Another week, another round of Crypto Tidbits.
After over a week of ranging, Bitcoin attempted to break higher this week. The flagship cryptocurrency moved from the weekend lows of $8,900 to a weekly high of $9,470 on major exchanges.
The move has since been reversed, with BTC trading at $9,200 as of this article’s writing. This is above the price BTC was trading at when the last Crypto Tidbits was written.
Chart of BTC's price action over the past week from TradingView.com
Looking back at the chart, it is evident that Bitcoin was following the direction of the S&P 500 and other stock markets. The correlation seemingly became more intense this week, with each notable move on the chart above being triggered by movements in global markets. An analyst in the crypto space said that this increasing correlation is due to the crypto market becoming somewhat illiquid/inactive.
Despite the somewhat intense price action, BTC’s volatility indicators remain extremely low on a macro scale. This indicates that the cryptocurrency will undergo a strong breakout in one direction in the weeks ahead.
While Bitcoin has stalled, it was an entirely different story for altcoins this past week.
As NewsBTC has covered extensively, multiple altcoins have seen explosive breakouts in the upward direction. It’s a list that includes Cardano (ADA), Dogecoin (DOGE), Synthetix (SNX), VeChain, and Chainlink (LINK).
Aside from Dogecoin, which Elon Musk once dubbed his “favorite” cryptocurrency, the digital assets mentioned have been benefiting from strong fundamentals.
Chainlink, for instance, recently saw its core technologies integrated into the Blockchain Service Network. The network is a blockchain integration project backed by some of China’s biggest banks, technology companies, and government agencies.
- Dogecoin Goes (Kind of) Viral on TikTok: It’s been an interesting week if you’ve held Dogecoin. The meme cryptocurrency, known for its fanatic community, went somewhat viral this week on TikTok. A few users started what is called the “Dogecoin TikTok Challenge,” where they shill the crypto asset to their followers in an attempt to make DOGE reach $1.00. What’s crazy is that the ploy had some effect on the market, with the altcoin rally over 150% in the five days from the challenge’s start. As it stands, Dogecoin trades for $0.0045. That’s far from a dollar, but the challenge managed to spur mentions of Dogecoin from Youtuber Jake Paul, Bloomberg, Barstool Sport’s Dave Portnoy, Keemstar, Gizmodo, and many others with large audiences.
- Coinbase Looks to Go Public in the U.S.: According to a Reuters report published on July 9th, $8 billion crypto upstart Coinbase is looking to go public on a U.S. stock exchange in 2020 or 2021. Citing three sources familiar with the matter, the outlet claimed Coinbase is looking to do so via a direct listing, not an IPO. A direct listing differs from an IPO in that no new shares are created and underwritten, meaning Coinbase can only raise money by selling shares. Reuters’ sources claimed that Coinbase has yet to speak with the Securities and Exchange Commission about their plan, but are in discussion with banks and lawyers. Coinbase joins Ripple Labs, Bitmain, and others as crypto giants intending on going public in the near future.
- Ethereum 2.0 Potentially Delayed Yet Again, Researcher Says: According to a Reddit “Ask Me Anything” post from Ethereum Foundation researcher Justin Drake, the public launch of the Ethereum 2.0 upgrade may be delayed until the start of 2021. This comes after many developers said that the project would go live in the middle of 2020, meaning around the time of this article’s publishing. Analysts have mixed feelings on the news; some expected it, some are disappointed and see this as bearish for ETH, and others think this only cements the rise of other altcoins.
- Crypto Investor Manager Arca Uses Ethereum Technology: Arca, a crypto-focused investment manager, revealed that week that it will be launching a new fund that leverages Ethereum technology. The fund is Arca’s U.S. Treasury Fund, which will have shares known as ArCoins that provide interest to its holders every quarter.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Crypto Tidbits: TikTok's Dogecoin Craze, Coinbase on Stock Markets, Bitcoin Holds $9k