July 8th, 2022

As Bitcoin price briefly goes above $20,000 mark industry observers say, ‘Don’t get happy too early’

As per reports, a brief rise in crypto price was witnessed in the last 24 hours and sentiment has temporarily improved.

Bitcoin remains more than 50% below in 2022, hit by the monetary tightening and hint of blowups in a digital-asset sector that’s still sobering up after bingeing on leverage.

Amidst the frozen cryptocurrency market, Bitcoin bagged its biggest gain in a week. The global cryptocurrency market cap increased 4.78% to $961 billion over the day while Bitcoin traded over $21,000, according to CoinMarketCap, at the time of writing (1.18 pm, India time).

According to experts, the overall market seemed to be on a bullish sentiment. “Bitcoin’s market capitalisation was up more than 13% for this week. This is aligned with the traditional markets as investors reacted to the updated guidance from the FED officials claiming recessionary concerns are overblown,” Anndy Lian, chief digital advisor, Mongolian Productivity, a government organisation, told FE Digital Currency.

Even as cryptocurrency markets are responding in an optimistic way to the reassurance given by the US Federal Reserve which largely stressed on the fact that concerns around recession are blown out of proportion, bitcoin is still down by around 70% from its all time high and 50% lower in 2022. As per industry observers, these short term bullish cases are not sustainable. Lian added that the threat of more deleveraging is still a key concern for crypto. The global economic uncertainties and risks remain high. “A wait and see mindset would be more suitable at this point of time,” he noted.

Meanwhile, Ether, the second largest cryptocurrency, jumped more than five percent to $1,241.26. Bitcoin, Ethereum, and others cryptocurrencies noted a sudden spike in the US equity markets.

Moreover, as per reports, a brief rise in crypto price was witnessed in the last 24 hours and sentiment has temporarily improved. “Celsius has reclaimed $450 million of collateral in wBTC (wrapped bitcoin), closing its loan from decentralised finance (DeFi) lending protocol maker. We shall witness liquidations in upcoming days and price correction will happen again, ” Gaurav Mehta, founder, Catax- Simple Crypto Taxes, an online crypto tax solution, said.

However, industry observers pointed out that the industry needs to tread cautiously. “While the market hasn’t hit rock bottom yet, it is expected that prices may drop even further over the coming weeks or months,” Raj A Kapoor, founder, India Blockchain Alliance, a think-tank, added.

Bitcoin has remained more than 50% below in 2022, hit by the monetary tightening and hint of struggle in the digital-asset sector. Other cryptos such as Solana, Stellar, Chainlink, BNB, Tron, Litecoin, Uniswap, Tether, XRP prices’ also improved.

Original Source: https://www.financialexpress.com/digital-currency/as-bitcoin-price-briefly-going-above-20000-mark-industry-observers-say-dont-get-happy-too-early/2587837/

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July 8th, 2022

As crypto prices climb, experts stay cautious

Fear of recession in the West, surging inflation, rising interest rates and the geopolitical crisis continue to drive extra short-term volatility in the crypto market, and investors would adopt a wait-and-watch attitude

After being in the red for over a month, cryptocurrency markets have pared some of their losses and are trading up about 10 percent over the last week.

Global cryptocurrency market capitalisation also briefly reclaimed the $1 trillion mark.

The world’s largest digital currency by market cap, Bitcoin (BTC), is above the psychological level of $21,500, up 10 percent for the week and up 5 percent on Friday alone.

The second-largest digital currency, Ethereum (ETH) is up 15 percent for the week, trading around the $1,220 level, and a rise of around 3 percent on Friday.

Other major cryptocurrencies like Binance coin, Solana, Shiba Inu, and Ripple’s XRP have gained 10 percent, 11 percent, 7 percent, and 5 percent respectively in the past week.

Anndy Lian, Chief Digital Advisor of the Mongolian Productivity Organization, said BTC rallying together with US stocks was a cause of concern and the rally may be shortlived.

Investors should watch the US jobs report on Friday closely in the short term and until something concrete is set in stone, should not drop their guard, Lian said.

