July 19 Cryptocurrency Market Update
July 19 Cryptocurrency Market Update
Date: Jul. 19, 2021, 03:07 PM KST
[Bitcoin Decline]
Bitcoin has been trading at $31,000 in a bearish trend. As of 11 a.m. on July 19th (Korean time), the global Bitcoin price on CoinMarketCap was down 1.82% to record about $31,613. Its market capitalization is approximately $592.9 billion and its dominance is 46.2%.
Investor sentiment continues to weaken. Cryptocurrency data provider Alternative’s self-estimated ‘Fear and Greed Index’ rose 5 points from the previous day to 24, but it is still at the ‘Extreme Fear Stage’. As the index is closer to 0, it indicates extreme fear, and closer to 100 indicates extreme optimism.
Negative comments about cryptocurrencies are coming out one after another. Leading Wall Street bear David Tice warned in an interview with CNBC on the 18th (local time) that it is a “very dangerous period” to Bitcoin.
Tice expressed, “Lately, there’s been a lot more uproar from central bankers, Bank for International Settlements [and] the Bank of England have made profound negative statements. I think it’s very dangerous to hold today.”
[Expert Opinion]
Regarding the Bitcoin price outlook, CoinDesk analyzed, “A drop below the $31,000 daily support level may result in a deeper drawdown to $28,600 based on June 22's prior low[...] Should the current candle close at or below this level, that would mark the steepest weekly sell-off since June 14.”
On the other hand, billionaire investor Tim Draper predicts that the price of Bitcoin will reach $250,000 by the end of 2022 or early 2023 despite the recent plunge in the cryptocurrency market.
In an interview with Bezinga, Tim Draper maintained this price outlook, saying that a huge population is adopting Bitcoin. Tim Draper is famous for his investments with huge companies such as Baidu, Hotmail, Skype, Tesla, SpaceX, AngelList, SolarCity, Ring, Twitter, DocuSign, and Coinbase.
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