Bitcoin has further registered volatility in its prices this weekend, ranging from around $8,850 and $9,200 averagely. Since 2017, it has seen an over 50% drop in prices, which threatens its dominance in the crypto market. However, analysts are optimistic about the prices of Bitcoin surging in the next few months.
According to a poll held by a tweeter Bitcoin analyst PlanB, the highest percentages of responders are holding or buying Bitcoin, encouraging the bull case. Philip Swift, an on-chain analyst, commented that Bitcoin is reaching an all-time high, with 62% of Bitcoin not moving on-chain for over a year.
In other news, Dogecoin custodians face their first dump after the coin faced a decline by over 25% now. DOGE was viral on TikTok in the past week as buyers aimed to raise its price to $1. Some say that this might be the beginning of a sharper decline.
Follow more of our daily analysis on Bitcoin and DOGE here.
US Increased Debt to Boost Bitcoin’s Bullish Trend
A BNO News report commented that the US total debt is now at $26 trillion, with a $2 trillion increase in the past two months. Due to the current economic crisis, eminent investors advised why Bitcoin investments are crucial, especially during global disasters. The analysis of the Bitcoin bull case has garnered talk from some influential entities, including Elon Musk. Paul Tudor, a billionaire investor, termed Bitcoin as “the fastest horse in the race.” He further mentioned that Bitcoin investments are fruitful during this fiat currency era ridden with unstable market policies. Analysts expect a boost of up to $13,000 in the next few months.
View more Bitcoin stories here.
Alibaba’s Ant Group Organize a Blockchain Talent Accumulation for 20 Years
Hangzhou-based Alibaba’s Ant Group is out to start a long-term plan to recruit bright talent as far as blockchain is concerned. The group has had a significant focus on driving blockchain technology advancements. Reports suggested that the Ant Group plans on working with top domestic and global universities targeting some like MIT, Shanghai Jiaotong, and Sun Yat-sen universities, amongst more. The move will see the company through the next 20 years with a top-notch technical team in the IT department.
Acquaint yourself with more on Alibaba’s Ant Group here.
DeFi Facing Pain Points in a Race to Dominate Crypto World
DeFi has been on a journey to revolutionize crypto-based finances. It has been encouraging users by providing predictable returns as opposed to trading. However, the projects are not lacking skepticism and major issues. Platforms are dealing with sustainability, security, and crypto volatility as one of the main pain points. All the same, DeFi has great potential, and the crucial question is how far it can reach.
Find more DeFi stories and advancements over the year here.
A Double-hit by Bitcoin to Traders Sunday Morning
On July 12 morning, Bitcoin traders were shaken out of position as Bitcoin pulled what they termed a “Darth maul.” Weekends are best for the most unexpected moves in the crypto world as the market faces low liquidity and trading volumes. The early hours of Sunday saw Bitcoin prices against the USD spike by $100 then suddenly dropped by over $150. Bitcoin has been going through low times, threatening its dominance. The step is to prevent losses when traders are investing lowly in the market.
For more Bitcoin volatility news, read here.
Only 20,000 of Casascius Physical Bitcoin Left Unspent
Physical bitcoins have been a wave for many years. However, Casascius physical bitcoin collections have gained the interest of many. Now, there are only 20,000 of the physical bitcoins unspent, equating to about 45,700 active Bitcoin. The creation by Mike Caldwell issued from 2011 to 2013 was banned by the US government, making it illegitimate the loading of the real digital currency on Casascius. By the time this happened, Caldwell had minted 90,000 physical bitcoins, which are still in people’s possessions. The physical coins are currently selling at a higher market price than Bitcoin.
Coinbase Secretly Strengthens Bond with US Government
Coinbase has been working with the US Secret Service and Homeland Security, selling them analytics software. The reaction from the public was less than pleased. Coinbase CEO Brian Armstrong defended himself on the reasons behind the merger. He argued that blockchain software is relatively old and aids in tracking digital transactions by users. Moreover, he mentioned that working with the Secret Service is sufficient to regain $13.5 million spent building the blockchain network. The contract was worth $183,750 for four years.
Get more stories on Coinbase here.
