July 28 Cryptocurrency Market Update
July 28 Cryptocurrency Market Update
Date: Jul. 28, 2021, 05:11 PM KST
[Bitcoin Rise]
After Bitcoin crossed the $40,000 mark for the first time in six weeks, it turned downward in the aftermath of the official denial of rumors that Amazon would accept Bitcoin payments, and the price retreated to the $37,000 level. It has rebounded again and is currently breaking through the $40,000 resistance level.
As of 10:40 am on July 28 (Korean time), Bitcoin’s price on CoinMarketCap was about $39,391, up 7% from 24 hours ago. Its market capitalization is approximately $736.6 billion, and its dominance is 48.2%.
Analysis suggests that in order to overcome the volatility of cryptocurrencies, it is necessary to approach it from a more long-term perspective rather than focusing on short-term profits.
Although it is true that Bitcoin is a highly volatile asset, CNBC reported on the 27th (local time) that Americans view it as a portfolio comparable to stocks as a means of accumulating long-term wealth.
A recent study conducted by the NORC Institute at the University of Chicago supports this statement, citing 13% of Americans said that they have purchased or traded cryptocurrencies in the past year, which is more than half of stocks (24%).
CEO of Onramp Invest Tyrone Ross asid that cryptocurrency “does have a place, especially for those that are younger”, suggesting to readers: “Have a financial plan first and figure out where crypto fits into that”
According to Ross, investing in cryptocurrencies should be second to having a solid financial plan that includes emergency savings and solid retirement planning.
[New York Stock Exchange]
The New York stock market weakened as risk-averse sentiment spread amid concerns over the delta mutation and a decline in the Chinese stock market.
On the New York Stock Exchange (NYSE) on the 27th (local time), the Dow closed at 35,058.52, down 85.79 points (0.24%) from the previous day.
The Standard & Poor’s (S&P) 500 index fell 20.84 points (0.47%) to 4401.46, and the tech-focused Nasdaq index closed at 14,660.58, down 180.14 points (1.21%).
[Expert Opinion]
According to cryptocurrency media outlet The Daily Hodl, senior commodity strategist Mike McGlone at Bloomberg Intelligence forecasts that gold, Bitcoin and US Treasury bonds will be the assets with the biggest gains in the second half of this year. The diagnosis is that these three assets are currently undergoing corrections for a bull market entry.
Mike McGlone observed that “Bitcoin is more likely to revert toward $60,000 resistance vs. $20,000 support.”
On the other hand, veteran Wall Street investor Mark Mobius said in a Bloomberg interview that he predicted that the price of Bitcoin will fall again soon despite the recent recovery.
Disclaimer
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