At the beginning of July, Bitcoin still struggles to break the psychological barrier of $10000, fluctuating around ($9240 on July 1; $9256 on July, 14) with a peak on July, 8 with $9435).
Despite the price being stuck below $10000, in the second decade of July, BTC mining difficulty skyrocketed from the previous record of 15.78 trillion to a new all-time high of 17.35 trillion on July 14.
Another record was beaten by Stablecoin Supply Ratio (SSR) that indicates stablecoins buying power. As for now, SSR is around 15, which means that all stablecoins can buy around 1/15 of BTC. Some experts interpret low SSR as a sign of an upcoming bullish market but other factors might overshine it, add Nominex experts.
In the meantime, the physical Gold outperforms the digital one or Bitcoin. Gold has reached its nine-year high in the first half of July, which indicates the growth of interest in alternatives for commodities and fiat currencies.
Chainlink once again hit its record-high price
Just before mid July, the growing interest in Decentralized Finance (DeFi) led to LINK hitting a new all-time high of $8.40. Since July 1, Chainlink token has grown 72% from $4.62 on July 1 to $7.99 on July 15. Since the beginning of the year, it has grown more than 9x.
As a result, LINK has beaten such currencies like EOS and climbed to top 10 cryptocurrencies by market capitalization, according to Coinmarketcap (#8 with $2.8 billion on July 15).
The LINK bull run can result in optimism around other altcoins, amidst relatively low volatility of the main cryptocurrencies, shared the Nominex experts.
Additionally, in July new social media startup Revolution Populi revealed goals to grow as competitors to Facebook and Twitter within the Chainlink ecosystem, adding to the list of ambitious projects at the platform.
G20 prepares the ground for payment providers to accept BTC as a form of payment
Members of G20 countries are reportedly preparing to discuss the framework for digital currencies usage as a form of payment, during the upcoming meeting in Washington this fall.
The ongoing legislative work in the EU and other countries lead to some payment providers to soften their stance on cryptocurrencies. One example is the online payments giant PayPal, that currently prohibits any transactions with Bitcoins.
In July, the company representatives confirmed that PayPal is working on integrating Bitcoin payments into the service with a goal to further “democratize access to financial services”.
In the meantime, Revolut partnered with Paxos to widen its cryptocurrency features further into the US.
Bitcoin becomes Sharia-compliant or new Sukuk
This July, the Shariah Advisory Council of the Securities Commission Malaysia (SC) has ruled that Muslims are permitted to “invest and trade in digital currencies and tokens on registered digital asset exchanges”.
With over 19 million Malaysians being Muslim, experts predict the growth of the interest to Bitcoin and other cryptocurrencies in the region, that might also spill over to other regions, where Sharia-compliance is relevant.
Discovery Channels airs documentary series on crypto
Discovery Science aired the “Open Source Money” documentary to millions of viewers on July 4. The documentary series reveals the stories behind the cryptocurrency markets and blockchain technology with a focus on Dragonchain’s ICO.
The episodes feature such blockchain stars as Anthony Di Iorio, co-founder of Ethereum, Joe Roets, Founder of Dragonchain, Perianne Boring, founder of the Digital Chamber of Commerce. The new episode airs each Saturday.