Main conclusions

• Bitcoin nearly hit $66,000 today, marking a significant price move.
• Solana’s meme coins have seen substantial growth, with PressDog and Cafe leading the surge.

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Bitcoin (BTC) nearly touched the $66,000 price level today after jumping nearly 4% in six hours, according to data aggregator CoinGecko. Notably, BTC must post a daily close above $65,000 to resume its path toward $71,500, according to the trader identified as Rekt Capital.

#BTC

Bitcoin is one daily close and a retest of $65,000 (blue) away from starting a new set of price action in the $65,000-$71,500 region (red)$BTC #Cryptocurrency #Bitcoin https://t.co/5wOXpM4XO2 photo.twitter.com/4XbV6YEXK2

-Rekt Capital (@rektcapital) July 19, 2024

The merchant added that every time Bitcoin has managed to break the $65,000 price level this cycle, it has visited the lower area of ​​the $70,000 price zone. At the time of writing, BTC appears to have found some ground above the $65,000 area.

The feat is impressive considering the incident that hit the entire world today. Cybersecurity firm CrowdStrike released a new update to its antivirus software used by large companies that caused errors on Microsoft Windows devices. As a result, travel, banking and healthcare services suffered disruptions.

Despite Bitcoin’s significant performance, Solana (SOL) stole the spotlight by jumping nearly 7% in the last 24 hours. SOL approached the $170 price level but lost momentum when it hit $169.

Furthermore, SOL’s upward price movement boosted its meme coin ecosystem, which rose by an average of 12.4% and became the second-highest-growing cryptocurrency sector in the last 24 hours. Notable moves were recorded by the newly launched PressDog (PRESS) and Cafe (CAFE), which surged by 170.5% and 163.4%, respectively. The established Retardio (RETARDIO) also made decent progress with a price increase of 38.6%.

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Cryptocurrency exchange BitForex has said it will open for withdrawals after a five-month shutdown prompted by an investigation by police in China’s Jiangsu province.

The exchange said in a Post X that trading and deposits will remain suspended, but that withdrawals will be open to customers who complete know-your-customer (KYC) verification.

BitForex went offline on February 23 after experiencing a $57 million outflow. User withdrawals and access to the website were blocked, prompting a warning from Hong Kong’s Securities and Futures Markets (SFC) regulator.

“On February 23, 2024, Bitforex staff were detained and investigated by police in Jiangsu Province, China,” the post read. “This unexpected event caused the platform to become inaccessible, and users were unable to withdraw assets that day.”

BitForex said that after returning the assets to users, it will cease all operations and undergo a “comprehensive rectification.”

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The crypto rally resumed on Friday with bitcoin (BTC) hitting its highest price in nearly a month as the world grappled with a major IT outage.

BTC surpassed $66,000 during early trading in the US, reaching a high of $66,700 during the afternoon hours for the first time since June 17. The price increase was accompanied by strong trading volumes for BlackRock’s spot bitcoin ETF (IBIT). At press time, the largest crypto asset has changed hands around $66,500, up 4% in the past 24 hours.

Solana (SUN) led the major altcoins with an 8.5% increase over the same period, surpassing $170 for the first time since early June. The token outperformed the broad digital asset benchmark CoinDesk 20 Index (CD20), which rose 4.3%.

Cryptocurrencies fell earlier this week in tandem with a sell-off in U.S. stocks. However, Friday’s rally came as major stock indexes continued their losing streak.

The tech-heavy Nasdaq Composite index was down 0.8% while the S&P 500 lost 0.6% as of 1 p.m. ET, while gold plunged more than 2% intraday after hitting a new record high earlier this week.

How a software update from cybersecurity services provider CrowdStrike caused widespread computer outages around the world, disrupting airlines, banks and businesses, some Cryptocurrency observers emphasized the resilience of decentralized systems like public blockchains compared to centralized networks.

