Cryptocurrency Week in Review: July 14, 2018
The cryptocurrency markets have reversed from their past week upswing in which major coins consolidated gains first claimed in a late June rebound. The downward trend follows a selloff which started on Tuesday and continued through Thursday, the market saw a minor swing upwards in early Friday but lasted only a few hours as the dip continued for major coins soon after.
Bitcoin having moved over the descending channel and the 20 day EMA last weekend, failed to gain further momentum and the rally got washed out in another week. The leading cryptocurrency is currently under bearish zone having shed over 6% in the past 7 days.
BTC, having exposed itself to testing lower levels of $6,000 can revisit newer lows if that support is broken. The strongest of support lies between $5,350 and $4,700 with the latter being a stronger representing the 100-week MA. The cryptocurrency is currently trading at $6,238.41 with a 0.34% drop in the 24 hours. In order to gain any mid-term bullish momentum, BTC has to crossover $7,000 resistance.
The top altcoin Ethereum is trading around $434 at press time, down over 8% on the week. Like Bitcoin, ETH still looks under bearish zone despite managing to defend its immediate support of $410 over the week. At present, ETH will gain momentum only if the 20-day EMA is crossed over. On upper levels, ETH finds resistance at $485, $550 and $635 whereas on the bottom side, the support lies at $410 and $355.
Among the top ten cryptocurrency, EOS has recorded the highest loss, having shed more than 20% of its value over the week. The altcoin has dropped again to a 3-month low at $6.50 as at press time. Meanwhile, few cryptocurrencies in the top 100 listed on Coinmarketcap have seen a growth over 10% in the week: Basic Attention Token (22.81%), Kucoin Shares (22.25%), TenX (21.37%), and Mithril (11.56%).
Weekly Price Pointers:
(Source: Zebpay * S – Support, R – Resistance*)
Total market capitalization of all cryptocurrencies is now at around $248 billion at press time, down over $20 billion since the market descent that began July 10. The markets are nonetheless holding over $10 billion above their monthly low in late June, which saw total market cap shrink to $232.6 billion.
(All data were taken from the Bitzamp Digital Asset Index)
News Spotlight: Crypto Week in Review
Bancor Hack Update: Stolen BNT Tokens froze, $13.5 Mln worth of Crypto Still Missing: Swiss decentralized crypto exchange and token generation platform, Bancor, has reportedly lost $13.5 million worth of cryptocurrency to hackers. On Monday morning, Bancor shut down its network due to “security breach”. Before it announced the attack, Bancor said it halted its Web App while it was undergoing an unplanned maintenance..
CBOE Files New Bitcoin ETF Licence Application with SEC: The U.S. Securities Exchange Commission (SEC) has received an application for a Bitcoin ETF license from CBOE Global Markets. Although the U.S. regulator has historically taken a hard stance on crypto-backed funds, other applications have unfortunately not been approved, but a Bitcoin ETF seems to have a better chance of success..
Expert Bets $8.5M on Bitcoin to Surpass Berkshire Hathaway in 2023: On Wednesday, one of Australia’s leading bookmaker magnates, Tom Waterhouse, took to Twitter to reveal that a “well-known crypto expert” has placed a bet on Bitcoin surpassing the price of one share in Warren Buffett’s conglomerate company..
Google Co-founder Sergey Brin Says He is Mining Ethereum, Calls Crypto a “Technological Renaissance”: Sergey Brin, co-founder of search giants Google, has revealed that he is mining Ether (ETH) along with his ten-year-old son. Though the tech mogul did not indicate if he or his son plays cryptokitties, he described the Zcash Zero-Knowledge (ZK) Proof as “mind-boggling”..
EURS: First Euro-Backed Stablecoin Launched By STATIS: Malta-based Financial Tokenization platform STATIS has launched the first Euro-pegged cryptocurrency. Dubbed EURS, the stablecoin aims to address the non-transparency issues inherent in existing fiat-backed cryptocurrencies such as the Tether USDT..
