Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Experts: Bitcoin hasn’t reached rock bottom yet
Coming off the best trading marathon for crypto assets since late July, the world’s number one crypto currency, Bitcoin headed south on Monday.
The currency pair BTC/USD hit $6,630.80, slumping by 0.7%, rebounding from a late-Friday maximum of $6,808.
Crypto bulls cheered after the total market value of crypto assets has ascended by more than $20 billion for the last seven trading sessions, thus indicating a stop in a monthslong Bitcoin bear market that has diminished the price of the number one crypto asset by more than 50% this year.
Most notably Mike Novogratz, ex- Fortress Investment Group fund manager informed CNBC that the sky appears to be the limit. He also added that it’s unreal for Bitcoin not to hit $8,800-$10,000 by the end of 2018.
Nevertheless, a senior instructor at The Options Institute at Cboe Global Markets, Kevin Davitt was more cautious. He warned market participants that it’s not the first surge in 2018. It feels like that’s the start of a powerful jump for the crypto assets after months of pressure. Traders should wait to test the whole potential of the upcoming uptrend.
Having ascended as much as 75% on Friday, the currency pair XRP/USD, the crypto asset running on the Ripple protocol has decelerated, losing 7.8% on Monday, coming up with an outcome of 52 cents. As for other altcoins, which are the group of crypto assets other than Bitcoin, they managed to underperforme Bitcoin. Besides this, the currency pair ETH/USD went down by 2.2% being worth $236.00, Aside from that the currency pair BCH/USD inched down by 2.6% showing $472.00. The currency pair LTC/USD went down by 3.3% demonstrating $58.71.
October delivery contract XBTV of the Cboe Global Markets Group Inc declined by up to 1.6% trading at $6,620.
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
The US unemployment claims are announced on Thursday at 15:30 MT time.
The RBA will make a rate statement on August 4 at 7:30 MT time.
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The market sentiment switched to risk-off after the Fed’s Powell statement. The USD edged higher, while risker assets started falling after reaching quite high levels. Let’s have a closer look.