Bitcoin (BTC) continues its bounce from previous lows of $29,301, hitting highs of $32,434 in today’s trade. Bitcoin’s relief rally no doubt has lifted the entire market as several Altcoins were spotted trading in the green as of press time.
“The B Word” conference which features Elon Musk in discussion with Ark CEO Cathie Wood and Jack Dorsey, CEO of Twitter and payment company Square held on July 21 but its impact will keep reverberating in the Crypto space.
Busta Rhymes, an American rapper and songwriter has now officially joined the league of Bitcoin holders. According to the artiste, he entered the boat after watching the virtual Bitcoin conference. He tweets on July 22nd, ”After watching the #Bitcoin conference live with @jack, @elonmusk, @CathieDWood….i’m sold on Bitcoin…officially holding Bitcoin. Looking into ETH next.”
Earlier, Busta Rhymes had demonstrated a keen interest in cryptocurrencies when he tweeted on July 14, ”Anyone here into #crypto? How ya’ll feeling about?”. Busta Rhymes seems not to be the only one, boxing champion and living legend Mike Tyson has also shown interest in the top cryptocurrencies.
On the other hand, while Ethereum received attention, selected tokens across the Altcoin space put in breathtaking moves, rallying from lows hitherto formed.
In the last 24 hours, the top movers were Stellar (XLM, +16.23%), Axie Infinity (AXS, +28.66%), Stacks (STX, +15.19%), Waves (WAVES, + 12.02%), Sushiswap (SUSHI, +14.08%), Flow (FLOW, +13.01%), Status (SNT, +24.89%).
Stellar (XLM) is rallying amid positive speculations of the proposed acquisition of leading money transfer company MoneyGram. The Stellar Development Foundation is reportedly cooperating with global private equity firm Advent International to buy MoneyGram, according to a Bloomberg report that cites sources with knowledge of the matter.
Cryptoanalyst and trader, Michael Van de Poppe believes that a scenario under which Bitcoin rises to range resistance at $40,000 or higher would have a much more pronounced impact on Altcoin markets. He states:
”If we look at the price action of #Bitcoin, we can see and state that we’re holding above $31K. If that sustains, and the market grants a higher low, I think we’ve found a temporary bottom & we’ll test $40K. This would lead #Altcoins to run 80-150% from here”
However, market commentators believe that Bitcoin is likely not out of the woods until a definitive bottom formation has been and gone. Cryptoanalyst, Rekt capital also believes that this recent BTC recovery is inconsequential as there yet remains a macro trend change. Stating:
”Despite the volatility, #BTC is still just consolidating inside this down-trending blue channel. No major macro trend change as of yet”
He further states the likely conditions for a trend change:
”Technically, this recent #BTC recovery is inconsequential through the lens of its current market structure. $BTC is simply meandering in its blue-down trending channel. A major trend change would only occur upon breakout past ~$33000 or a breakdown below ~$27600”
That said, Ranging continues for BTC/USD, but conditions may be right for a later surge to range highs above $40,000.
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