Cryptocurrency Market News: Bitcoin $50,000 bullseye in 2021 – CNBC’s Brian Kelly

Here is what you need to know on Thursday, July 30, 2020.

Markets:

BTC/USD is struggling to hold above the key $11,000 level. This comes after another rejection from levels above $11,300. On Wednesday, Bitcoin bulls renewed the bullish case pulling the price back above $11,000. The price had spent some time between $10,000 support and $11,000 barrier after a reversal from the 2020 high at $10,400. For now, BTC/USD is trading 0.85% lower on the day following a retreat from $11,109 (opening value) to $11,014 (prevailing market value).

ETH/USD is also dancing in the red after losing 0.45% of its value on the day. From the opening value of $318, Ether is currently exchanging hands at $316. An attempt made on Wednesday failed to sustain gains towards $320. For now, the biggest task is to reclaim the ground above $320 which will allow bulls to focus on gains beyond $330 and ultimately $350.

XRP/USD as reported earlier is holding above $0.24. There has been a lower adjustment after testing the resistance at $0.25. Holding at $0.24 is key to the journey back to $0.25. However, according to the technical picture bears are mainly in control as observed with the downward trending RSI and the MACD.

Read more: Ripple Price Prediction: XRP/USD blasting to $0.25 after bouncing off $0.24 support

In the last 24 hours, the cryptocurrency market has recorded substantial losses. Some of the worst-hit cryptoassets among the top 100 include Ampleforth (-57.36%), Terra (-11.15%), iExec RLC (-8.37%) and Kava.io (8.59%).

Chart Of The Day: XRP/USD 4-hour

Market:

Brian Kelly, the host of CNBC’s Fast Money segment strongly believes Bitcoin is just at the beginning of its bullish scenario despite the progress made in the last couple of weeks. He says that among all the other assets he invests in including stocks, bonds and even precious metals, “Bitcoin has better fundamentals. And with fundamentals, I’m talking about the stock-to-flow ratio. It’s better than gold at this point because we had the halving, and when I look at the Bitcoin cycles, the bull markets tend to cluster around the halvings.” Kelly continued to explain:

So we’re tracking right along the 2016 halving cycle and that would imply that sometime in Q2 2021, you’re looking at a Bitcoin price of $50,000. So that’s kind of the long-term target. And in the shorter term, $10,500 was a really big number. We’re breaking out of a two-year range.

Industry:

Banks in the United States were recently given the regulatory green light to hold and provide custody services for cryptocurrencies. In line with this, Diginex has announced the launch of EQUOS.io, the first of its kind digital asset exchange platform. The platform will encompass world-class features such as spot trading, perpetual swaps, futures, options and a myriad of derivatives. A statement by the CEO, Richard Byworth says:

Our industry analysis has allowed us to understand the friction points for institutions to trade digital assets and address many of those with new and improved solutions around portfolio management.

I am truly excited by the impact that EQUOS.io will have on many aspects of how the industry operates today and how it will also expedite its future growth.

Consequently, Cardano has made the final leap from Byron mainnet to the new Shelly mainnet following a hard fork. The transition has elevated Cardano to a smart contract platform as well as staking while taking advantage of the Proof-of-Stake (PoS) consensus algorithm.

Regulation:

The Philippines Central Bank is reported to be studying the development of a central bank digital currency (CBDC). According to a report published by Bloomberg, the Governor of the regulator bank, Benjamin Diokno has confirmed the formation of a task group that will be diving into the possibilities of digital currency.

The group will explore areas such as the CBDC’s feasibility as well as any policy implications it may pose. The central bank will then examine the findings carefully before making the final decision whether to launch the national digital currency.

Quote of the day:

“What we know about Bitcoin is it’s extremely volatile. It’s highly speculative, and when it goes on these speculative runs, it goes a lot further than people expect. So I don’t think saying $20,000 is that outrageous when it’s already been there. You might question me on the $50,000, but that’s a year from now.” @Brian Kelly.