Market Analysis
Bitcoin witnessed a rollercoaster ride in the week gone by, touching $9000 within minutes but failing to sustain at that level. Retracement from the higher levels does not come as a surprise since weekly price crossed the upper band of the Bollinger Band. Another indicator 14 days RSI also crawled in the overbought zone, further indicating correction. Last week’s candle formed a Doji suggesting indecisiveness amongst the traders and usually the very next candle to Doji decides the trend. If the price breaks below $8300, next support is placed at $8160.
Among the top 10 altcoins, only Bitcoin SV and XRP are in green with rest following the Bitcoin trend. Macro factors, however, look good for Bitcoin with the institutional interest rising as indicated by the rising premium on GBTC. Further, the mining difficulty of Bitcoin rose to an all-time high last week, signalling the increasing number of transactions. Overall, the broader sentiments remain unchanged with positive traction witnessed from the big investors and institutions. The recent correction in price could present a good buying opportunity at the current levels.
Weekly Growth Blockchain Wallet Users
Weekly Gainers & Losers
Major Developments this Week
-> Bitcoin — Hashrate and per day transactions are growing consistently with Bitcoin recording all-time high mining difficulty.
-> Ethereum — Founder Vitalik Buterin talked about Beacon 2.0 suggesting few changes, focussing towards making dApps easier to deploy on the Blockchain.
-> Ripple — XRP Labs has introduced a mobile application with banking service based on XRP — Xign. In separate news, Ripple released 1 billion XRP from Escrow.
-> Ethereum Classic — The developers might decide to postpone the system-wide code upgrade, Atlantis pertaining to the indecisiveness on the content for the upgrade.
-> Bitcoin Cash — The token once found itself in hot water with just two BCH miners launching 51% attack on the Blockchain to undo a transaction.
-> EOS — EOS voters used their right to vote in favour of reducing the inflation rate from 5% to 1%. In a separate event, Dan Larimer, the chief technology officer at Block. One stated that EOS blockchain holds 60% of all the blockchain transactions.
-> TUSD — According to data from TokenAnalyst, there are currently there are 19,094 HODLers of TUSD.
Wider Market Update: Weekly News Analysis
-> JP Morgan announced that it would add privacy oriented feature on its Blockchain Quorum. The version would hide both the amount and the name of the sender.
-> Tokenized Group Pty announced the public release of the Tokenized protocol Beta on Bitcoin SV. the protocol would enable the creation of tokens for the real world asset on BSV
-> IoTa announced releasing the protocol upgrade — Coordinate to do away with the controversial security feature.
-> Crypto demand is increasing in the countries that are struck with high inflation. Over the past few months, the demand for Bitcoin in countries such as Venezuela and Turkey has surged massively.
-> Facebook is reportedly holding talks with CFTC on the future prospects of its native cryptocurrency dubbed as GlobalCoin.
-> Some Crypto enthusiasts with T-Mobile connections alleged that they have been a victim to SIM Swap recently.
-> The lending platform, Celsius network stated that they have serviced loans worth $1.2 Billion in 10 months and have deposits of over $200 million.
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 as investment advice.
None of the content published in this newsletter constitutes a recommendation that any particular cryptocurrency, portfolio of cryptocurrencies, transaction or investment strategy is suitable for any specific person. The services and content that we provide are solely for informational purposes. The generic market recommendations provided by XDAT are based solely on the judgment of its personnel and should be considered as such. You acknowledge that you shall enter into any transactions relying on your own judgment. Any market recommendations provided by us are generic only and may or may not be consistent with the market positions or intentions of our company and/or our affiliates.
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