Cryptocurrency Market Last Week: Bitcoin Price Exceeded $ 47,500, High Leverage Investors Still Not Entering?

Continuing final week’s momentum, Bitcoin price surged above $ 47,500, however some specialists say that regardless of such a pointy surge, Bitcoin does not appear to have the kick-off from closely leveraged traders.

Lack of Investors Using Leverage?

Bloomberg estimates that crypto traders nonetheless have not amassed sufficient leverage as they’ve on earlier Bitcoin rallies. The unfold between Bitcoin futures and Bitcoin’s spot price has narrowed considerably since February 2021 as Bitcoin was on its method to historic highs. This state of affairs reveals that traders aren’t eager about bringing extra leverage into shopping for Bitcoin.

There at the moment are two doable situations for Mr. Stephane Ouellette from the FRNT Financial Platform. First, merchants do not imagine the price of Bitcoin will exceed 46,000 U.S. greenback is an actual breakthrough.

In the second situation, leveraged traders are nonetheless assessing Bitcoin’s development to leap into the market. When this funding group steps in, Bitcoin price will be $ 100,000. to realize U.S. greenback as some specialists predict. According to Mr Ouellet, the second situation appears extra possible.

“Usually leveraged investors come later in the bitcoin bull cycle. If so, the 100,000 target. U.S. dollar is very reasonable, “stated Ouellet.” The last time leverage was as weak as it is now, when the price of Bitcoin approached the 20,000 mark. U.S. dollar. Investors with high leverage do not actively enter the market until the Bitcoin price is 40,000. achieved U.S. dollar. Thanks to them, the world’s largest digital currency hit a record $ 65,000. “

Ethereum exceeds the edge of three,300 U.S. greenbackRipple Up Nearly 44%, Dogecoin Up 38%

On the morning of August seventh (Vietnam time), Bitcoin price rose sharply, exceeding VND 47,500 U.S. greenback, up practically 10% prior to now week. As the second largest digital forex, Ethereum additionally gained greater than 13% prior to now week and exceeded the edge of three,300. U.S. greenback.

Remarkably, different cash within the high 10 additionally rose by virtually 44%, corresponding to Ripple, Dogecoin – the coin that obtained a response a number of months in the past – by virtually 38%.

The market capitalization of cryptocurrencies additionally rose sharply to just about 2,000 Billion USD, 400. increase Billion USD in comparison with two weeks in the past.

Price actions of the highest 10 cryptocurrencies

Source: CoinMarketCap

With the present robust momentum, many specialists are beginning to make optimistic forecasts and are even predicting that Bitcoin will attain 100,000. U.S. greenback.

Financial knowledgeable Craig Erlam (based mostly in London) stated Bitcoin’s upward momentum has been unleashed since mid-July: “I don’t think there’s any particular factor driving the price up. It’s just a fact,” he added added.

“I see no reason why the Bitcoin price cannot return to near record levels 65,000 won U.S. dollar/Copper. The price has reached this threshold once. And now there is no change to prevent this from happening again beyond this level, ”predicts Mr. Erlam.

“Bitcoin nonetheless has plenty of headroom to return to document highs. If Bitcoin catches up with the rise of Ethereum – the second largest cryptocurrency – the price will go up 100,000 yen U.S. greenback“Said Mike McGlone of Bloomberg Intelligence.

Fundstrat Global Advisors’ Tom Lee knowledgeable additionally believes the Bitcoin price will hit the edge 100,000 U.S. greenback/ dong by the top of 2021. He insists that traders ought to comply with a easy rule. Accordingly, when Bitcoin price exceeds the 200-day common, it’s time to purchase.

The largest crypto hack in historical past

Information additionally surfaced final week about hackers stealing giant quantities of digital forex. In specific, the Poly Network Twitter account introduced that it was attacked by hackers and stole greater than 600 yen Million {dollars}.

Three pockets accounts, ETH, BSC and Polygon, have additionally been confirmed to include stolen funds, together with many various cryptocurrencies, as much as a complete of 611 Million {dollars}.

with 611 Million {dollars} taken that is the largest assault so far on a decentralized monetary platform (DeFi). The corresponding quantity of stolen cryptocurrency 267 U.S. greenback Millions at ETH, 252 Million {dollars} in BNB and 85 Million {dollars} in USDC and another small quantities.

Tether shared the incident, saying they had been frozen for about 33 Million {dollars}T at ETH. Thanks to this, the hacker failed whereas trying to switch this USDT into Curve.fi’s liquidity pool.

The assault additionally affected platforms utilizing this protocol. The O3 Trading Group introduced that it’ll droop the cross-exchange operate whereas ready for info from the Poly Network staff.

Vu Hao