Morning update: July 20th, 2021

update

Start up your day with our morning update, which will provide you with all the main information and events on the crypto markets for the previous day.

Crypto market update

Bitcoin crashed yesterdady below psychological level of 30 000 USD. Altcoins seem to be waiting for what happens next.

Bitcoin (BTC) broke out of the range of the past several weeks and dropped below 30 000 USD. Currently it is trading at 29,779 USD (all data from Coingecko.com).

Ethereum (ETH) is still below 2 000 USD, now trading at 1,761 USD, which is a loss of more than 7% over the last 24 hours.

Total marketcap dropped down as well by more than 7 % and is currently at $1.236 trillion.

Tip: You could also be interested in our weekly recap article. 

News update

Bitcoin: Despite Bitcoin crashing below $30,000 for the first time in one month, on-chain metrics suggest whales may be steadily accumulating BTC. According to Glassnode’s July 19 “The Week On-Chain” report, the Bitcoin reserves of centralized exchanges have continued to evaporate despite the recently sustained bearish momentum, with an average of 36,000 Bitcoin (worth roughly $1 billion) being withdrawn from exchanges monthly.

Correlation: Junaid Ghauri, CIO of Pareto Technologies, weighed in on the history of correlation between major equities and Bitcoin. “If you track the history of Bitcoin’s correlation, you’ll find as the market capitalization grows, it also increases correlation with traditional assets as well at times. That’s happening because of institutional participation, particularly speculative institutional participation. A lot of these guys have mandates that are very similar across the board. They’ll deploy a similar type of arbitrage or marketing strategy with US equities as they will with Bitcoin. They end up treating Bitcoin like risk-on and risk-off metrics.”

Binance: The Binance USD (BUSD) stablecoin is now a top 10 digital asset on Coinmarketcap. Binance USD now has a total market cap of 11.198 billion USD. Low transaction fees of the Binance Smart Chain make it the preferred stablecoin on the BSC ecosystem, particularly in DeFi.

Fidelity survey: The number of institutional investors that own crypto assets has grown dramatically, and will continue to do so in the future, according to a new survey from Fidelity Digital Assets. According to the survey, 70% of institutional investors intend to buy or invest in digital assets in the near future, with over 90% of them planning to do so by 2026.

B-Word conference: The Bitcoin-centered conference “The ₿ Word” has been confirmed for this week, as well as entrepreneur Elon Musk’s attendance. Musk, the CEO of Tesla, will participate in a live discussion with Square and Twitter CEO Jack Dorsey and Ark Invest founder and CEO Cathie Wood during the conference, which will commence at 12 p.m. on Wednesday, July 21.

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