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31 July 2021

Fed takes on stablecoins: 5 things to watch in Bitcoin this week

Fed takes on stablecoins: 5 things to watch in Bitcoin this week

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5 things to watch in Bitcoin this week?

Bitcoin (BTC) emerges into a new week with middling price action and optimistic fundamentals — what could the coming days have in store.

Still holding $30,000 support, there’s little about Bitcoin to truly excite traders, but volatility has already reminded them of its presence over the past week.

It’s a classic summer picture in equities — a slight comedown last week followed all but constant gains, with caution coming from Covid-19, inflation and other triggers.

This was witnessed last week, as reports of Bank of America greenlighting Bitcoin futures trading for select clients swiftly sent BTC/USD $1,000 higher.

On spot markets, Monday began with hope for the future rather than confidence in current price events.

With popular opinion favoring a return below $30,000, Van de Poppe argued that a bottom may not be as dramatic as expectations demand.

This weekend’s automated readjustment saw difficulty dip by a modest 4.8% — a pleasing contrast from prior estimates.

“The hangover of a difficulty adjustment downwards from the China crackdowns should conclude after this adjustment,” Kevin Zhang, vice-president of Digital Currency Group mining advisory subsidiary Foundry Services, said at the weekend.

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