Market Analysis:
Bitcoin went full throttle last week, nuking major resistance at $6400 and marching ahead. The asset made 2019 high of $7521(exchanges price may vary depending on premium/discount) and remained strong throughout the week. The move looked more like a short squeeze since short positions have been piling up since mid-April. Adding to the fear last month was Bitfinex-Tether controversy that further convinced the traders about short term weakness of Bitcoin. However, Binance hack proved out to be a blessing in disguise with the Bitconists not giving undue importance to the hack, ever since the exchange stated that funds are insured.
Overall Cryptocurrency market cap has exceeded $200 billion with Bitcoin dominance standing at 58.7% at the time of writing. As the price of the alts recede, traders might start siphoning funds in these assets thereby triggering alts rally. We are witnessing healthy pullback from the year high as of now in Bitcoin and expect the bullish momentum to continue. The weekly RSI has charted its course in the overbought zone negating the Parabolic price action for now.
Closing the week above $7100 would be significant for Bitcoin and in case of retracement, level of $6400 should as a strong support.
Weekly Growth Blockchain Wallet Users
Weekly Gainers & Losers
Major Developments this Week
-> Bitcoin— Bitcoin remained in news majorly for its price action rather than any fundamental build-up throughout the last week.
-> Ethereum — Mike Novogratz of Galaxy Digital stated during the Ethereal summit in New York that Ethereum can dominate web 3.0 outpacing Bitcoin. In a separate development, Ethereum is planning to allocate $30 million over the next year to push ahead the development of Dapps.
-> Ripple — Ripple XCurrent 4.0 went live last week enabling the customers to integrate XRP powered XRapid payment system. The integration is aimed towards offering liquidity to the banks and financial institutions. Further, Ripple has won 2019 Marketers that matter award for “Transformation Journey” at Swell 2018 customer event. In another development, Xendpay, the international payments gateway partnered with Ripple for money transfer to Malaysia.
-> Ethereum Classic — Major exchange Binance announced listing additional pairs for ETC — ETC/USDC, ETC/PAX, ETC/TUSD
-> Bitcoin Cash — BCH turned out to be one of the best performing cryptos over the weekends. As the average transaction fee on Bitcoin surged, Bitcoin users could have preferred BCH where the average fee was $0.0047 compared to around $2.47 for Bitcoin transactions
-> EOS — Ethereum co-founder Joseph Lubin targeted EOS stating that both TRON and EOS are classic cases of “fake it till they make it” and are not a serious competition to Ethereum.
-> DASH — The Dash Core group would launch Dash Ventures, a new decentralized investment scheme to invest in higher-risk opportunities. The new venture would allow the proposal owners to issue equity or other assets in consideration of the network funding.
-> TUSD — According to data from TokenAnalyst, there are currently there are 13,709 HODLers of TUSD.
Wider Market Update: Weekly News Analysis
-> Following unconfirmed reports of Facebook working on its own cryptocurrency, the social networking website has revoked the ban on cryptocurrency ads.
-> Belfast City Council is planning to launch its own incentive-based digital token towards the end of 2019. Named Belfast Coin, the crypto asset would be used to reward positive resident activities such as volunteering recycling and so on.
-> Crypto Traders from 35 major exchanges including Digital Galaxy Holdings and Cumberland Crypto unit discussed preparing a blacklist of counterparties who are involved in the suspicious activity.
-> FinCen has issued new guidelines suggesting that few Dapps could be considered as money transmitters under the Bank Secrecy Act and other relevant laws. As per the regulation, an entity designated as a money transmitter under FinCEN rules should be in line with AML and know-your-customer regulations.
-> TRON Chief technology officer Lucien Chen has walked out from the company citing disagreement over the ideological differences and friction with the CEO of TRON, Justin Sun.
-> Blockchain scaling solution BloXroute lab has raised over $10 million to date including seed investment from Pantera, Fenbushi, Coinsbase and others.
-> Merj, the only licensed security exchange in Seychelles will tokenize the ordinary shares of the companies for trading on the exchange.
Weekly Dapp Statistics
Fiat to Crypto Trade (in BTC)
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Exciting updates coming your way, stay tuned!