This week has been rather bullish for most digital assets as the market continues to show splendid recovery after hitting its bottom on June 18th. Bitcoin price is up over 3% today, trading at $21.2k, Ethereum price managed to close in at $1.2k, BNB is up over 12% this week, trading above $240, XRP saw significant growth today rising by over 13%, and Solana is one of the top gainers this week, growing by over 30% in the past seven days. The global cryptocurrency market cap is $950 billion, closing in on the $1 trillion mark. Things are starting to look bullish for digital assets, but it’s quite too early to tell, as one week of bullish momentum is a drop in the bucket for the six-month-long bearish trend.
Global Stock Market Rally Spilling Into Cryptocurrency
It’s no secret that Bitcoin price has followed the stock market trends, and altcoins follow BTC’s price action. This means that when the stock market performs well, it causes a cascade effect for most digital assets.
This week has also been quite positive for major stocks like the Dow Jones, which rose by over 1.23% in the past five days, S&P 500 increased by 1.81% this week, and NASDAQ has been up significantly by around 7.5% in the past seven days.
This week marks the first positive week for stocks in the past month, making traders and investors hope for a potential market reversal. Unfortunately, inflation and rising interest rates aren’t helping the global economy or the market. Still, the next release of CPI numbers could be the first sign of a recovering economy and slowing inflation.
Bitcoin Price Holds Above $21k
As the leading cryptocurrency on the market, Bitcoin managed to gain 2.92% this week. The trending news for today when it comes to BTC is Binance.US slashing trading fees for BTC trading, looking to outcompete Coinbase. Binance.US removed trading fees for Bitcoin pairs against Tether (USDT), BinanceUSD (BUSD), and USD Coin (USDC).
Coinbase has been in the news for rescinding job offers for new hires in a not-so-polite way. Even went as far as to fire several employees by blocking their access to internal company emails, citing that management wanted to avoid employees potentially retaliating for being fired.
In addition, Coinbase launched a database for people whose job offers it rescinded, creating a public release after its hiring freeze. The database includes over 300 individuals, mainly featuring software engineers.
Ethereum, BNB, XRP, Solana Price Soar
With Bitcoin’s price managing to hold the $21k support level, major altcoins followed suit this week, showing substantial price growth. BNB gained over 10% this week as the company slashed Bitcoin trading fees for US traders to target users in the states and encourage them to switch from Coinbase to Binance.
XRP price is up over 13% today as the company continues its legal battle with the SEC. The prolonged battle with the SEC has caused XRP traders and investors to suffer losses for quite a long time, and the struggle doesn’t seem any closer to an end. However, recent developments suggest that a major court decision in the legal battle is imminent, which could cause a significant price shift in XRP.
Solana is one of the bullish coins this week, rising by over 30% in the past seven days. Solana is looking to tackle the mobile phone market, planning to release a new crypto phone that has the traders excited. In other news, Blackrock released a bullish crypto prediction for Solana, along with Bitcoin, Ethereum, BNB, and XRP, that “they will be higher than today.”
This week has been quite bullish for cryptocurrencies, and as long as the stock market closes positively today, we can expect the bullish momentum to last through the weekend. This could spell some significant short-term gains for several altcoins in the next couple of days.
We’re still far from recovering from the six-month-long bearish trend, but this week marks the first in months where digital assets saw significant upside. We can only hope that inflation fears start to decline and the global economy can enter the recovery phase.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, and Metaverse news!
Image Source: cooldesign/123RF