[2018-7-22]Crypto Markets See Solid Upswing, Bitcoin Pushes $7,500.

[anamie]

Crypto Markets See Solid Upswing, Bitcoin Pushes $7,500

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The top cryptocurrency is currently trading at $7,426 at press time, up just under 1 percent on the day. Bitcoin saw an intraday low of $7,246.
Top altcoin Ethereum (ETH) has seen more significant growth over the past 24 hours, up almost 5 percent and trading at $466 at press time. The altcoin is holding weekly gains of almost 8 percent, peaking at over $500 on July 18.
Total market capitalization of all cryptocurrencies is hovering around $282-283 bln, currently at $282.7, up about 2 percent over the past 24 hours to press time. Total market cap is down from this week’s peak of almost $300 bln.
Among the top ten cryptocurrencies on CoinMarketCap, Stellar (XLM) and IOTA (MIOTA) are up the most on the day, seeing over 7 and almost 5 percent growth respectively.

Other than stablecoin Tether, Cardano (ADA) is seeing the least 24-hour growth of the top ten coins, up only 1.53 percent. Cardona is however seeing major growth on the week, boasting a whopping 23 percent price increase.

Yesterday, July 20, the Chicago Mercantile Exchange (CME) reported that BTC futures daily average volume has increased by 93 percent in Q2 over Q1. The number of open contracts on Bitcoin futures also increased by 58 percent.

This week’s crypto market growth got further encouragement yesterday, July 20, when the CEO of crypto trading platform BitMEX suggested Bitcoin’s current bull run may give way to a price point of $5,000 before heading to $50,000 in 2018.

Source: https://cointelegraph.com/news/crypto-markets-see-solid-upswing-bitcoin-pushes-7-500

[1Referee]

Funny how Tether is still being called a stable coin. Let's just call it a tradable asset, because it's not pegged to anything.

Due to the situation going on with WEX 1USDT is worth $1.78 right now (was well over $2 not that long ago), which perfectly demonstrates how Tether is worthless by default. People owning Tether can't do anything with it other than exchanging it for crypto at some point, because they won't cash out for fiat through the Bitfinex cartel, especially not if they overpay for it just like what people on WEX are doing right now.

Just wait for it, WEX will either implode soon, or they will 'miraculously' recover and tank Tether back to $1. It's scum we're talking about, what else can you expect?

[richardsNY]

The more people throw around with insanely bullish predictions the more I feel shorting crypto is the best way to move forward in the short term. The only thing preventing me from shorting right now is the ETF decision next month, if they don't delay it with another month. On the other hand, dumb money future shorts (way more shorts than longs) are indicating that we can expect even more upward movement. If there is no clear indication of a certain direction it's better to not do anything, especially so with how there is enough time till the SEC will come up with a decision.

[hatshepsut93]

The more people throw around with insanely bullish predictions the more I feel shorting crypto is the best way to move forward in the short term. The only thing preventing me from shorting right now is the ETF decision next month, if they don't delay it with another month. On the other hand, dumb money future shorts (way more shorts than longs) are indicating that we can expect even more upward movement. If there is no clear indication of a certain direction it's better to not do anything, especially so with how there is enough time till the SEC will come up with a decision.

You are right to be suspicious, it all looks like a textbook manipulation - build the hype around some news, ask "experts" to make predictions, pump the price a little and that's it, you have a fake bull run with newbies and greedy traders FOMOing because they have no patience. Then manipulators sell when they see that buying is slowing down and the market crashes back to previous level and panic sellers suffers losses. Even if ETF will get approved it doesn't mean that we'll go to the moon by the end of this year, when the news hit the media, fat pockets have already made their move. My optimistic scenario is that we'll have a slow growth  to 10-11k if this will indeed happen.