Here are this week’s most important crypto news stories, explained in a simple, beginner-friendly way, ensuring you stay informed without ever feeling overwhelmed.
This week, we explore significant developments in the crypto market, including Bitcoin’s recovery, shifts in market sentiment, and the impact of political events on crypto, and we cover Ethereum’s price rise linked to ETF anticipation.
Bitcoin’s continued Recovery
Reclaiming Ground
Bitcoin’s price has reclaimed ground above $62,000 this week. Analysts believe the worst selling pressure is over now that German BTC sales are complete and Mt. Gox payments are largely accounted for. On July 16, Bitcoin ETFs saw a significant inflow of $422 million, one of the largest single-day totals since their launch in January, which helped boost the price further.
Market Sentiment Shift
Market sentiment has dramatically shifted from “extreme fear” to “greed” and “FOMO” in just a few days, with Bitcoin gaining over 12% in the last week. This shift is mirrored in remarks by Larry Fink, CEO of BlackRock, who recently changed his stance on Bitcoin from skeptic to believer, recognizing its potential. “I was a skeptic. I studied it, learned about it, and came away saying my opinion five years ago was wrong,” Fink said.
Resilience During IT Outage
On Friday, as a global IT outage disrupted banks, media, travel, and other operations, decentralized technology proved its resilience. The total market grew over 3%, reaching $2.5 trillion, pushing Bitcoin to a one-month high above $66,500.
Political Events and Their Impact on Crypto
A recent failed assassination attempt on former US President Donald Trump may have positively affected the crypto market. His increased chances of winning the next election are seen as beneficial for Bitcoin and other cryptocurrencies due to his supportive stance.
Despite his injuries, Trump is still scheduled to speak at a Bitcoin conference in Nashville later this month, which is significant for the crypto community.
Moreover, if Trump wins, JD Vance, a senator from Ohio who is pro-crypto and holds a significant amount of Bitcoin, will become the vice president. This could greatly benefit the crypto industry.
Ethereum’s Price Rise Linked to ETF Anticipation
Ethereum’s price began increasing on July 10 as expectations grew that regulators would soon approve spot Ether ETF applications.
The Chicago Board Options Exchange (CBOE) has announced that spot Ethereum exchange-traded funds (ETFs) will start trading next week, on July 23, provided no last-minute issues occur. This is a significant step for the crypto market.
Ethereum’s price has increased by over 15% in the past two weeks, drawing attention from investors and analysts due to its strong performance in a volatile market.
This week, Bitcoin’s price movements were positively influenced by the end of German BTC sales and Mt. Gox payments, along with a substantial ETF inflow. Market sentiment shifted from fear to optimism, further supported by Larry Fink’s endorsement. The crypto market showed resilience during a global IT outage, and political events added to the positive outlook. Ethereum’s price also surged due to upcoming ETF launches, highlighting both the opportunities and the dynamic nature of the crypto market.
Source: Cointelegraph
