Daily Breakdown - July 31, 2021

Bullish breakdown:

• Bullish Against All Odds Bitcoin Breaks $40K. The first cryptocurrency even managed to break above $42,000, in its most solid attempt to reclaim new highs since May’s crash. source

• The crypto market cap is back above $1.6 trillion for the first time since mid-June as bitcoin reached its highest price line since May. source

• German law allowing institutional funds to hold crypto comes into effect Aug. 2. source

• Mastercard CEO Michael Miebach said in an earnings call that it is important for the company to be in the cryptocurrency space. source

• MicroStrategy Secures A Whopping $1.4 Billion In Bitcoin Gains – Not Dumping Anytime Soon. source

• After Rejecting Bitcoin ETFs, Former SEC Chair Clayton Joins Fight For Approval. source

• Wealthfront to Offer Cryptocurrency Exposure to its Clients Through Grayscale. source

• Asset management firm, GoldenTree, which currently handles over $41 billion in assets under management is reportedly buying bitcoin. source

Bearish breakdown:

• Central Bank of China Plans to Keep Regulatory Pressure on Crypto Industry. source

• The US government aims to partially cover the cost of a massive infrastructure bill by taxing crypto companies.

• Traders forecast $3K Ethereum price but derivatives data suggests otherwise. source

• Ethereum London Hard Fork to Make Some Tokens Worthless. source

Bitcoin is above 40k and I'm hoping that it can hold above it for a few days. Retail investors are still not confident, but one thing's for certain: with big price moves comes a new wave of FOMO. Above presented is both sides of the coin. Long live the bulls!