Tuesday Tussle — July 21

Chart of the Day

Tuesday Tussle. With prices swinging back below $30k for the third time in two months doesn’t quite present Bitcoin in a favorable light. However, with major cryptos seeing red for the past consecutive days, Bitcoin’s downward trend is merely symptomatic of the markets drifting with the tide in an environment where volume and volatility continue to spiral down neck-to-neck. Notwithstanding turmoils in broader markets, the upside remains that the majority of long-term BTC holders are still “in the money”, while Ether holding above the crucial support barrier near $1,670, a price wall where $9 million worth of Ether were bought, presents a good chance for bouncing back.

Talk of the Town

Voila. Stablecoin issuer Circle revealed the sources behind what’s underpinning USDC in a blog post on Tuesday. In a new attestation report published on Friday, Circle’s accountants verified that Circle’s total assets equated to $1 for every USDC in circulation, with 61% of USDC’s reserves held in cash and cash equivalents. The new attestation is part of the company’s effort to become more transparent, particularly after being tapped by Mastercard to facilitate crypto-to-fiat conversions in a pilot program that aims to enable customers to spend their crypto assets.