Markets on July 19: Bitcoin closes to $23,000, Ethereum gains 62% in 7 days

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2022-07-20 19:10:51

Since last night, BTC price has pushed up to $22,000 while ETH crossed $1,400. By the morning of 7/19 today, these numbers continued to increase, meaning many short positions were liquidated.

ETH and Bitcoin Lead

Over the past 7 days, the crypto market continues to show signs of recovery and reaches a capitalization of $150 billion, and is now over $1 trillion.

At press time, the Bitcoin price is trading above the $22,000 mark, up nearly 7% over the past week and 5.3% over the past 24 hours.

Price movements of cryptocurrencies on the market at 10:00 AM on July 19, 2022/
(Source: Coin360)

According to data from Coinglass, in the last 24 hours, there were nearly 851 million USD of crypto derivatives orders liquidated, with the rate of short orders being burned accounting for 57%. The coin that recorded the highest liquidation was ETH with $543 million, which is four times higher than BTC’s $165 million, which rarely happens when the market is volatile.

ETH has been the strongest gainer in the past 7 days, leading in terms of the number of liquidations in the last 4 hours, with a total of about $94 million. From a low of $1,006 on July 13, ETH on the morning of July 19 has “staggered” to $ 1,631 – equivalent to a 62.1% increase.

Latest 1h ETH price chart​​ (Source: Binance)
Latest 1h ETH price chart
(Source: Binance)

The driving force to help the market recover

In just 7 days, the market has witnessed two different faces.

Remember at this time last week, the whole market was still “standing still” waiting for news about the US CPI in June, making the market tinged in red. The peak was on the evening of July 13, when the US CPI hit a 4-decade high at 9.1%, more than the forecast of financial experts, the entire cryptocurrency market dumped strongly.

See more: Why the US Inflation Index (CPI) strongly influences the markets

However, “the storm comes and goes”, when the green color returns. With no more pressure from stocks, major coins started to return to a steady state. The upward momentum strengthened further thanks to Ethereum’s lead ahead of The Merge days approaching. The selling pressure due to the liquidity crisis from the market also eased, creating conditions for the crypto market to recover.

Altcoins retrace

Another significant recovery to mention is Ethereum Classic (ETC), when this coin even doubled in value in the past 7 days, from $13.34 to a peak of $27.77 on the morning of July 19.

See also: The explanation for the wake up of ETC

Other layer-1 altcoins like BNB, SOL, AVAX, MATIC recorded a 20-40% recovery in the past 7 days. As a result, the total market capitalization has returned to the threshold of 1045 billion USD, up nearly 200 billion USD compared to 851 billion USD 1 week ago.

However, despite the positive growth volatility, September’s The Merge plan is still uncertain as Ethereum developers can still fully delay the implementation timeline if a problem is recognized, because this is an upgrade. the most important level in the history of this coin.

In addition, macro pressure will soon return next week with the timeframe from July 26 to July 28, when the US Federal Reserve officials will have their next meeting. With the US inflation still showing no signs of cooling down, the scenario that the Fed will announce a new interest rate hike up to 1% is becoming more feasible. In 3 interest rate adjustments in March, May and June, the Fed’s increase was 0.25%, 0.5% and 0.75% respectively, accompanied by intense fluctuations of the Fed. Bitcoin price.

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