Charles Edwards, founder of cryptocurrency hedge fund Capriole Investments, noted that bitcoin’s rapid rise coincided with the opening of the traditional U.S. market, perhaps a sign of supply from institutional investors.

“Did some institution just wake up and decide that Bitcoin is a safe haven, decentralized store of value, while global technology and banking systems fail due to Microsoft’s blue screen of death?” he posted in X.

Looking at a longer time frame, bitcoin is trading around the midpoint of a multi-month sideways channel between $56,000 and $73,000. Spot prices may be range-bound in the near term, but traders are increasingly positioning for a breakout to new all-time highs heading into the U.S. elections in November, digital asset hedge fund QCP said in a market update. QCP analysts noted strong demand for December $100,000 bitcoin call options from institutions.

Mads Eberhart, cryptocurrency analyst at Steno Research, expressed an optimistic outlook for the second half of the year for crypto assets, supported by several tailwinds including US interest rate cuts, increased liquidity, regulatory clarity in Europe and increased chances of more crypto-friendly US leadership.

“Bitcoin at $100,000. Ethereum at $6,500,” he he said about your price targets.

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Following Germany’s recent Bitcoin sell-off, the cryptocurrency market is speculating whether the UK could follow Germany’s lead as new Chancellor of the Exchequer Rachael Reeves is under pressure to fund her economic plans. Given that the UK government holds a substantial stash of BTC, if Reeves decides to sell, rumors suggest a potential market crash.

The UK currently holds over $4 billion in BTC

According to a report by Bloomberg, Reeves may sell the UK’s seized Bitcoin assets, valued at around £3.9 billion or $5 billion, to support his economic agenda. The British government acquired these Bitcoin holdings through legal action, including a major case against money launderer Jian Wen. The Crown Prosecution Service secured Wen’s assets, including BTC, which were valued at around £2 billion at the time.

With crypto absent from Prime Minister Keir Starmer’s manifesto, questions remain about how the new administration will treat BTC and cryptocurrencies following a landslide victory. The previous Conservative-led regime, led by former PM Rishi Sunak, sought to implement comprehensive crypto regulations and transform Britain into a global hub for Web3 innovation.

Will the UK follow Germany’s move?

According to data from crypto intelligence platform Arkham, the UK government held approximately 61,245 Bitcoins as of July 19, worth over $4 billion. With the current value at £3.9 billion, Reeves has a substantial resource at his disposal. However, selling the assets could result in a substantial drop in the price of BTC, similar to what occurred after the recent major Bitcoin sell-off in Germany. Notably, the German government sold almost 50,000 BTC, contributing to a 15% price drop.

Is there an alternative way out?

While selling bitcoin could provide quick funds for Reeves’ economic plans, the move could lead to market volatility, and BTC could fall further, impacting the broader cryptocurrency market. However, Reeves may consider balancing the immediate financial gain with the likely long-term market consequences. The report suggests that a more strategic approach could involve relaxing cryptocurrency regulations to offset the potential market impacts.

The alternative path is to hold BTC, wait for higher prices, and even acquire more as a reserve asset. Notably, MicroStrategy and its founder Michael Saylor have touted crypto as a superior hedge against inflation. Sovereign nations like El Salvador under President Nayib Bukele have also advocated BTC investments and made millions of dollars in unrealized profits.

Bytecoin’s Charlie Morris noted the UK’s current anti-crypto stance. Relaxing regulations could attract investment and showcase the new government’s support for technology and innovation. Such a move could mitigate the negative effects of a BTC sell-off.

Market awaits Reeves’ decision as Bitcoin recovers

Market analysts and crypto enthusiasts will be closely watching Reeves’ decision. With international criminals increasing their use of BTC, more crypto assets could come under government control.

Bitcoin has recovered from its recent dip and is trading above the $65,000 mark. In the past day, it has fallen to $63,246, reflecting the volatile market scenario. Its trading volume has also increased by over 14%, reaching $32 billion at the time of writing. It is currently trading at $66,340.

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