Market Overview
On this fine Wednesday, July 31, crypto enthusiasts might want to put on their party hats because the crypto markets are buzzing with green! Bitcoin (BTC) has bounced back up to $9,700, and many of the altcoins are feeling generous and dishing out solid gains between 3% to 9%. It seems like we’re not in the depths of crypto winter anymore, folks!
Bitcoin’s Rollercoaster Ride
Despite spending some quality time in a lower price range recently, BTC has made a commendable jump of 2.4%. That brings our favorite digital gold to $9,717 at the time of this writing. However, before you start planning a lavish Bitcoin celebration, let’s remember it still shows a fractional 0.7% loss on the 7-day chart, with monthly losses lingering around 8%. It’s like Bitcoin was on a diet but didn’t quite make the goal.
Geopolitical Tensions and Bitcoin
Two-shades-of-gray Peter Tchir, a former Executive Director at Deutsche Bank, shared some spicy thoughts recently. He claimed that Bitcoin could be seen as a litmus test for hidden geopolitical tensions. He pointed to the impressive performance of the coin back in May when the U.S. and China were embroiled in trade talks. Who knew a little crypto could carry the weight of global politics?
Ether’s Fourth Birthday Bash
Speaking of celebrations, top altcoin Ether (ETH) celebrated its fourth birthday yesterday, gaining 1.9% and trading around $212. It flirted with the $200 mark earlier in the week but has since decided to flaunt its price like it just got a fresh haircut. Despite this, the month hasn’t been kind to Ether, down over 18%. Sad face.
The Altcoin Party
XRP has joined the fun with a 2.7% bump today, while Bitcoin Cash (BCH) is leading the pack among the top ten coins with a whopping 7.5% increase. Litecoins (LTC) and Binance Coin (BNB) are also showcasing similar upward trends at 3.6% and 4.1%, respectively. And hold the phone! Tezos (XTZ) is stealing the spotlight with a dazzling 24% gain, thanks to its recent listing on a major U.S. crypto exchange. Time to pop the champagne!
Regulatory Circus at the Senate
In a realm not far away, the U.S. Senate Banking Committee held a hearing this week dedicated to untangling the ever-complicated regulatory framework for cryptocurrencies and blockchain. For those keeping score, this follows July’s hearings focused on Facebook’s Libra. If you’re looking for a front-row seat to the regulatory circus, keep an eye on how that plays out!
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