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CryptoGlobe Weekly Summary - Issue #9

CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary
Cryptocurrency prices over the week, with Bitcoin ($BTC) now trading at $20,300 after moving as high as $22,000 before enduring a correction. While equities appear to have started recovering from the sell-off, in what may be a dead-cat bounce.
Nevertheless, over the past week, BTC is down 0.6%, while the stock markets benchmark index, the S&P 500, is up 0.21% after moving up 1% over the last 30 days. Gold is up 0.01% over the past week, and year-to-date is a top performer after dropping only 3.5% The S&P 500 is down 19.4% in the same period, while BTC has lost 57.3% of its value.
Meanwhile, CryptoCompare’s latest Asset Report has detailed that while the price of Bitcoin fell 37.4% in June to close the month at $19,908, its Lightning Network – which is its primary scaling solution – continued to see its capacity grow to stand at 3,962 BTC at the end of last month.
CryptoCompare’s report, which tracks price performance and on-chain metrics for five cryptoassets – Bitcoin, Ethereum, Cardano, XRP, and Solana – noted that over the last three months the cryptoassets covered in the report lost half of their value, with BTC being the top performer after losing 56.3% of its value, and Solana being hit the hardest, losing 72.5% of its value.

Bitcoin Could Be ‘One of the Greatest Bull Markets in History,’
Over the week, Bloomberg Intelligence analyst Mike McGlone has revealed he believes Bitcoin could be on track for “one of the greatest bull markets in history” based on a number of factors, or crypto could be a “failing experiment in the process of being made redundant.”
McGlone shared with his followers on social media that Bitcoin is nearing a “similar drawdown as the 2018 bottom,” which was the end of a year-long bear market that saw the price of the flagship cryptocurrency plunge from around $19,000 to $3,200. McGlone’s analysis was based on data from the Bloomberg Galaxy Crypto Index and the flagship cryptocurrency’s 50- and 100-week moving averages.
Mike McGlone
#Bitcoin could be one of the greatest bull markets in history at a relatively discounted price to start 2H. Or the crypto may be a failing experiment in the process of being made redundant, like #crudeoil. Our bias is Bitcoin adoption is more likely to continue rising
Taking the data into account and considering Bitcoin’s risk/reward ratio for investors in the second half of the year, McGlone suggested BTC is either on track for “one of the greatest bull markets in history” as it starts the second half of the year at a “relatively discounted price,” or could be a failing experiment in the process of being made redundant.
Bitcoin Price Could Explode Over 400% to $110,000 After Next Halving
A popular cryptocurrency analyst has suggested that over the next few years the price of the flagship cryptocurrency Bitcoin ($BTC) could explode by over 400% to trade at $110,000, based on the cryptocurrency’s performance and its next halving event.
The pseudonymous cryptocurrency trader known as Kaleo shared his thoughts on Bitcoin’s roadmap to a new all-time high with his over 520,000 followers on Twitter, noting that he expects BTC to trade sideways until the end of the year. Specifically, Kaleo sees Bitcoin trading between $16,000 and $30,000 until December.
By the end of the year, he sees the cryptocurrency price beak above its resistance to enter a “few months of rapid, overhyped growth in early 2023” that do not lead to a new all-time high, but instead could see BTC rise to around $50,000. This movement, the trader noted, “should have an associated mini alt season.”
By late 2024 or early 2025, the pseudonymous cryptocurrency strategist said, BTC will hit a new all-time high and reach six figures.
Cardano: AI-Based Price Prediction Model Expects $ADA to Reach $2.90 by September
An artificial intelligence-based price prediction model is suggesting that the price of Cardano’s native token ADA is going to surge to trade at $2.9 by September of this year, representing a 530% increase from the cryptocurrency’s current price.
According to NeuralProphet’s PyTorch-based price prediction algorithm, which uses an open-source machine learning framework, Cardano’s price could surge to $2.9 by September, before plunging to end the year trading at around $1.11. The $1.11 mark, it’s worth noting, still represents a 140% rise from ADA’s current $0.46 price tag.
The price prediction model uses data from 2017 and AI technology to determine where the cryptocurrency’s price is growing. The mode delivered somewhat accurate predictions from February 2021 until May 2022, when the Terra ecosystem collapsed and the crypto market entered a bear market.
XRP Ledger’s Latest Milestone Is ‘Actually Huge’, Says Legal Expert Jeremy Hogan
Legal expert Jeremy Hogan has noted that the XRP Ledger’s latest milestone is “actually huge” even though it initially does not sound like it. Commenting on XRP Ledger being used for Colombia’s land registry system, Hogan noted it’s a “perfect example of crypto utility.”
Earlier this week blockchain developer Peersyst Technology announced that in collaboration with Ripple, it inked a deal with the Colombian government to deploy the country’s national land registry on the XRP Ledger.
Hogan noted that the development is “actually huge” as it creates an immutable record of land registration that’s searchable, inherently trustworthy, and timestamped.
The legal expert added that currently, transferring land is accomplished through a complicated, time-consuming process in which buyers must be noted and the titles being transferred as well as the actual property must be described, with all of this information being kept in “some searchable manner by the local government.” What results is a complicated system for which the consequences of small errors “are catastrophic.”
As a result, land registration must be as accurate as it can, which means that Colombia’s land registry integration into the XRP Ledger is extremely important.
Attend GeckoCon 2022
Still around? CryptoGlobe is an official media partner of CoinGecko’s GeckoCon 2022, and will be present during the event. We’re hereby inviting our newsletter subscribers to join us there – for free!
To receive a 100% discount code on GeckoCon 2022 tickets, make sure you follow us on social media and send over a message sharing what you’d love to see on the CryptoGlobe newsletter. We’re sharing tickets with the most constructive feedback we receive.
We’ll be sharing additional tickets with newsletter subscribers in the near future.
What Else is Going On?
Justin Sun and TRON DAO Ready to Spend Billions to Save Crypto Industry | Cryptoglobe
Bitcoin ($BTC) Is in ‘A Deep Value Zone Here’, Says Investment Strategist Lyn Alden | Cryptoglobe
Fidelity Investments’ Director of Global Macro Explains Why “Bitcoin Is Cheap”, Says Ethereum “Could Be Close to a Bottom” | Cryptoglobe
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CryptoGlobe Weekly Summary
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