John McAfee Prepares For Legal Battle Against Crypto Exchange HitBTC: Cybersecurity pioneer and crypto fanatic John McAfee have declared his readiness to file legal charges against HITBTC after the exchange allegedly refused to yield to his complaints..
Vitalik Buterin Speaks Out Against Centralization in the Crypto Industry, Wants Exchanges to “Burn in Hell”: Centralization has been the subject of several heated discussions in the cryptocurrency ecosystem, and this time, Ethereum founder Vitalik Buterin has expressed grave concerns about the trend toward centralization of the crypto industry. Speaking to TechCrunch columnist Jon Evans at an event in Zug last week Vitalik said: “I definitely personally hope centralized exchanges burn in hell as much as possible”..
Binance Is On Track to Set Up First Community-Owned Bank in Malta: Leading cryptocurrency exchange Binance is reportedly backing plans to develop the first decentralized and community-owned bank in Malta. According to Bloomberg, Binance has acquired a 5 percent stake at a $155 million pre-money valuation alongside several other investors in the “Founders Bank”..
New York Approves New Energy Rates for Cryptocurrency Miners: The New York Public service commission has approved new electricity rates for the Massena Municipal Electric Department to be effective from July 17. The revised tariff plan will allow crypto miners and other high-density load customers to qualify for service under an individual service agreement..
Another Wild Price Speculation? Abra CEO Expects Bitcoin to Reach $50,000 in the Long Term: Bill Barhydt, CEO of cryptocurrency investment app Abra, has become the latest expert to strike a bullish prediction on Bitcoin price. In an interview with American technology news media Inverse, Barhydt said that the market could see Bitcoin test $50,000 over the “long-term”..
Sirin Labs to Launch $1000 Blockchain Smartphone in November: Isreali electronics manufacturer Sirin Labs has unveiled the final design of its blockchain smartphone, FINNEY which is expected to launch this fall..
Opera Becomes First Browser to Introduce a Built-in Crypto Wallet on Android: Opera has become the very first mainstream browser to implement a built-in digital wallet on Android. The next version will include a brand new storage solution for Ethereum, its tokens, and various collectibles. The company wants to assist its customers in managing their cryptocurrency via a built-in digital wallet on Android..
Litecoin Acquires Stake in German Bank through Strategic Partnership with Payments Processor TokenPay: Litecoin foundation has acquired a 9.9% stake in German WEG bank AG through a strategic partnership with cryptocurrency payments processor Token Pay..
US State Awards $738,000 to IBM for Blockchain Filing System: Just a week after landing a major contract with the Australian government, IBM has been awarded $738,000 by the US state of Delaware for the development of a blockchain filing system prototype..
New Study Finds that Only 44% of ICO Projects Survive After the First Four Months: More than half of cryptocurrency startups that raise money through token sales vanish within the first four months, according to a recent study by researchers at the Boston College..
Bitcoin’s Mainstream Adoption Could Come within 10 Years: Imperial College Research: The Imperial College London has published a new report stating that Bitcoin could be ready for mainstream adoption within a decade. In the report, entitled “Cryptocurrencies: Overcoming Barriers to Trust and Adoption”, Imperial College London’s Professor William Knottenbelt and Imperial College Business School’s Dr. Zeynup Gurguc suggested that while cryptocurrencies are already an effective store of value, their issues with scalability and volatility still needs to be addressed for them to go mainstream..
Crypto Debit Card Company Monaco Has Acquired Crypto.com in an Undisclosed Deal: Monaco – the cryptocurrency debit card company has bought the domain Crypto.com for an undisclosed amount. The domain attracted the boundless amount of interest from all over the world for quite a long time..
Philippines’ Central Bank Approves Two New Crypto Exchanges: The country now has five approved crypto exchanges. The two new exchanges join Betur Inc., the operator of Coins.ph, and Rebittance Inc., approved in September and October 2017, respectively, and BloomSolutions, approved in May 2018..
Binance Donates $1 Million to Assist Flood Victims in West Japan: The worlds leading cryptocurrency exchange Binance has announced a $1 million West Japan Disaster Relief Donation in support of residents hit by the recent floods..
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