Bitcoin On Track For $60,000 Recovery, XRP Leads Altcoin Push, Germany Sells Off: This Week’s Market Roundup

The cryptocurrency market has been on quite a rollercoaster ride in the past seven days, with price action as volatile as it gets. At the time of writing, total market capitalization stood at about $2.5 trillion, up 3.5% over that period.

Bitcoin wasted no time, and on July 7, it broke above $58,000 for the first time this week. Bears intercepted the move immediately and the next day pushed it back below $55,000, where buyers found a quick rally only to push it back to $58,000 again…same day.

The whole week was more or less filled with this kind of volatility. On Thursday, the US Bureau of Labor Statistics released June consumer price index numbers, which were down 0.1% from the previous month. Markets took it as a sign of relief that inflation was slowing and Bitcoin immediately rallied. Unfortunately, the move was a no, and the bears pushed it back below $57,000.

Ultimately, BTC is currently trading around $58,000, but this rollercoaster ride wasn’t the craziest thing to happen over the past seven days.

It looks like the German state that has been selling massive amounts of BTC for the past week is finally getting close to zeroing out its holdings. Many analysts take this as a sign that the pressure will ease and that prices could recover.

On the other hand, there is the looming uncertainty of the creditors of Mt. Gox that receive their recoveries can start selling.

But enough with Bitcoin. Former US President and current presidential candidate Donald Trump will be making an appearance at a Bitcoin conference this month! This came as a shock to many, while others associate it with the fact that he is cozying up to the community due to the upcoming election later this year.

MicroStrategy, a well-known business intelligence company and one of the largest corporate holders of Bitcoin, will split its shares in a ratio of 10:1. The move was announced by its CEO, Michael Saylor, earlier this week, and MSTR’s stock took a hit on the news.

All in all, it has also been a very exciting week for most altcoins. They experienced similar volatility to Bitcoin, and some were even more volatile. For example, XRP is up 9.1%, BNB is up 8% and so on.

It will be very interesting to see if the market will continue to recover now that the selling pressure from Germany is likely to ease. If one thing is true, we are certainly in for exciting times!

Market data

Market capitalization: $ 2.46 thousand | 24 Hour Flight: $71 Million | BTC Domain: 50.9%

BTC: $58,022 (+2.6%) | ETH: $3,125 (+4.6%) | BNB: $532 (+8%)

This week’s crypto headlines you better not miss

Illinois Court Confirms Bitcoin and Ethereum Are Both Commodities: CFTC Chairman US Commodity and Futures Trading Commission (CFTC) Chairman Rostin Benham has stated that an Illinois court has formally ruled that both Bitcoin and Ethereum are commodities.

Ethereum Hits New Records: 47.36 Million ETH Staking in ETH2 Beacon Deposit Contract. Data shared by crypto analytics firm Santiment reveals that Ethereum has hit a new record. It appears that 47.36 million ETH have been staked in the ETH2 Beacon escrow contract.

SEC Drops Paxos Probe for BUSD Stablecoin. The US Securities and Exchange Commission (SEC) has dropped its investigation into Paxos for the BUSD stablecoin. The SEC will not charge the company for issuing an unregistered security in the form of BUSD.

MicroStrategy ( MSTR ) gains 3% after Saylor announces 10-for-1 stock split. Business intelligence firm MicroStrategy will do a 10-for-1 stock split, CEO Michael Saylor announced. MicroStrategy is the world’s largest corporate holder of Bitcoin.

Donald Trump to attend Bitcoin conference this month. Former US President Donald Trump will take to the stage at the Bitcoin conference to be held in Nashville on July 25-27. The appearance is a surprise and is interpreted as a victory for the community.

Small trader selling of Bitcoin contrasted with the rise of whale and shark exploitation. It seems that small Bitcoin traders are selling their coins. On the other hand, whales and sharks (terms used to describe the largest holders) accumulate more, a dynamic that shows the higher conviction of the largest BTC holders.

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