Just as dawn breaks, Bitcoin saw an ambitious rally, hitting a new 13-month high of over $31,500. However, not by noon, Bitcoin huddled back slightly to $31,100, but still up over 2% for the day. As stated by Edward Moya, a senior analyst at Oanda, for this upward spiral of Bitcoin to tread on, it’s pivotal to get an affirmation that the SEC is on board with a spot-Bitcoin ETF in the U.S.
Interesting to note, the victor among the large-cap cryptos on Thursday was bitcoin cash, liking its progression with an over 12% upswing. The substantial momentum could have its roots in its recent ingress on EDX Markets – a platform strengthened by Fidelity, Charles Schwab, and Citadel Securities. Dating back to last July, Bitcoin Cash grew by 34% while Bitcoin saw steady growth of 17%, signaling a promising action-packed July, as per data from TradingView.
Despite his previous skepticism, BlackRock CEO Larry Fink, during a recent Fox Business interview, highlighted that Bitcoin might be a harbinger of financial revolution. He articulated that optimally tokenizing assets and securities (the core idea of Bitcoin) could potentially redefine finance. In contrast to conventional investment in gold to dodge inflation and devaluation of currency issues, Bitcoin emerges as an international asset, offering an attractive hedge alternative.
In other news, Circle Group has been mulling over issuing a stablecoin in Japan, especially since the country recently enforced legislation governing stablecoins. Jeremy Allaire, the CEO, perceives Japan blossoming into an enormous market as stablecoins presumably find increasing use in cross-border trade, foreign currency transactions, and global commerce.
Nevertheless, it hasn’t been all sunshines and rainbows, particularly for bitcoin cash, especially following its surge. A drop has been seen in the trading volume of bitcoin cash/Korean won (BCH/KRW) trading pair on South Korea’s Upbit exchange. With a regression from $557 million a week ago to a mere $303 million over the past 24 hours, it could be reasonably speculated that Korean interests in BCH are dwindling. Going back to June 30, the BCH prices remain decidedly kin to the $250-$320 range, implying potentially unresolved uncertainties.
Even when looking at the future of Blockchain and cryptocurrencies, it is crucial to be mindful of inherent risks and complex dynamics of the market, keeping an open mind for discernment and diversification.
Source: Coindesk
