BTC hops above $34K
MOVERS
7am EST 12th July 2021
Crypto: Biggest price rise
SNX
14.26
Equities: Biggest price rise
ROKU
2.01
Bitcoin
$34,253.08
Crypto: Biggest price loss
FLOW
-3.60
Equities: Biggest price loss
TLT
-0.53
XRP
$0.64
Crypto: Biggest vol increase*
NANO
753.14
Equities: Biggest vol increase*
BABA
-18.17
Tesla
$658.42
*Volume bought in USD over the past 24 hours on the Uphold platform
WHAT'S UP
Bitcoin Breaks Surly Bonds Of Stubborn Resistance Level
On a day when Sir Richard Branson's Virgin Galactic space plane flew to the edge of space, Bitcoin, on a pogo stick and a prayer, found its way past $34,000 where it remained early Monday, albeit briefly.
BTC began the weekend at $33K, spent Saturday surging above the $34K mark, surrendered those gains, returned to $33K and then repeated the same pattern over the past 24 hours, getting to as high as $34,700.
As of 6 a.m. (EST), BTC was $34,100, having gained roughly 1%. But within an hour, the largest crypto was wobbling lower once again.
Technical indicators peg momentum as hardly bullish, although trading volumes are expected to spike with the conclusion of the Euro 2020.
WHAT'S DOWN
Another ChainSwap Exploit Rattles DeFi Community
This past Saturday, ChainSwap was exploited for the second time in eight days. Losses reportedly amounted to about $8 million (AMBCrypto).
ChainSwap, a cross-chain bridge, confirmed via Twitter it had frozen its Ethereum to Binance Smart Chain (ETH-BSC) bridge.
Several DeFi protocol tokens yanked liquidity and the tiny (market-cap-wise) ChainSwap token (ASAP) sunk to below a penny on Saturday. It has since returned to $0.20. It has fallen 90% since April when ASAP went above $3.
WHAT'S NEXT
Crypto Trading Volumes Expected To Spike With Conclusion Of The Euro 2020
Now that the bi-annual, wildly popular UEFA European Football Championship tournament has come to an end, experts expect a surge of crypto investments.
The start of the Euros coincided with a major rerouting of money from crypto to football betting; presumably more money can now flow back into the crypto markets once again (CoinGape).
Crypto-football ties have never been more robust.
The UEFA recently entered into a global partnership deal with AntChain, pinned to the use and promotion of blockchain technology; AntChain is a subsidiary of Ant Group which owns digital payments platform Alipay.
And crypto scored some lighthearted notoriety during Belgium’s match with Finland when a fan, wearing a t-shirt that read “WTF Coin,” ran on to the pitch, garnering some attention for yield farming project Walnut Finance (Cointelegraph).
Meanwhile, over the past week, decentralized fantasy sports platform Rage Fan has been airdropping limited edition NFT mints to commemorate the Euro 2020 tournament which ended yesterday in dramatic fashion, with Italy beating England in a shootout.
