Cryptocurrency Market News: Bitcoin remains around $11,000 while bullish sentiment continues increasing

Here is what you need to know on Wednesday 29 July

BTC/USD is trading at $11,000 after a notable breakout above the crucial $10K level. There was a slight rejection after hitting $11K but the bulls are still in control

ETH/USD hit $330 and remains extremely positive following Bitcoin now. Buyers are only facing a few resistance levels until the all-time high. 

XRP/USD stays at $0.22 and it’s lacking the same momentum that ETH and BTC have. The 2020-high is the target to beat, however, XRP is clearly behind. 

Chart of the day: BTC/USD daily chart

Market

The market remains extremely bullish overall with some altcoins recovering after getting hit through Bitcoin’s rally. At the same time, top cryptos are only experiencing healthy consolidations and pullbacks. Bitcoin has closed above $10,000 convincingly for the first time in 2020 and it’s clearly showing that there is a shift in sentiment. 

Industry

LocalBitcoins, the most popular peer-to-peer Bitcoin marketplace has recently added surveillance tools through a company called Elliptic. Tom Robinson, Chief Scientist commented: 

The reduction in flows from dark markets to peer-to-peer exchanges is a clear consequence of these businesses introducing strong KYC and AML controls, he said. Criminals are now thinking twice before trying to cash-out through the major peer-to-peer exchanges. 

While this should be good news overall, not everyone in the crypto industry is happy with new tools to get tracked. In the end, cryptos were designed to be somewhat anonymous and private and LocalBitcoins is not necessarily helping the cause.

Quote of the day

[Bitcoin is] the biggest opportunity set we can think of over the next decade.

– Bob Grifeld