BANGKOK, THAILAND – MAY 14 : A womanhood poses with a Bitcoin mascot during the Thailand Crypto Expo 2022 … [ + ] on May 14, 2022 in Bangkok, Thailand. Cryptocurrency Enthusiasts attend Thailand Crypto Expo 2022, the largest cryptocurrency exposition in Southeast Asia, at the Bangkok International Trade and Exhibition Center. Visitors learn about blockchain projects, exchanges, mining, NFT production, and gamefi technology. The exposition comes during a global marketplace crash. ( Photo by Lauren DeCicca/Getty Images )
According to blockchain analytics firm Glassnode, the total of plebeian addresses owning more than 0.1 bitcoin but less than 1 bitcoin has been increasing at a parabolic rate, with a significant increase when bitcoin was trading in the $ 20,000 compass. Furthermore, a Cointelegraph article published on June 20 stated that over 13,000 Bitcoin wallets had achieved wholecoiner condition in the former seven days .
This is a unclutter indication that retail bitcoin buyers ( plebeian ) have been stacking Sats at low prices despite the bearish market and the collection of fear, doubt, and doubt ( FUD ) newsworthiness dominating the major news outlets .
The full market capitalization of cryptocurrency has returned to levels above $ 1 trillion. The crypto market cap had fallen below $ 1 trillion in mid-june 2022 and had struggled to break through that barrier until Saturday, July 16. positivist opinion could drive the market cap higher .
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The quantitative tighten implemented by the Federal Reserve Bank of the United States and other cardinal banks has contributed significantly to the crypto have a bun in the oven market, in summation to the elimination of margined trades and the collapse of some crypto exchanges. Since matter to rate hikes are expected to continue, many analysts were surprised by the recent bullish momentum of bitcoin, ethereum, and early cryptocurrencies, as they were expecting lower prices .
many Bitcoin stakeholders expected the US SEC to approve Grayscale ‘s application for the inaugural US smudge Bitcoin ETF in recent weeks. SEC Chairperson Gary Gensler rejected the marriage proposal, citing a lack of a proper framework to protect investors and Grayscale ‘s failure to clarify concerns about market handling. Despite this bottleneck, many investors continued to accumulate Satoshis, increasing demand for bitcoin and, as a result, driving up the price .
last workweek, Ethereum developers discussed a probationary unify date for the long-awaited upgrade of the Ethereum chain from proof-of-work to a proof-of-stake protocol. After the unify, Ethereum ’ s energy consumption is expected to drop by 99.5 %, while the mint of new eth tokens will be cut by 90 %. Investors have been accumulating ethereum at low prices betting that the upgrade will raise value of the Ethereum ecosystem .
digression from Bitcoin and Ethereum, DeFi platforms have had a strong recovery, with Lido Finance up more than 160 % in the death seven days. Aave AAVE, the crypto lend platform, has increased by more than 40 % in the last seven days, while Avalanche AVAX has increased by more than 45 % in the lapp fourth dimension time period .
The future round of FED and ECB meetings could have an impact on how the crypto grocery store develops. The SP500 stocks and cryptocurrency markets continue having a strong positive correlation. Over the last calendar month, the crypto marketplace may have rallied in tandem with the SP500 index. If the Fed accelerates interest rate hikes by 100 footing points, we may see a weaker equity market and possibly a weaker crypto commercialize.
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The SPDR S & P 500 ETF is up 4.59 % in the last month, with the most growth coming in the last seven days at 4.56 %. Further quantitative tightening and rising inflation rates around the world may put extra imperativeness on equities and, as a solution, crypto prices. We may not be out of the woods yet .
disclosure : I own bitcoin and other cryptocurrencies .