The resurgence of confidence in crypto markets continues, with Bitcoin hitting its highest price in more than a year on news BlackRock had resubmitted its application for a Bitcoin ETF. Bitcoin is currently changing hands at A$46,580 (US$31.1K), which is 2.9% up for the week, while Ethereum is trading at A$2,923 ($1,953), up 5.2%. Bitcoin is up almost 90% this year, while Ethereum hasn’t seen a monthly loss in 2023 and has notched up gains in excess of 60%. Ripple finished the week up 1.9%, Cardano gained 5.8%, Doge (5.6%), Polygon (10.4%), and Bitcoin Cash surged another 28.7%. The Crypto Fear and Greed Index is at 62, or Greed.
Bitcoin surged to its highest level in a year – around A$47K (US$31.4K) this week, marking an 85% rise for the year to date. Bitcoin finishes the week up 12.8% at A$45,155 (US$30.2K) while Ethereum gained 7.1% to trade at A$2,775 (US$1,859). Ripple fell 3.2% but most other coins enjoyed gains including Cardano (6.4%), Dogecoin (3.1%), Solana (1.5%) and Litecoin (12.3%). The biggest winner was Bitcoin Cash, which surged 108%, as investors reasoned the SEC will likely not declare it a security due to its similarity to Bitcoin. July is a historically strong month for prices notes Matrixport crypto researcher Makus Thielen, including 24%, 20% and 27% gains in the past three years. “Bitcoin could be at $33,000 to $36,000 by August (A$49.4K-A$54K),” he said. The Crypto Fear and Greed Index is at 55, or Greed.
After an uncertain couple of weeks, signs that the traditional finance industry still sees a future for crypto saw Bitcoin recover ground late last week. It finishes up 4% on seven days ago to A$39,400 (US$27,030). Ethereum gained 1% at A$2,546 (US$1,743). Altcoins that the SEC has alleged to be securities continued to slide, with XRP down 5% (after the Hinman emails failed to produce much in its favour), Cardano (+4%) and Polygon (1%). Solana was also up, increasing 7%, and Dogecoin was up 1.6%. The Crypto Fear and Greed Index is stuck at ‘meh’, also known as 47 or Neutral.
As Independent Reserve marks a significant milestone of 10 years in the cryptocurrency industry this week, our group CEO, Adrian Przelozny, reflects on the journey so far and shares insights into our values, achievements, and future aspirations. Thank you for being an integral part of our journey, and we look forward to the next 10 and beyond. Read Adrian’s full message here.
Excitement has returned to crypto markets, but it’s the bad kind, with the SEC suing Binance. Australia’s CPI also rose to 6.8% and Deutsche Bank has forecast three more rate rises this year. There was some good news, in that the debt ceiling deal passed in the US, and will shave off “a few tenths of a percentage point” of the annual US deficit. Bitcoin plunged 5% in an hour on the Binance news, with analyst Marcel Pechman saying Bitcoin could test the US$25K resistance last seen in mid-March. At the time of writing Bitcoin was down 10% for the week to trade around A$38,918 and Ethereum was down 8% to trade around A$2,739. XRP was down 1% for the week, but Cardano fell 11%, Polygon lost 10%, and Solana lost 8% — all three were labelled securities by the SEC. Dogecoin was down 9.2% and the Crypto Fear and Greed Index is at 53 or Neutral, but expect that to fall.
Hong Kong’s new crypto rules and the likelihood a US Government shutdown will be averted gave Bitcoin a 4.4% boost late in the week to A$43,150 (US$28,360), but the bulls haven’t convinced us they’re back in charge and Decentrader reports lots of traders are adding shorts. Analyst Michael van de Poppe believes sentiment is too bearish. “Retail is so extremely bearish on #Bitcoin and #Crypto, it’s almost insane. People are stuck in the 2022 mindset.” The in-principle debt limit deal could still fail to gain enough approval (as it has opponents on both sides), interest rates could rise further and the AI hype powering share markets could moderate, so it’s not a clear picture right now. Bitcoin finishes the week up 2.9% to trade at A$42,300 (US$27.7K) while Ethereum gained 4% to trade around A$2,895 (US1,893). XRP was up 6.6%, Cardano (2.7%), Polygon (3.8%) while Dogecoin was flat. The Crypto Fear and Greed Index remains at 52 or neutral.