The main cryptocurrency in the market, Bitcoin closed the month of July above USD 41,000 in an “engulfing bullish” candle that drastically reverses its downward trend that it had been showing since mid-May. Today, we will take a tour with the highlights of this week.
After Bitcoin closed the month of July above 41K, PlanB, the creator of the family of Bitcoin stock-to-flow price models, described this closing as a recovery “like clockwork”.
Through his twitter account he expressed:
“Bitcoin price closing July at $ 41,490 … bounced from lows, like clockwork.”
The stock-to-flow, although it currently calls for a Bitcoin price close to $ 100,000, is still valid. And PlanB gives at least an August closing at $ 47,000.
Saylor: Forever Bitcoin
It should be noted that the increase came after the statements of Michael Saylor, CEO of MicroStrategy, the company with the most BTC accumulated in its coffers, who yesterday told CNBC his intention to own them “forever.”
Imagine having Bitcoin for 100 years or more.
Microstrategy has racked up $ 1.4 billion in Bitcoin earnings on paper, but don’t expect them to be sold anytime soon. CEO Michael Saylor tells @emilychangtv that the company hopes to own it “forever.”
In addition to Bitcoin, the rise today of Ethereum (ETH) is interesting, with an increase of 3.67%. Likewise, Binance Coin (BNB), at 1.08%, a very striking increase since the exchange that created it is in serious regulatory problems around the world. Meanwhile, Bitcoin is trading at $ 40,900 as of this writing. According to records from our internal crypto online tool.
Michael Saylor commits to acquiring and holding BTC
During this week, it was also known that Michael Saylor publicly highlighted the potential of the leading cryptocurrency, Bitcoin and its importance in the future of finance. The CEO of MicroStrategy, the undisputed benchmark for cryptocurrency investments, particularly deepened his considerations on BTC as a store of value. It also revealed that it has more than 105,000 Bitcoins worth approximately $ 4 billion. And that they will continue to buy in the coming months.
This was said in a webinar in which he presented the results recorded by MicroStrategy for the second quarter of this year. In particular, he indicated that he was very satisfied with the results obtained. Thanks to his investment strategy in Bitcoin. The entrepreneur has preached his success in the emerging market and has encouraged other companies to follow in his footsteps. In February, in addition, he openly published his company’s business strategy, focused on BTC, which led other firms to get involved in the market and sent the price of BTC skyrocketing.
Ethereum Trading Growth Outperformed Bitcoin
Meanwhile, a new report published by the Coinbase team revealed that commercial interest in Ethereum grew notably during the first half of this year. Greatly surpassing what was seen with Bitcoin within the same period.
This was revealed by Coinbase in its new semi-annual report. Which suggests that the growth of Bitcoin’s trading operations is lower than that of Ethereum. It is indicated that the volume of operations with Ethereum increased more than 1,400% in the last six months. Totaling around USD $ 1,400,000 million commercialized through its commercial platform. Meanwhile, in the case of Bitcoin it increased by 489%, capitalizing a total of USD $ 2,100,000 million.
GoldenTree Asset Management invests in Bitcoin
The New York asset management company GoldenTree reportedly added Bitcoin to its balance sheet, although the amount of this alleged investment is unknown.
According to a Friday story from financial news outlet The Street, the company responsible for about $ 45 billion in assets bought a certain amount of Bitcoin (BTC), but has apparently moved away from investing in other cryptocurrencies. Citing two sources with knowledge of the matter, the post reported that the BTC purchase came after discussions between executives about hiring staff familiar with cryptocurrency investments.
Changpeng Zhao says he is willing to resign
During this week, it was also known that the CEO of Binance, Changpeng Zhao, He said that he is willing to resign his position if necessary, if he finds someone who does it as well as he does.
The company has come under intense regulatory scrutiny. The reason is that authorities around the world are seeking to clamp down on the fast-growing cryptocurrency industry. Hence, Binance aims to establish a number of regional headquarters around the world and will seek licenses wherever they are available, Zhao said.