Market Analysis
The week have gone by remained sluggish with Bitcoin touching high of $10,683 and low of $9,165. However, the topmost cryptocurrency was able to hold the crucial support level of $9,111– 8,900. Although premature, Bitcoin not crossing below the said support level indicates that the fall has been arrested for now. Wild swings in Bitcoin as it moves higher was never ruled out and as we have been mentioning in our reports, every dip creates a good opportunity for accumulation. Drawing CVDD and Top price model on the chart suggests that the price is rising gradually and the positive trend would continue with minor hick-ups (historically 30% drag).
Last week, Bakkt started testing Bitcoin futures Contracts taking crypto market more mainstream. From the initial reports, it is believed that the full-blown version of the contracts would be launched in the running quarter that might be a key trigger to the Bitcoin price. A worrisome report however from The Block cited that Bakkt is still to get the approval of the New York Department of Financial Services. A major near term growth catalyst could be the rising another expected rate cut by the U.S. Central Bank and the rising fear of negative interest rate in the European region. Starting fresh week, most of the top 10 tokens are in green staging slight recovery from last week’s drop. Overall, Bitcoin remains in the positive zone unless it holds the above-mentioned support levels.
Weekly Growth Blockchain Wallet Users
Weekly Gainers & Losers
Major Developments this Week
Bitcoin — Fuelling the mainstream adoption, Richmond Hill in Canada has allowed the citizens to pay taxes in Bitcoin. In yet another major development Norwegian Air is also considering accepting Bitcoins.
Ethereum — Fundament Group secured the approval from the German Federal Financial Supervisory Authority to launch an Ethereum based real-estate bond for security issuance. In a separate report, Longhash expressed concerns over Ethereum’s declining Hash rate which makes it vulnerable to a 51% attack.
Ripple — CoinGecko in its second-quarter 2019 report mentioned that the market dominance of Ripple has dropped dramatically from 9.8% in the first quarter to 5.7% in the second quarter. The drop was witnessed despite Ripple’s increasing partnerships with mainstream companies.
Litecoin — As Litecoin halving event nears, Instamine controversy has resurfaced with Charlie Lee targeting Dash with a Tweet only to delete it later.
NEO — NEO has officially launched the ECO-Boost program wherein $100 million would be invested to support Daap development.
Wider Market Update: Weekly News Analysis
-> Blockchain security firm BitGo and Digital Identity start-up Civic have joined hands to develop a new wallet using multi-sig technology.
-> New York State Department of Financial Services has launched the Research and Innovation Division. Among other roles, RID would be responsible for licensing and supervision of all cryptocurrencies business in the State.
-> Ripple partnered with Currency bird, a Chile-based remittance company expanding its offering in South America.
-> Brazilian City of Fortaleza stated that Bitcoin payment option would be integrated into the City’s autonomous ticketing app before the end of 2019.
-> Cardano founder Charles Hoskinson stated that the emergence of Facebook Libra is ‘Sputnik Moment’ for the Cryptocurrency space.
-> The United States prosecutors have filed $100 million lawsuits against now-defunct exchange BTC-e and its suspected operator Alexander Vinnik.
-> Often touted as a simple platform Robinhood admitted that it stored the users’ password in plain text i.e. unencrypted.
-> Busan got the approval from the South Korean Government for the designation of regulation-free Blockchain zone.
Weekly Dapp Statistics
Fiat to Crypto Trade
Disclaimer
Every effort is made to provide accurate information in this newsletter. However, XDAT cannot guarantee that there will be no errors. XDAT makes no claims, promises or guarantees about the accuracy, completeness or adequacy of contents herein and liabilities for errors and omissions. Information provided in this correspondence is intended solely for information purposes and is obtained from sources believed to be reliable. XDAT is not responsible for any losses incurred as a result of using any information contained here. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Any third party opinions, links, news, research, analysis, prices, or other information contained in this newsletter are provided as such as general market commentary and do not constitute investment advice.
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