Crypto has a bullish weekend. Coinbase spreads its wings. And the mass adoption of crypto is gaining some serious momentum. This is your crypto nightly news wrap-up. Let’s get it!
Nothing like grabbing your phone in the morning and seeing the markets pump. Love it! After falling over 50% since the start of the year, it’s definitely nice to see the charts go the other way for a change. We even reclaimed the $1 trillion market cap. But why did it pump? After reaching the local high of this decade, the DXY finally took a small dive from 109 down to 106 after getting rejected on Thursday. Now, I know only 2% dip can seem small, but the dollar has been pumping in an uptrend since around May of 2021. And the more the dollar pumps, the more the stock and crypto falls. So it makes sense that they come up for water when the DXY takes a dip.
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The pump can also be attributed to a pump in the European and Asian stock markets. Considering immense seller exhaustion throughout the year, DXY and Bitcoin dominance taking a dip, and the dust settling from multiple insolvencies, this rally makes complete sense. But is this just another relief rally? Or is this the beginning of something bigger? Now, it’s not out of the ordinary to see the bulls show up in the summertime, but at the same breath, the next Fed meeting is sneaking up on us, and if Jerome Powell and the gang come out swinging with anything over a 75-point hike, the markets are probably going to take another friendly kick to the teeth. Be sure to mark down the dates July 26-27 on your calendar because the next move up or down will be determined in Washington, D.C.
Shout out Meta Money. Bitcoin getting some action today at $22,381 Up 7.6% on the day Ethereum absolutely ripping 17.6% on the day Let’s go ahead and check our top movers. ETH Classic up 28% We got MATIC melting faces. Up almost 27% on the day GMT up about 25% CVX up 22% CRV up 22% And THORChain up 21% Guys, with this pump, the writing was on the walls. With the higher timeframes, the weekly green dot, the snake eyes on the 6-day as well was indicating that we could be finding a local bottom for a little bit of a pump. Looking at the medium term timeframes, it is looking like we could have some legs on this pump. If we do happen to break out of $23K, we do have some pretty high targets on more of the bullish end. Maybe we could make our way all the way up to about $28K. Between $25K and $28K would be a range I’d be looking at if the pump were to continue.
Coinbase took to Twitter back in the beginning of the month and vowed that they were going to expand their footprint across Europe. Turns out they weren’t messing around because this morning, they released a blog post confirming that they are approved to continue their operations in Italy. Does this call for a crypto pizza party? I think yes! Getting approved by the regulators in Italy was not an easy thing to do. The Organismo Agenti e Mediatori require an array of mandates and criterias that must be met for crypto companies to kick off in the Stivale. Bravo to Coinbase for making it happen! To be clear, Coinbase has been offering their card services in Italy since 2019, but now that they are onboard with the OAM, they’re cleared to continue service and launch new products. Nana Murugesan, the Vice President of the International and Business Development at Coinbase, stated in the blog, “Building a constructive relationship with the regulators in every jurisdiction in which we operate is incredibly important as we march toward our mission of increasing economic freedom in every corner of the world.” So far, Coinbase is available in over 100 countries around the world, and almost 40 of those countries are in Europe. That fact alone brings us to our next story.
Despite being in a bear market, the idea of developing a long-term mindset is more important now than ever. Let’s make this perfectly clear. 2022 might be the year of face-melting life-changing gains, but this is the year several platforms continue to build and expand as more and more countries approve their tickets to ride the crypto rocket to the moon. Although regulation isn’t everyone’s favorite topic, at least the boards in the G7 and G20 countries are regulating the space in unison. Since SWIFT is backing ISO 20022, we now know that crypto is going to replace the cross-border payment system. And for the world to see crypto’s utility optimize and replace an existing global financial structure is unbelievably bullish.
Despite China’s back and forth position, an authority from Hong Kong Central Bank stated that crypto is important for the future financial system. He got that right. Shanghai is also set to spend $52 billion building a metaverse by 2025. With Brazil also being bullish on crypto, that sentiment is spreading through South America because now Paraguay is one step away from establishing their crypto rules and regulations as well. Mass adoption is tiptoeing closer, and the financial world in the next 5-10 years is going to flourish based off the framework that is being built today.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/-Vo2KEKiU24