GB Market Commentary 15/07/2021
by Freddie Williams
Top 5 cryptocurrencies to watch this week: Bitcoin (BTC), Terra (LUNA), Cosmos (ATOM), FTX Token (FTT) and CAKE.
Bitcoin can shatter $38,000 this week, claims popular crypto trader Michaël Van de Poppe, as Grayscale’s monster unlock looms. As Bitcoin teeters around the $33,500 level, the cryptocurrency could fly higher in the course of this week as the eagerly-awaited mammoth Grayscale Bitcoin Trust (GBTC) unlock draws closer. The cryptocurrency’s price, which is down close to 50% from its April all-time high, has successfully held the $30K support but has failed to garner meaningful gains. Now, with the world’s largest digital asset manager, Grayscale Bitcoin Trust expected to unlock giant shares in July, some investors are eyeing more cautious strategies on the crypto markets. Van de Poppe predicts that Bitcoin is likely to initiate a full-fledged “breakout to the upside” in the coming days. He noted that Bitcoin had managed to hold the 50-weekly EMA. More importantly, the entire support zone is holding. As such, he wouldn’t be surprised to see BTC trading at around $38,000 “during the days of this week”. I believe that this might be overly optimistic… but we will find out over the coming fortnight.
After El Salvador created a historic moment for Bitcoin, with the bill to make Bitcoin legal tender in the country passing Congress with a supermajority, members of Paraguay’s Congress have followed in a similar way, creating a bill to regulate Bitcoin and cryptocurrencies in the nation. The country wants to welcome the innovation of cryptocurrencies in Paraguay to the world. The proposed bill suggests Paraguay’s legislators are seeking tight control over Bitcoin mining in the country, implementing Bitcoin mining licenses. The bill would also recognise Bitcoin as property, not legal tender.
Visa is to launch the first Bitcoin-linked card in Australia. Global payments giant Visa has certified CryptoSpend, a start-up created by two University of Technology classmates, to issue a physical debit card to facilitate crypto payments. Visa put the duo through a rigorous procedure to guarantee the privacy and security of users’ information, as well as compliance with anti-money laundering regulations. Later this week it is expected to declare its approval.
Axie Infinity’s ‘AXS’ token is up 700% after June lows. AXS is the governance token of the Axie Infinity platform, an Ethereum-based digital marketplace for the Axie Infinity game. The rally in the AXS token shows no signs of slowing down as users continue to flock to the play-to-earn battle economy amid lackluster action in the broader crypto markets. Kieran Warick, the co-founder of forthcoming NFT-powered gaming metaverse Illuvium, has revealed he made a gain of more than 9000% from flipping a virtual plot of land purchased from the Axie Infinity metaverse.
Vitalik Buterin is involved in a new documentary about Ethereum. The documentary, “Ethereum: The Infinite Garden”, is trying to raise 750 ETH ($1.5 million at today's prices) through the crypto crowdfunding site ‘Mirror’. Funding for the documentary is taking place on ‘Mirror’ until Friday, July 16. So far 67 people have contributed to the total of 60.3 ETH.