August 10th Cryptocurrency Market Update

 

August 10th Cryptocurrency Market Update

Date: Aug. 10, 2021, 04:41 PM KST

[Bitcoin]

Bitcoin is gradually making a small comeback showing a 17% rise over the past week, breaking the $46,000 resistance level for the first time since mid May.

As of  7 am, August 10th (UTC+9), it recorded $45,699 at CoinMarketCap and went as high as $46,457 during the day. Its current market capitalization has grown to around $851.3 billion, or roughly 46.6% of the market share.

On the 9th, The Financial Express reported that the biggest shareholder, MicroStrategy, bought more BTC despite a sizable loss of $690 million or (788.9 billion won). The company currently holds 105,085 Bitcoins, more than double the 42,902 owned by Tesla. Microstrategy’s CEO, Michael Saylor, is a leading Bitcoin advocate who has recently bought more Bitcoins despite his heavy losses. In June, the company reported that it raised $500 million in bond sales to buy more of this yet elusive and volatile player. They subsequently purchased an additional 13,500 BTC stating that they intend to use the net proceeds from the sale of the notes to acquire additional Bitcoin.

[New York Stock Exchange]

On the 9th (Eastern Standard Time) on the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 35,101.85, down 106.66 points (0.30%) from the previous day. The Standard & Poor’s (S&P) 500 index fell 4.17 points (0.09%) to 4432.35, and the tech-focused Nasdaq index closed at 14,860.18, up 24.42 points (0.16%).

[Expert Opinion]

Cryptocurrency media outlet CoinDesk analyzed that the next level of resistance is seen at $50,000, which could limit further upside given short-term overbought signals. On-chain analyst Willy Woo also recently claimed that there is a supply shock as all groups of investors are buying Bitcoin and the imbalance between supply and demand in the market is expected to push it over the top to beyond the $50,000 mark.

Furthermore, Fundstrat Global Advisors founder, Tom Lee, also told CNBC that the Bitcoin price hitting “a hundred thousand into year-end is pretty reasonable,” pointing out the breakout of the 200-day moving average of Bitcoin as a buy signal. 

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