August 2nd Cryptocurrency Market Update
August 2nd Cryptocurrency Market Update
Date: Aug. 02, 2021, 05:30 PM KST
[Bitcoin Decline]
According to Upbit, as of 7:39 a.m. on July 2nd, the price of 1 BTC was trading at 45.96 million won, down 2.11% from 24 hours ago. Ethereum is trading at 3,025,000 won, up 3.66%.
Bitcoin turned downward as news broke that the US government, which is pushing for large-scale infrastructure (societal capital) investment, would raise funds for cryptocurrency related taxes.
Bitcoin has risen for the 11th day until the previous day after breaking through the $40,000 resistance level and has continued the longest rally in eight years.
At one point during the day, Bitcoin broke the $43,000 mark and continued its upward trend, but it began to plummet immediately after the news of the US government's push for an increase in Bitcoin-related tax.
Meanwhile, Forbes reported that the U.S. House of Representatives is trying to raise about $28 billion for infrastructure investment funds worth $550 billion through cryptocurrency-related tax increases.
[Expert Opinion]
Anonymous cryptocurrency trader and analyst Cantering Clark said that Bitcoin may have bottomed out right now as the top cryptocurrency reached $42,000, according to cryptocurrency outlet The Daily Hodl. He claimed he wants to buy as many Bitcoins as possible, predicting that the Bitcoin price will ignite a rapid ascent to $100,000 once it breaches its all-time high of $64,000.
According to Cointelegraph, famous cryptocurrency analyst and creator of the stock-to-flow (S2F) pricing model PlanB also recently tweeted, “[Bitcoin’s] July closing price $41,490... it bounced from the lows, like clockwork.” According to PlanB, the S2F model, which is currently asking for a Bitcoin price of close to $100,000, is still valid, with a minimum closing price of $47,000 in August.
On the other hand, 'legendary trader' Peter Brandt warned Bitcoin bulls that Bitcoin's attempt to break through $40,000 could end in failure.
Peter Brandt, a veteran cryptocurrency trader from the United States who predicted the cryptocurrency bear market in 2018, tweeted on July 30 (local time), that days in May, June and July were the “days during which the supply of Bitcoin at the ~40,000 rejected any further advances”, hinting that a bear market could be imminent.
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