of this accumulation band like I’m expecting, I would say that we will start curving upwards into the $250,000 to $350,000 range. Sounds a bit ludicrous right now, but that’s what the model says.”
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