July 12 Bitcoin Weekly Report
#1. Bitcoin Weekly News Summary
El Salvador Move Could Strain Bitcoin Blockchain, JPMorgan Says
El Salvador’s declaration of Bitcoin as legal tender could create challenges for both the country and the cryptocurrency, according to a team from JPMorgan Chase & Co.
https://www.bloomberg.com/news/articles/2021-07-11/jpmorgan-says-el-salvador-move-could-strain-bitcoin-blockchainBinance Froze When Bitcoin Crashed. Now Users Want Their Money Back.
The world’s largest crypto exchange has no headquarters, making it difficult for disgruntled traders to complain about the May crash
https://www.wsj.com/articles/binance-froze-when-bitcoin-crashed-now-users-want-their-money-back-11626001202Apple cofounder Steve Wozniak: Bitcoin is better than gold, a miracle of technology
Apple co-founder Steve Wozniak is among a handful of global prominent voices backing Bitcoin and its future potential even as he himself is yet to invest in Bitcoin.
https://www.financialexpress.com/market/apple-cofounder-steve-wozniak-bitcoin-is-better-than-gold-a-miracle-of-technology/2288147/
#2. Bitcoin Open Interest at major exchange
Binance: It rose to $2.2 billion over the weekend, but has since fallen slightly, now around $2.1 billion.
BitMEX — It increased about $3,000 to $570 million.
bybit: There was volatility between $980 million and $950 million, and it is now about $960 million.
#3.Bitcoin Dominance
Bitcoin Dominance is about 44.5% similar to yesterday.
#4. Bitcoin Price and its correlations
Correlation
The value of correlation may vary from -1 to 1. The closer the value gets to 1, the higher the two assets are associated and moving in the same direction. When it is closer to -1, it is vice versa. Zero in value means there is no correlation at all.
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