July 27 Cryptocurrency Market Update

 

July 27 Cryptocurrency Market Update

Date: Jul. 27, 2021, 04:36 PM KST

[Bitcoin Rise]

As of 8 a.m. on the 27th (Korean time), Bitcoin is trading at $37,400 on CoinMarketCap. According to Bloomberg News on the 26th (local time), Bitcoin is plummeting as Amazon has officially denied rumors that it will introduce cryptocurrency as a payment method within the year.

An Amazon spokesperson gave a statement that day that Amazon has no plans to accept cryptocurrency as a payment method this year.

The upcoming cryptocurrency rumors came about because last week Amazon ran a job advertisement for cryptocurrency experts.

In a job advertisement on the 24th, Amazon announced that the Amazon payment team is trying to hire digital currency and blockchain experts.

An Amazon spokesperson told CNBC, “We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

CNBC reported that this suggests that Amazon is seriously considering accepting Bitcoin payments. Since then, news spread that Amazon is seeking cryptocurrency experts to introduce cryptocurrency payments within the year.

Cryptocurrencies such as Bitcoin have skyrocketed over the past few days with this news, particularly Bitcoin surged which 17% the previous day.

Shortly after the news broke, Bitcoin began to plummet. At around 4 p.m. on the same day, Bitcoin surged 17% to $45,4545, breaking through the $40,000 mark. It is the first time since June 24 that Bitcoin broke above $40,000.

However, an Amazon spokesperson completely denied the rumors, claiming that their job posting for a cryptocurrency expert does not mean that Amazon will allow cryptocurrency payments within the year.

As the statement from Amazon’s spokesperson came shortly after Bitcoin broke through the $40,000 mark, Bitcoin once pushed back to the $36,000 level.

[New York Stock Exchange]

With big tech companies expecting growth ahead of their earnings announcements, the New York Stock Exchange broke a new all-time high.

At the New York Stock Exchange (NYSE) on the 26th (Eastern Time), the Dow Jones Industrial Average closed at 35,144.31, up 82.76 points (0.24%) from the previous day. The Standard & Poor’s (S&P) 500 Index rose 10.51 points (0.24%) to close at 4,422.30, and the Nasdaq index rose 3.72 points (0.03%) to 14,840.71.

[Expert Opinion]

Regarding the Bitcoin price outlook, CoinDesk said, “the relative strength index (RSI) on the daily chart is approaching overbought levels for the first time since April. This could precede a brief period of profit-taking near the 100-day moving average at $40,000.”

Additionally, Bloomberg analyst Akshay Chinchalkar said that after recovering from its psychological support of $30,000, Bitcoin broke above the key resistance of $36,500 today. He expects an uptrend towards the $44,000 level where the 200-day moving average converges with the expectation of the completion of the ‘bottom’ pattern and says short-term resistance could be between $41,000 and $42,000.

PlanB, a famous cryptocurrency analyst tweeted, “on-chain signal still indicates this bull market is far from over, $64K was not the top. This is in line with S2F(X), of course.”

S2FX (Stock-to-Flow Cross-Asset) is a Bitcoin price prediction model developed by PlanB where available or held assets are divided by annual production, which increases in value according to the scarcity of the asset.

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