Bitcoin recovers $ 42,000 for the first time in 10 weeks

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The crypto market consolidated another 2.5% to close at $ 1.62 trillion at 10:00 am IST, fueled by the upward trajectory of Bitcoin (BTC) over the past 24 hours. Investors were preparing with confidence as trading volumes between exchanges rose 17%.

BTC finally broke the $ 41,000 mark yesterday after being constrained for over 2 months. BTC gained 4.8% in the past 24 hours to close at $ 41,700. The bears have managed to keep the BTC between $ 38,000 and $ 40,000 over the past few days. However, the bulls stepped in as trading volumes saw a dramatic increase of over 32%, reversing the trend from the previous day. BTC reversed the major resistance level of $ 41,000 to support.

Ethereum (ETH) continued its bullish momentum to break through major resistance at $ 2,410 and now sits at $ 2,450, gaining a moderate gain of 1.5%. ETH support levels form at $ 2,280 and $ 2,350. ETH has risen 35% in the past two weeks ahead of its London Hard Fork event which is set to go live on August 4.

Among the top 20 cryptocurrencies, Polkadot (DOT), Uniswap (UNI) and Litecoin (LTC) gained more than 5%. Chainlink (LINK) was the best gainer by 10% while Polygon (MATIC), Ripple (XRP) and Cardano (ADA) edged down.

BTC broke the 100-day moving average yesterday, indicating bullish sentiment as it looks to test the next resistance levels at $ 44,700 and $ 47,000 in the coming days.

The best winners today:

Flow (FLOW): 44.3% Neo (NEO): 22.5% Helium (HNT): 18.6%

Top loser today:

Synthetix (SNX): – 4.7% Quant (QNT): -2.8% Theta (THETA): -2.3%

The scan includes the top 100 coins only from 9:00 a.m. IST

Source: CoinMarketCap

Crypto News at a glance:

The Ukrainian President signed the bill entitled “On Payment Services” which authorizes the National Bank of Ukraine (NBU) to issue a central bank digital currency (CBDC). NBU had partnered with the stellar blockchain protocol earlier this year to experiment with the CBDC. Wealthfront, an American investment giant, has announced that it is offering its nearly 400,000 clients the opportunity to gain Bitcoin exposure of up to 10% of their portfolio through Grayscale Bitcoin Trust (GBTC). Global exchange Binance has received a public reprimand from the Malaysian Securities Commission to cease all operations within 14 days in the country for illegally operating a Digital Asset Exchange (DAX). Binance CEO has vowed to work with regulators as the stock exchange giant continues to face regulatory challenges in some countries. The US state of Virginia has introduced a new Bitcoin and Cryptocurrency Bill called “The Digital Asset Market Structure and Investor Protection Act” to the US Congress. The legislation aims to integrate digital assets into the financial structure of the state.

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