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Bitcoin and Ethereum are pumping, Celsius has reportedly repaid its BTC loan, and most top coins are having a good day. That’s it, bear market’s officially over, up only from here.

Sorry, getting carried away there – haven’t seen a crypto green day quite like this one for a bit (although yesterday wasn’t too bad, either).

celsius bitcoin loan
Source: Coin360.com

Just a relief-rally pump? Possibly. With the next lot of US inflation data looming on July 13 and many experts predicting another 75bp rate hike from the Fed, there’s no way the flat-to-bearish-downtrend outlook can be discounted yet.

That said, at least one prominent US financial analyst is seeing an orange-hued light at the end of what’s been a pretty dank, miserable, over-leveraged tunnel so far this year.

Mike McGlone, the senior commodity strategist over at Bloomberg reckons the following…

Elaborating further in a separate tweet, the analyst also noted: “With the Bloomberg Galaxy Crypto Index nearing a similar drawdown as the 2018 bottom and Bitcoin’s discount to its 50- and 100-week moving averages similar to past foundations, risk vs reward is tilting toward responsive investors in 2H”.

Translation on both of those tweets… Bitcoin could rebound spectacularly well in the second half of this year. And the good news for that particular thesis is, we’re now in the second half of this year.

Well, that’s one expert’s opinion – and it’s a hopium-filled one for the crypto-hodling faithful. There are still plenty of prominent bearish voices hanging around Twitter, attempting to keep it real and calling for a $10k Bitcoin as the “generational bottom”.

 

Celsius pays off Maker protocol Bitcoin loan

There’s news circulating today that the recently embattled crypto lender Celsius Network – a prominent crypto contagion story – has now fully paid back its large Bitcoin loan from the Maker protocol, one of crypto’s biggest DeFi platforms.

This may be releasing some of the pressure on the market today… or it may have absolutely nothing to do with it. Either way, it’s at the very least good news for Maker. And Celsius, too – which has now been able to reclaim about US$440 million worth of collateral/liquidity.

Not everyone is overly enthused about the news, though…

Just a reminder, in case you’d forgotten, Celsius halted all customer withdrawals and transactions on June 12 to avoid a death spiral situation with a run on its deposits.

 

Top 10 overview

With the overall crypto market cap up 3.5% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

celsius bitcoin loan

Ethereum (ETH) is the biggest daily winner in the majors today. With the successful launch of its “Sepolia” testnet, the leading smart contract blockchain moved one step closer to its “Merge” event yesterday – the move to shift consensus model from proof of work, to proof of stake.

The community seems excited. This bloke even wrote a near 9-minute song about it. That said, he does write a song a day…

Meanwhile, for good measure, here are a couple more go-to Twitter-based analytical voices on the market, specifically Bitcoin.

One for the short-term bulls…

… and one playing for the Bears…

 

Uppers and downers: 11–100

Sweeping a market-cap range of about US$8 billion to about US$400 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

DAILY PUMPERS

• Aave (AAVE), (market cap: US$969 million) +14%

• Internet Computer (ICP), (mc: US$1.49 billion) +11%

• THORChain (RUNE), (mc: US$712 million) +9%

• Convex Finance (CVX), (mc: US$401 million) +9%

• Avalanche (AVAX), (mc: US$5.6 billion) +8%

 

DAILY SLUMPERS 

At the time of writing, these are the only five coins in the top 100 letting the side down and slipping into the red. Not by much, though…

• Tenset (10SET), (market cap: US$769 million) -3%

• Tether Gold (XAUT), (mc: US$436 million) -1%

• eCash (XEC), (mc: US$812 million) -1%

• Arweave (AR), (mc: US$584 million) -1%

• Evmos (EVMOS), (mc: US$555 million) -1%

 

Around the blocks

To finish, a selection of randomness that stuck with us on our daily journey through the Crypto/financial Twitterverse.

The president of El Salvador’s latest tweet for gold bug and Bitcoin hater Peter Schiff is pretty to the point…

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