Cryptocurrencies: Tesla Bitcoin Sale, Ethereum Merger, Highs, Flops and Prospects …

While Tesla has announced the sale of 75% of its bitcoin reserves, Mike Novogratz still maintains his $ 500,000 forecast for the token. The capitalization of the altcoins manages to overcome a resistance of 101 days. Vitalik Buterin tells us that Ethereum 2.0 isn’t as far off as earlier this week, Yuga Labs revealed a teaser of its immersive universe.

Yuga Labs shows a demo of Otherside

The publishing house of the most famous NFT collection in the crypto field, Yuga Labs, has unveiled a demo version of its immersive universe. During this exhibition, the owners of the Otherside lots had the opportunity to discover the area of ​​the Biogenic Swamp, the heart of the metaverse. At the same time, the company announced the start of phase 1 of the project.

The cryptocurrency linked to the metaverse rose more than 20% after the news. Within a few days the ApeCoin price took 42.5%. Depending on the technical configuration of its price action, the price of the APE could rise by 40% in the coming days. However, this prediction remains mixed as investors are abandoning the project as it has suffered numerous attacks in recent months.

To find out more, read the following article:

πŸ‘‰: ApeCoin explodes after Otherside demo

Altcoin’s market cap surpasses the 101-day resistance

For nearly two weeks we have seen a very interesting movement in the cryptocurrency market. The overall capitalization of the sector manages to rise above the 1,000 billion mark. But the performance of the halts caught the attention of analysts. According to the newspaper’s technical analysis expert Valdrin Tahiri, the capitalization of the alt has broken through a 101-day resistance level, which could initiate a bullish reversal.

Valdrin noted two interesting technical signals in ALTCAP’s price action on July 21st. First, he indicated that he broke that crucial resistance line around $ 1,900. Later, he pointed to the upside of the RSI curve above 50. If the ALTCAP continues to defend this technical performance, the next landing would be around $ 2,400.

To find out more, read the following article:

πŸ‘‰: Altcoin: Capitalization (ALTCAP) breaks through a 101-day resistance line

Tesla sold 75% of its bitcoins

According to information disclosed in Tesla’s second quarter financial report document, it was learned that the electric car maker sold Bitcoin for $ 936 million, or 75% of its holdings. The average selling price would be around $ 29,000. So in the coffers of Musk’s company there would only remain about 236 million dollars in Bitcoin.

Unlike Michael Saylor and his company, MicroStrategy which reiterated its decision to keep its reserves in BTC, Tesla has let the cryptocurrency market go. As early as May 2021, the auto giant had dealt a severe blow to the cryptocurrency sphere by overturning its decision to accept Bitcoin as a means of payment. This time, to the delight of investors, the announcement of Tesla’s capitulation had no impact on the cryptocurrency universe.

πŸ‘‰: Tesla allegedly sold 75% of its holdings in Bitcoin

Mike Novogratz still sees Bitcoin reaching $ 500,000

In an interview with Bloomberg, the founder and CEO of Galaxy Digital Holdings Ltd reiterates his prediction of Bitcoin at $ 500,000 over 5 years. According to Mike Novogratz, the key factor that will fuel the increase in the asset is: adoption. He stated:

Even if this [bear market actuel] it is an obstacle on the road to adoption, it is certainly not a U-turn. We continue to see institutions in Europe, the Middle East and the United States that have not yet been involved and we see this as an opportunity.

The billionaire believes macro conditions will help Bitcoin grow in the coming years. He stated:

β€œWe have a debt that exceeds our GDP by 140%. This almost never ends without a debt restructuring or hyperinflation … People get really mad when inflation rises. We are in a very precarious environment “

However, the latter admits he was wrong about the importance of bear market leverage.

To find out more, read the following article:

πŸ‘‰: Mike Novogratz: Bitcoin is still on track to hit $ 500,000 within five years

Ethereum update scheduled for September

During the EthCC conference held in Paris this week, Vitalik Buterin, the co-founder of Ethereum, announced that a series of changes will take place on the network after the merger. The latter promises that ETH’s blockchain will be able to execute more than 100,000 transactions per second. He also made it known that the cryptocurrency would become deflationary after the merger. According to the project’s roadmap, the migration is expected to take place on 19 September.

From what can be observed in recent days, traders seem to be optimistic for the arrival of the Ethereum mainnet. During the week, crypto gained 25% on the markets. For the month of July, the price of ETH has already risen by 50%.

To find out more, read the following article:

πŸ‘‰: Ethereum: merger in September and updated roadmap

Tops and flops: a homogeneous rise in the cryptocurrency market

The cryptocurrency market is currently managing to maintain its technical rebound. We also observed a rather homogeneous increase at the level of the top 100 of the largest capitalisations because there was no particular announcement for a project. The best cryptocurrencies continue to follow the evolution of Ethereum. To truly track down a exploding project, you need to get to the second part of the cryptocurrency market cap chart with BarnBridge. The DeFi project token gained 220% during the week.

Back to the top 100, here are the best weekly results:

Cryptocurrencies Current course Earn money in 7 days
Phantom (FTM) $ 0.3538 36.10%
Token Curve Dao (CRV) $ 1.39 25.02%
Close to protocol (NEAR) $ 4.45 23.95%
Source: Coinmarketcap

flop

Cryptocurrencies Current course Earn money in 7 days
Elrond (EGLD) $ 55.36 -5.20%
Computer Internet (ICP) $ 6.63 -9.26%
Arweave (AR) $ 13.61 -15.82%
Source: Coinmarketcap

Perspectives…

For nearly two weeks we have been seeing a nice movement in the cryptocurrency market. Some dare to say that cryptocurrencies have hit rock bottom and that this rebound is a sign of a bullish reversal. We at Be[In]Crypto, we prefer to be cautious as this recent performance is not enough to claim the return of an uptrend. However, we recognize that the movement is interesting. However, to gauge its resilience, we are waiting to see how crypto will perform following the Fed exit scheduled for next Wednesday.

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