“Also bearing in mind that BTC is still down by around 70 percent from its all-time high and 50 percent lower in 2022. The short-term bull is not sustainable. The threat of more deleveraging is still a key concern for crypto. The global economic uncertainties and risks remain high. A wait-and-see mindset would be more suitable at this point in time,” Lian said.

Raj Kapoor, founder of India Blockchain Alliance, a think-tank, said BTC’s price rose thanks in part to a stock market rally following the release of the Federal Reserve’s minutes and cautioned that while prices have rebounded, the crypto market has not hit the bottom yet and crypto prices can be expected to drop further over the coming weeks or months.

“There are several reasons – starting off from bearish crypto headlines that continue to drag down bitcoin below key technical levels, intermittent talk of recession, many crypto deals falling apart. To add to that surging inflation, geopolitical crises, and rising interest rates continue to drive extra short-term volatility in the crypto and stock markets. The crypto market has continued to move in tandem with the stock market in recent months, which makes it even more intertwined with global economic factors,” Kapoor said.

Crypto exchange Kraken’s Dan Held argued that the “mass contagion” of the domino effect of one cryptocurrency over the other seems to have been “contained” by FTX crypto exchange, whose CEO Sam Bankman-Friend recently said he and his company still had a “few billion” on hand to shore up struggling firms that could further destabilize the digital asset industry.

He added that crypto lending firm Celsius paid off all its outstanding loans for BTC, bankruptcies have already been filed and inflation fears are cooling off.

Original Source: https://www.moneycontrol.com/news/business/as-crypto-prices-climb-experts-stay-cautious-8799711.html

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July 8th, 2022

NFT市场月销售额12个月来首次跌破10亿美元

据NFT数据聚合商CryptoSlam的数据，NFT市场月销售额在12个月内首次跌破10亿美元。

据分析，加密货币价格暴跌是NFT销售不佳的部分原因，但6月份的每月独立买家也从1月份超过100万的高位下降了近 50%，现在自2021年7月以来首次低于60万。

另一个明显的迹象是，最大的NFT系列之一“无聊猿”的地板价从2021年6月中旬一年多以来首次跌破10万美元，跌至86277美元的低点，这比5月下旬超过40万美元的高点下跌了近80%。

加密交易所Kraken的澳大利亚董事总经理Jonathon Miller表示：“NFT市场也未能幸免于加密市场和商业的动荡，再加上传统金融的低迷，特别是科技股崩盘。”

比特币和加密总市值也被称为“加密冬天”，自今年年初以来已经下降了约60%，自5月初算法稳定币项目Terra崩溃以来下降了50%以上。今年全球第二大加密货币以太币的价格下跌了70%，这也影响了NFT交易，因为它是以太坊的原生代币，以太坊是托管NFT最受欢迎的区块链。

然而，经过几周的波动，加密货币价格在周末保持相对稳定，亚洲所有主要硬币在周一下午的24小时内波动不超过1%。

比特币在上周末稳定在19300美元附近，此前自2020年12月以来首次跌破19000美元，截至发稿时，比特币转手时为19133美元。在NFT市场低迷的情况下，Kraken将加入Binance和Coinbase等公司，为其自己的NFT市场开放候补名单，并在未来几个月内全面发布。

加密冬天的中间似乎不是推出这种产品的不合时宜的时机，但Miller表示，尽管最近整个区块链行业受到冲击，但NFT市场仍然是10年前加密市场一样大的机会。

蒙古生产力组织首席数字顾问和区块链作者Anndy Lian认为，NFT市场或交易所从人群中脱颖而出的另一种方式是专业化和提供独特的服务，例如通过专注于基于体育的NFT。

具有NFT背景的Anndy Lian表示，该行业目前的低迷意味着加密货币和NFT可能会在本季度剩余时间内横盘整理，然后在第四季度爆发新的兴趣浪潮，这是由进入该行业的新血液推动的，并强调币安与C罗之间的合作是即将到来的迹象。

Original Source: http://vr.sina.com.cn/news/hot/2022-07-05/doc-imizirav1997386.shtml

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