Cryptocurrency market update: Bitcoin punctures $12,000, Walmart’s crypto and Facebook’s Libra

  • July saw Bitcoin pivot around $10,000 while altcoins continued with the lagging.
  • Walmart’s crypto would in the form of a stored-value card that is linked to the US dollar.

The cryptocurrency market is in the middle of a recovery phase from the extreme volatility in July. The total market capitalization is back above $300 billion. In fact, it is standing only $1 billion lower from $311 billion recorded on Monday.

Bitcoin remains the market leader in terms of dominance on the market. BTC dominance currently stands at 68.2% (the highest level since April 2017). According to Binance Research Global Markets, July saw Bitcoin pivot around $10,000 while altcoins continued with the lagging. The report cites “both lower volumes on mid and small-cap altcoins and the Bitcoin dominance waiting at high historical levels.”

Bitcoin price update

Bitcoin price pushed above $12,000 as already covered by FXStreet. The price hit $12,323.77 highs on Tuesday before diving under $12,000. At press time Bitcoin is teetering at $11,743 amid the rush by the bulls to defend $12,500 support. On the brighter side, the 4-hour moving averages are still below Bitcoin’s market value while playing catch-up.

Walmart’s crypto likely to face mild regulatory scrutiny compared to Libra

As reported Walmart Inc. filed a patent for a digital asset that does not resemble Facebook Inc.’s Libra. After Facebook's gruesome experience with the regulators and lawmakers, it very likely that Walmart’s crypto will face less political heat.

The proposed Retailer’s coin would in the form of a stored-value card that is linked to the US dollar. Unlike other rechargeable gift cards, consumers would get send cash to Walmart and, in turn, get an equal value of the cash in Walmart’s coin. The coin would then be used to buy goods at the store.

According to an article on Bloomberg:

“If Walmart were to proceed with a digital offering, it could be seen as a threat to small banks and credit unions and is unlikely to be given a free pass from Congress.”




Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

VET ready for a rebound after bloody correction

VeChain price witnessed a brutal 45% sell-off that kicked off on February 12. Although VET crashed as low as $0.033, market participants are aggressively buying the dips.

More VeChain news

EDLG eyes lower lows as bearish pressure mounts

Elrond price broke down from a descending triangle as it sliced through the $126 support barrier. If sellers continue to pile up, then the reversal pattern forecasts a downswing to $74. Declining developer activity adds credence to EGLD’s bearish outlook.

More Elrond News

ALGO plummets enormously despite newly launched public chain

The cryptocurrency market is in bloodshed on Tuesday during the European session. Algorand has not been spared from the battering, which has led to massive losses. 

More Algorand News

LTC breakdown is just getting started, targets $150

Litecoin recently abandoned the journey to all-time highs following a barrier slightly under $250. The correction has proved difficult to stop, with Litecoin losing various tentative support levels like $220 and $200. 

More Litecoin News


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast