Let’s consider the key levels for Bitcoin. Is it too early to talk about the bullish market?
Anthony Pompliano, Morgan Creek Capital: “I think the reason why Bitcoin is getting so much attention – it’s the best performing asset in the last decade. It’s drastically outperformed S&P, every other financial asset that’s out there… If you look at the macro trend, Bitcoin has seen three drawdowns over 80% in its lifetime, in the last decade. But it is the best performing asset. And one of the correlators I draw is if you look at Amazon stock. Amazon has drawn down over 90% twice. The entry year drawdown is over 30% on average. So it's a pretty volatile stock in that sense. Bitcoin's done very similar things, but what it continues to do is set new yearly lows. So don't look at the highs, look at the lows. And again, it's just supply and demand.”
The first part of the week was more than optimistic for Bitcoin. The price for the digital asset surged above the resistance at $7,925 and rose to the area near $8,100. The correction for the oldest cryptocurrency has started on Thursday. The price bounced from the $8,170 level and started to go do down. Some of the analysts think that the reason behind this fall is connected with the sellout of 5,000 BTC with $6,200 price on Bitstamp exchange. It liquidated long positions on the exchange platform.
- US Security and Exchange Commission postponed the consideration of the Bitcoin-ETF by Bitwise.
- Also, the SEC representative Valerie Szczepanik announced that crypto exchange platforms conducting IEO may be blamed for breaking the law of securities’ dealing.
- Binance will give out 50,000 BNB to compensate for the hacking attack. Now the work of the site is fully restored, but a number of users complained about the long waiting time for the output of cryptocurrency and the inability to withdraw some coins.
- Cryptopia, in its turn, could not completely stabilize the work of its platform and announced about its liquidation.
- Blocksteam Company launched the platform for issuing security-tokens on the Liquid sidechain of Bitcoin.
- Microsoft is developing a decentralized system of users' identification based on the Bitcoin blockchain.
- German stock exchange listed LTC and XRP stock notes.
- Hyperledger launched a number of instruments called Aries for connection of different types of data based on blockchain.
Current prices (last update 15:00 MT time)
The US Bureau of Labor Statistics will announce average hourly earnings, nonfarm employment change (NFP), and the unemployment rate on July 8, at 15:30 MT time.
The Federal Open Market Committee, a committee within the Federal Reserve, will reveal a detailed record of the central bank’s last meeting on July 6 at 21:00 MT.
The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.