Crypto Key Points:
- Bitcoin[1]Price Surges 20%, Ethereum[2] up 50% Ahead of Historic Event.
- Collective Gains Push Overall Crypto Market Cap Back Above $1 trillion.
- Bitcoin[3] Short-Term Outlook Remains Bullish, Fed Meeting Holds Key.
Bitcoin, Ethereum & Alt-Coins: A Brief History of Crypto Winters[4]
It’s been a week filled with impactful news headlines allowing volatility to grow, while we are a week away from the much-anticipated US Federal Reserve[5] Meeting on the 27th July. Bitcoin[6] and the overall crypto market have experienced strong momentum over the last week, pushing Bitcoin (BTC)[7]above its consolidation range highs of $23,000 creating a new high of $24,200.
The relief in the market is reflected in growing futures premiums. Offshore premiums align with early July levels but remain compressed, suggesting a prudent sentiment.The Fear and Greed index has climbed from the extreme fear area after a record-long 74-day streak of extreme fear, in what could be another sentiment boost for the ailing crypto space.
Source: Arcane Research
Massive Ethereum momentum, is ‘The Merge’ driving the rally?
Strong, weekly, gains were seen by Ethereum (ETH)[8], which is up more than 50 percent since last week, with a high of $1,646. The world’s second most valuable cryptocurrency was boosted by news that an event known as ‘The Merge’ has a provisional date to go live, the week of September 19.This will see Ethereum[9] switch from a proof-of-work system to a proof-of-stake system[10], reducing the network’s energy consumption by roughly 99.95 percent.
Developers of the cryptocurrency describe it as “the most significant upgrade in the history of Ethereum”, showing a commitment to ensuring it might stand the test of time That’s the
