Cryptocurrency Market News: Europe’s €750 billion stimulus is helping Bitcoin and others
|Here is what you need to know on Wednesday 22 July
BTC/USD had a nice boost thanks to the European stimulus package and touched $9,437 on Binance blasting through several resistance levels and climbing above daily EMAs.
ETH/USD remains the strongest crypto among the top 5 with a significant 4% surge getting close to the crucial $250 level again.
XRP/USD also had a nice pump but got rejected from $0.20, which means it is the weakest cryptocurrency among the giants.
Elrond is back and it’s getting close to a new all-time high after a huge announcement with Visa and Swipe. Augur saw a 16% price surge towards $22.3 followed by Nervos Network with a 13% increase.
Chart of the day: ERD/USD daily chart
Market
European Union leaders have finally agreed to release a stimulus package worth €750 billion to help the economies of many countries like Spain and others. Even though this does not directly affect Bitcoin or cryptos, it is beneficial because it means the European economy will likely survive.
Bitcoin has been heavily correlated with the stock market during the pandemic, especially when there are significant fears about countries closing down again.
Russia hasn’t been too supportive of cryptos and has just changed its draft bill regulation again. According to the bill, a digital asset will be considered a set of data that is used as a payment method “except for the operator and (or) the nodes of such systems, which are only responsible for maintaining the issuance of the digital data and upending such a system.”
Russia seems to be treating cryptocurrencies as taxable property. The bill already passed the second hearing of three and it’s basically final.
Industry
Africa continues being one of the main focus of cryptocurrency adoption recently. BitMEX, one of the biggest crypto-derivatives exchanges in the world, has led a $3.4 million Series A for a South African exchange called VALR. Bittrex also participated in the seed round of the exchange back in 2018.
The exchange was launched in March 2019 and sees around $7 million in daily trading volume, mostly coming from Bitcoin but it has many coins listed already.
Quote of the day
One must acknowledge with cryptography no amount of violence will ever solve a math problem.
– Jacob Appelbaum
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