Hello and welcome to this week's edition of Overbit News. Bitcoin reached a high of $48,000 over the weekend, its highest level since May, but lost some of those gains on Monday.
According to CoinMarketCap, which analyses digital coin values, the value of the whole cryptocurrency market surpassed $2 trillion on Saturday for the first time since mid-May. This bitcoin rebound comes after a sharp dip in June and July when it fell below $30,000 after reaching a record high of more than $64,000 in April.
"I do believe this is the result of massive accumulation" when bitcoin was trading around $29,000 to $30,000, according to Vijay Ayyar, head of business development at cryptocurrency exchange Luno.
All in all, there is certainly cause for celebration in the cryptocurrency markets. Many called for doom as the markets hovered near its last must-hold support, and since then, Bitcoin is up 50%, with many coins showing even stronger bounces. However, as many like to say, as we are rapidly approaching significant resistances, crypto markets are not out of the woods yet.
Luno's Ayyar said bitcoin is approaching resistance levels between $48,000 and $50,000. "I wouldn't expect bitcoin to run through in one shot," Ayyar said, adding that if it does break that level of resistance, then the digital coin is "Definitely looking to go back to all-time highs."
Luno's Ayyar is far from the only one calling for a cooldown or retracement. CoinDesk's recent reporting shared a similar narrative, in which they examined a potential 'pause' on the ongoing rally, pointing to six consecutive weeks of outflows for cryptocurrency funds.
"Even though the trend has flipped bullish, a pullback is to be expected before continuation. This is because there has been declining volume with an increase in price," Marcus Sotiriou, a trader at the U.K.-based digital-asset broker GlobalBlock, wrote in an email to CoinDesk.
In the end, nothing in the markets is inevitable, so as we approach yet another decision point for cryptocurrency markets, now is as good a time as ever to evaluate one's bias and positions.
In our second story of the week, we'll look at Walmart's entrance into cryptocurrency. One of the world's largest corporations, Walmart Inc, is looking to employ a cryptocurrency expert to establish a blockchain strategy, joining a growing number of large firms investigating the potential of digital currencies like Bitcoin.
According to a job posting on the retail giant's website on Sunday, the position will be responsible for "developing the digital currency strategy and product roadmap" as well as identifying "crypto-related investment and partnerships."
The senior director will work out of Walmart's corporate headquarters in Bentonville, Arkansas. While Walmart's exact goals were not immediately apparent, the job description mentions a "broad set of payment options for its customers" both in stores and online.
Walmart's recruitment attempt comes several weeks after a similar job ad by rival Amazon.com Inc., hinting that the largest retailers in the United States may soon allow consumers to pay with cryptocurrency.
It is evident that the race for crypto dominance has begun, and Overbit.com is here to provide you with the freshest crypto news from across the world.