Pierce to Revive Mt. Gox, Bitcoin Survives Recent Drags

Even in the face of some high-profile opposition, cryptocurrency prices continue to rise, GlobalBlock sales trader Alexandra Clark said in her latest research note.

While recent commentary from Janet Yellen and Elizabeth Warren was negative, Bitcoin reached a high north of $40,000 July 27. While the news that Amazon denied plans to accept crypto payments served as a bit of a drag, Bitcoin is taking at shot at breaking past the $40,550 resistance area. Technical indicators are bullish, with Bitcoin’s price breaking above the 200-day EMA, the RSI crossing above 70 and the Stochastic oscillator making a bullish cross, although it has yet to cross the 200-day SMA. Should that SMA cross occur, that could prove to investors that the bulls are driving the train.

During this bounce back more than $1 billion of short crypto positions have been liquidated. Bitcoin’s dominance nears 50 per cent, which is still far off its early January 73.68 per cent peak.

Count VeChain as one of the beneficiaries of the market recovery. Stronger price action today suggests solid price bookings were done earlier this week. As it moves to $.10 investors will be tempted to opt in.

The other top performers are Dogecoin, Cardano, Bitcoin Cash, and Wrapped Bitcoin,” Clark said. “This strong performance is mostly because of the overall positive sentiment in the digital currencies space with the crypto fear and greed index rising to 24, which is above last week’s low of 10.”

Brock Pierce plans to resurrect Mt. Gox and repay its 24,000 victims using its bankruptcy trust and building a new entity. It is believed debts could be repaid in three to five years but if a majority of creditors join a creditor committee it could be solved in one year. Pierce’s plans also include developing a Gox Coin which provides original creditors with a stake in the new firm.

After failing to meet United Kingdom anti-money laundering requirements, Binance plans to become a fully regulated financial institution. The CEO said he is willing to step down in favor of a compliance expert.

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