The crypto market is alive once more, as major cryptocurrencies are seeing signs of recovery. In fact, Bitcoin price has been around the $40,000 mark in three consecutive days.
Read CRYPTONEWSLAND on
google news
BTC/USDT 1-day chart (source: TradingView)
As seen on the above chart, Bitcoin has been trading around the $40,000 mark since July 26, in which its highest price reached almost $40,500, which is a breath of fresh air to the crypto market. The presumed rally was met with strong resistance, causing Bitcoin price to retract to $35,000.
The bulls made another attempt at $40,000 on July 27, although they failed to take down the bears, and settled for a daily all-time price at around $39,600.
Third time’s the charm, as the price has exceeded $40,000 once more on July 28. In fact, BTC price almost hit $41,000. At the time of writing, Bitcoin price is at $39,568.13, according to CoinGecko.
Meanwhile, US-based ProFunds announced the launching of its Bitcoin Strategy ProFund (BTCFX). This is a publicly available exchange-traded fund (ETF) in the US.
ProFunds CEO Michael Sapir said:
“Cryptocurrency has become a significant asset class, and our new Bitcoin Strategy ProFund provides investors access to a bitcoin strategy through a mutual fund investment.”
Meanwhile, other altcoins are beginning to show a bullish case alongside Bitcoin. Ethereum price reached $2,300 before retreating to $2,200, while XRP saw over 33% 24-hour boost to reach $0.70.
Related News
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
