Is a major market upswing imminent?

Digital Asset News

Bitcoin could be catapulted to $30,000 with the next upswing if the crypto market leader can maintain the current trend.
After several unsuccessful attempts to climb above the resistance at 23,500 US dollars, the market-leading cryptocurrency is currently on hold, slightly above half of this resistance, so the hope for a continuation of the recent climb is far from over.
“If BTC’s bounce takes it above $25,000, then another jump into the $26,000-$28,000 range is possible. However, another downturn would torpedo these hopes of the bulls.”
A Bitcoin price of $28,000 would represent a gain of over 20% at the current level, which would also be equivalent to a nearly two-month high.

In turn, the on-chain data underscores that an ever-increasing share of the circulating supply is being pulled out of the market, creating a shortage. The Illiquid Supply Shock (ISS) metric, created by crypto analysts William Clemente and Willy Woo, demonstrates that this shortage is currently growing rapidly. Crypto analyst Game of Trades had spoken of a “massive increase” in July.
The higher the ISS, the more BTC is being taken out of circulation, resulting in rising prices due to tighter supply. “Investors have gone on a shopping spree like they last did in 2018,” the influencer said, citing data from crypto market research firm Glassnode.

Mining firm Argo Blockchain is selling more bitcoin (BTC) to pay off its debt to crypto investment firm Galaxy Digital.
For example, Argo sold 887 Bitcoin in July alone to further pay off Galaxy Digital’s BTC loan debt, the company confirmed yesterday (Friday).
While a remaining debt of $50 million was still on the tableau at the beginning of Q2 2022, an additional $20.1 million has now been paid off at an average exchange value of $22,670 per BTC in addition to the sales by the end of June, bringing the remaining debt to just $6.72 million as of July 31, 2022.
As Argo indicates, 637 BTC were initially sold in June for the equivalent of $15.6 million, and by the end of June the remaining debt was only $22 million. Even if the “shock” about the wave of bankruptcies has left the market, it is clear that there are still distortions at the companies and that these are not yet completely over.

The influential asset management company BlackRock is opening up the possibility of direct investment in the crypto market to its clients through a cooperation with Coinbase. Leading crypto exchange Coinbase has partnered with “secret world power” BlackRock to give clients of the world’s most influential asset management firm direct access to cryptocurrencies. The first of these is market leader Bitcoin (BTC).
Thus, clients of BlackRock’s institutional investment platform Aladdin will in future be able to trade in cryptocurrencies via the Coinbase Prime service, hold them in custody and make use of several other services related to investments in the crypto market.
Commenting on the new collaboration, Joseph Chalom, the Head of Strategic Ecosystem Partnerships, said:
“The connection to Aladdin will allow our clients to integrate their bitcoin investments directly into their existing portfolio management, giving them an overall view of their risk positions across all asset classes.”