Market Analysis
Bitcoin remained range — bound throughout last week, however sustaining well above its crucial support level of $10,500. Last week, the price action formed Doji, indicating weakness in the momentum. However, last week’s candle did not confirm the trend reversal and traders pretty much remained hooked to $10,900– $12,000 range. Further, according to 4 hours time frame, level of $11,500 remains a crucial resistance for Bitcoin. A break above the same should take the price higher.
Throughout the last week, price increased gradually on decent volume signalling the underlying positive sentiment. Major technical analysts in the space remained divided but most of them were inclined towards the positive momentum. At the time of writing, Bitcoin dominance remains at 62.2% not leaving much room for the altcoins to push the prices higher. While second largest Crypto asset by market capitalization Etheruem could not break above the resistance of $310, positive momentum in other major coins like Ripple and Litecoin also faded away.
Crypto enthusiasts welcomed the nomination of Christine Lagarde as the new ECB chief replacing Mario Draghi. Lagarde is known for her positive outlook towards cryptocurrency in general, especially settlement tokens like XRP and JPM coin. In all, the week went by remained sluggish with a bend towards positive momentum. Going ahead, traders should look out for support level of $10,500 and resistance level of $11,500 followed by $11,800.
Weekly Growth Blockchain Wallet Users
Weekly Gainers & Losers
Major Developments this Week
-> Bitcoin — In a first, London Block Exchange and Argento came together to develop zero fiat Bond denominated in Bitcoin.
-> Ethereum — A new Ethereum mixer, Heiswap was built by Kendrick Tan who took cues from Vitalik Butterin’s minimal design specifications.
-> Ripple — Ripple surged after an old blog from American Express surfaced mentioning Ripple for the International Settlement.
-> Litecoin — Litecoin becomes eligible for payment at almost 39,250 locations after Flexa, a blockchain startup announced integration over its platform.
-> Ethereum Classic — No major update was reported in the token last week.
-> Bitcoin Cash — Fintech firm Amun AG announced the launch of the first Bitcoin Cash exchange-traded product on the Switzerland based stock exchange Six. n another development, Scottish brewery Brewdog stated that people can invest in the company through BCH and other tokens.
-> EOS — MinerGate announced that they have become major EOS block producer.
-> TUSD — No major update was reported in the token last week.
Wider Market Update: Weekly News Analysis
-> Prime Factor Capital received approval from the Financial Conduct Authority to manage the first Crypto Hedge Fund.
-> In one of the biggest deals in the crypto space, Tezos clutched a billion dollar deal with Brazil’s Banco BTG Pactual S.A. to launch security token offerings on its blockchain.
-> United Nations has proposed implementation of Blockchain technology in Afghanistan under “City All” project.
-> Popular Ethereum Wallet, MetaMask stated that it would release the mobile platform for Android and iOS on July 22, 2019.
-> Malaysia Capital market regulator has ordered all the unregistered crypto exchanges doing business in the country to shut down the operations and refund the users. Three registered crypto exchanges in Malaysia are Luno Malaysia, Sinegy technology and Tokenize technology.
-> Indian National Police Academy has launched a cryptocurrency course for the high ranking police officers to educate them about law enforcement.
-> A report by Finance Magnate Intelligence revealed that Chinese crypto traders lead in making the transactions, registering the highest monthly activity 60% of the time during the last ten months.
Weekly Dapp Statistics
Fiat to Crypto Trade
