Cryptocurrency market on July 18: Bitcoin closed the week near the $21,000 mark, the green color covered the market

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2022-07-22 01:15:44

The June US CPI event at 9.1% did not seem to have much impact on the crypto market this past week.

Cryptocurrency Market

Currently, Bitcoin is at $21,300, up 0.5% in the 24-hour frame and up 3.6% from 7 days ago. Trading volume in 24 hours reached nearly 25 billion USD.

Bitcoin price chart July 18, 2022

It seems that cashout phenomenon is becoming mainstream in the market as Binance exchange has seen a large volume of tokens inflow (exchange inflow) in the past 24 hours. According to data compiled from on-chain analytics platform, CryptoQuant, on July 17, nearly 17,500 BTC were transferred from personal wallets to Spot (spot) wallets on the exchange. This is the highest one-day number since June 22.

The amount of Bitcoin from personal wallet specialists to Spot wallets on Binance has increased sharply

However, some commentators remain optimistic about the short-term outlook. Analyst Michaël van de Poppe says BTC needs to hold steady at $21,200 to continue its bullish momentum. Potential upside targets include $22,000 and the 200-week moving average around $22,600. Meanwhile, analytics platform Material Indicators has posted order book data from Binance, which shows a new wall of buy support centered at a breakout point of $21,200 worth around $20 million.

Signals from altcoins are still showing that the positive rally is still happening

Lido DAO (LDO) continued to maintain strong momentum yesterday, leading the market with a profit of 23%. Within the 7-day timeframe, the project recorded a profit of up to 165%. The amount of ETH deposited into Merge smart contracts through Lido continues to soar, after Ethereum developers announced the “The Merge” schedule for September 19.

Ethereum Classic (ETC), Theta Fuel (TFUEL) are also among the projects that recorded a profit of up to 15% in the last 24 hours. It is followed by Bitcoin Gold (BTG), ApeCoin (APE) and Filecoin (FIL) with a gain of over 5%.

Volatility of 10 cryptocurrencies with the highest market capitalization on July 18, 2022

The largest altcoin in the market Ethereum also has impressive momentum for the week as it has recovered 22.14% in a 7-day time frame and is currently at the $1,400 mark. Cryptocurrencies in the top 10 by market capitalization also have a steady recovery. BNB, XRP, SOL are all up nearly 10% in 7-day timeframe.

However, the sentiment of investors in the cryptocurrency market remains quite bleak. With the Fear and Greed index falling to 20 again after coming out of the “extreme fear” zone yesterday. This indicator has been in the negative territory since May 6th, following the crash of Terra and has not been able to bounce out of this zone since.

FGI Index on July 18, 2022

Macro factors

The U.S. stock futures market index edged up slightly in overnight trading Sunday, as Wall Street headed for a busy earnings week. Contracts tied to the Dow Jones Index added 0.25%, S&P 500 futures gained 0.4%, while Nasdaq 100 futures gained 0.5%. The main indexes had to experience a losing week. Although Friday saw the Dow rise more than 650 points, the 30 stocks on the market fell 0.16% for the week. The S&P 500 and Nasdaq Composite lost 0.93% and 1.57%, respectively.

Friday’s rally came as investors bet that the US Federal Reserve will be less “aggressive” at its upcoming meeting. On Sunday, the Wall Street Journal reported that the central bank was on track to raise interest rates by 75 basis points at its meeting later this month.

However, the major indexes all recorded declines for the second time in the past three weeks. Recession fears have come to the fore in recent weeks as market participants predict that hawkish action from the Fed, in an effort to contain inflation, will eventually push the economy into recession. quit.

A flurry of economic data fueled market volatility last week. Inflation rose 9.1% in June, a higher-than-expected increase and the highest level since 1981. That led investors to bet that the Fed could raise interest rates by 1% at the next meeting. meeting at the end of July. By the end of the week, however, concerns had subsided due to strong retail sales as well as comments from several Fed officials.

A busy earnings week is coming after JPMorgan and Morgan Stanley kicked off last week. Bank of America, Goldman Sachs and Charles Schwab are ready to provide quarterly updates on Monday, before the market opens. At the end of the week, Johnson & Johnson, Netflix, Lockheed Martin, Tesla, United Airlines, Union Pacific, Verizon and a host of others will also release their quarterly earnings reports.

In the Asia-Pacific market, South Korean stocks led the gains early Monday. The Kospi index was up 1.1% and the Kosdaq was up 1.19% in early trading hours. In Australia, the S&P/ASX 200 gained 0.36%, while the MSCI index of Asia-Pacific shares outside Japan gained 0.32%.

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