Cryptocurrency Market saw billions of dollars in gains on Monday morning after months of ‘fluctuating’, data from multiple sources showed.
Leading the charge is Bitcoin, the world’s largest cryptocurrency by market capitalization, with a gain of more than 10% —from $35,000 to $38,000 — peaked at $39,000 below a short correction.
Bitcoin traded well above its 34-period moving average (a popular tool used by traders to determine market trends based on historical asset prices) on Monday morning but saw selling in the ‘resistance’ level is at $38,000. Moreover, the $40,000 mark remains another resistance.
Dogecoin, Cardano soar
Bitcoin move sees large cap cryptocurrencies like Cardano, Dogecoin and Chainlink follow and lead the price charts with double-digit average percentage gains. As a result, the fifty largest cryptocurrencies (by market cap) are also showing high single-digit percentage gains as of press time.
Decentralized oracle service Chain link rose 12%—from $16.62 to $18.86—at press time, followed by the meme token Dogecoin (+13%, from $0.19 to $0.22) and proof-of-stake blockchain platform Cardano (+11%, from $1.22 to $1.37).
Other large-cap market leaders are XRP (+9%), Polkadot (DOT; +10.3%), Bitcoin Cash (BCH; +11.3%), and Ethereum Classic (ETC; +13.3) %).
Does Amazon buy Bitcoin?
Some crypto market watchers on Twitter have linked the move to ‘inside’ reports about the global online marketplace Amazon wants to integrate Bitcoin payments for its services in 2019. 2022 and launch its own coin. However, these are yet to be proven at press time.
“It started with Bitcoin – this is an important first phase of this crypto project and the directive comes from above… Jeff Bezos himself.” https://t.co/vyAvu0CPc2
– Will Clemente (@WClementeIII) July 25, 2021
Meanwhile, not all traders set up banks. Data from market engine Bybt shows that nearly $1 billion worth of ‘short’ traders – individuals who bet on a market decline – were liquidated this morning, with 480 million dollars of which come from Bitcoin transactions.
Then there was weird. The Bitcoin futures market on Binance has seen a temporary price spike to $48,000, reportedly liquidating thousands of traders who may have posted stop losses much higher than current prices.
Just woke up…
– Nyuu (@NyuuRoe) July 26, 2021
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