Bitcoin's rise following markets; altcoins' progress

Bitcoin rose 1.4% on
Tuesday, ending the day around $41,300 and remaining near that mark on
Wednesday morning. Ethereum added 1.3% to $3080 in the last 24 hours, XRP
corrected 0.9% to 0.766, and other top ten altcoins gained 0.7% (BNB) to 4.9%
(Terra).

Total crypto market
capitalisation, according to CoinMarketCap, rose 1.3% overnight to $1.92
trillion. Bitcoin's dominance index was little changed, remaining at 41.0%. By
Wednesday, the Cryptocurrency Fear and Greed Index remained at 27 points
(fear). Bitcoin on Tuesday tested 8-day highs above $41,700 on the back of
rising US stock indices, which strengthened for a second straight day.

Correlation between
BTC and the Nasdaq Composite Index has been highest since July 2020

Terra (LUNA) gained
5.5 per cent as Terra USD (UST) moved up to third place in terms of
capitalisation among stablecoins.

Chamath Palihapitiya, CEO of Social Capital
and Virgin Galactic, said Solana (SOL) could capture market share in
traditional financial services by challenging Visa and Mastercard. SOL is up
4.6%. The creators of the largest anonymous cryptocurrency, Monero, have
confirmed that a 15th network hardfork is set for July 16.

Jack Mallers, CEO of
payment service Strike, said that bitcoin as a payment method is superior to
all other systems. Nevertheless, it is better not to spend BTC but invest in it
long-term. The US Secret Service's Office of Investigations (USSS) has
disclosed that since 2015 the service has seized more than $102 million in
digital assets from criminals.

The Financial Action
Task Force (FATF) believes that nearly half of the world's countries are not
complying with anti-money laundering and counter-terrorist financing (AML)
regulations. FATF has pledged to monitor member countries, including the US,
China and the European Union.

This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.