Weekly Market Movement
Weekly Summary: Many altcoins saw decent gains through the past 7-day period. Of the coins available on Bitbuy, XLM saw the most bullish movement with more than a 36% 7 day gain. BTC remained relatively stable throughout the week.
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Big News Of The Week: Bullish Trend
Bloomberg Released Another Bullish Piece On Crypto – This Time Focusing On Comparisons With Gold Trading Dynamics To Underscore Their Positive Viewpoint
- In what is being described as their, ‘Mid Year Edition,’ Bloomberg Senior Commodity Strategist Mike McGlone reiterated the bullish view on the sector and Bitcoin (BTC) in particular. The last report published by the group was in early June where one of the subheadings was titled, ‘History Indicates Bitcoin Towards 20,000 In 2020.’ While the first piece showcased a grab-bag of reasons for the team’s bullishness, the latest keys in more on perceived similarities in current trading dynamics with gold. The paper points out some proprietary Bloomberg ‘demand’ indicators which are posting similar readings and notes that gold and Bitcoin have shown little signs of correlation to the broad market over the last few months. The piece also realigns the technical focus to a breakout above USD 13,000.
Takeaway: Some of the main undertones, such as how low volatility periods have recently preceded rallies, are points that we have also highlighted and find difficult to ignore. Bloomberg has been one of the first established institutional finance brands (along with Fidelity and a few others) that has staked some reputational risk on a bullish crypto call.
Other Weekly Headlines
- According to local media, Chinese courts have begun using blockchain-based electronic seals to manage sealed properties. The Chinese judicial system previously used blockchain tech to settle a high number of litigation activities.
Full story on Global Times
- The US CFTC has released a document outlining its ‘strategic plan’ for the period 2020-2024, in which a ‘holistic framework’ for crypto is defined as an objective. Referring to crypto as ‘21st century commodities,’ the objective appears under the strategic goal of encouraging innovation and enhancing relevant regulation, along with 5 other objectives. Objectives also include emphasizing ‘our tradition of principles-based regulation where appropriate.’
Full story on CFTC
- Decentralized finance applications surpassed $2B worth of assets locked in its various protocols. Five months ago the metric, referred to as total locked value, was about $1B, notes The Block.
Full story on The Block
- Binance has acquired crypto wallet app Swipe.io, which features a Visa debit card, allowing users to spend their crypto. Swipe is available in 31 countries, mostly in the European Union and supports major fiat currencies. As part of the deal, though exact details were not revealed, Binance will also list Swipe SXP token.
Full story on Coindesk