Cryptocurrency Week In Review: July 21, 2018

Cryptocurrency Week In Review: July 21, 2018

Analysis News
July 21, 2018 by Henrik Bliss
1557
North or south where is the cryptocurrency market headed? A major boost this week saw significant price rallies in the cryptocurrency market as the total market cap rose to a 4-week high of $300 billion on July 18 before declining back by $10 billion on Friday. The BTC/USD surged above $7,000 on July 17th, sparking
SPOTLIGHT

North or south where is the cryptocurrency market headed?

A major boost this week saw significant price rallies in the cryptocurrency market as the total market cap rose to a 4-week high of $300 billion on July 18 before declining back by $10 billion on Friday.

The BTC/USD surged above $7,000 on July 17th, sparking fresh enthusiasm after a few months of declines amid low volatility. However, further resistance awaited the leading cryptocurrency as it looked to break above $7,500 levels.

Bitcoin saw a growth of over 17% during the week, the highest it has recorded in the past few months. The BTC market dominance surged over 45% as its market cap reached a 3-week high of $128 billion.

Excluding Ripple and IOTA, all cryptocurrencies in the top ten have seen gains of at least 5% in the past 7 days, with Stellar and Cardano recording the biggest gains of 38% and 20% respectively.

Weekly Price Pointers: (Source: Zebpay * S – Support, R – Resistance*)

In the top 100, few coins saw a growth of more than 40%, particularly KIN Token which stumbled back to life this week with a rise over 56% after experiencing several months of stunted growth. The cryptocurrency is beginning to record daily trade volume in million dollars again, with its market cap rising to $144 million. Dogecoin and MOAC are also one of the biggest gainers this week in the top 100 with gains of 46% and 43% respectively.

TOP GAINERS AND LOSERS (SEVEN DAYS)

(All data were taken from the Bitzamp Digital Asset Index)

As several analysts have noted, the recent surge in prices was triggered by the anticipation of a possible introduction of Bitcoin Exchange-Traded Fund (ETF) in the financial market, and also reports that the largest asset management company BlackRock is eyeing a move into the crypto market. Other analysts pointed out a short squeeze: some traders have been caught in short positions for too long, and as prices stabilized, they were forced to exit, sparking a rally.


However, BlackRock officials denied the report saying the firm was mainly focused on blockchain, the technology underpinning cryptocurrencies.

Also, the anticipation of a Bitcoin ETF is at its nascent stage and so, the guarantee of the launch of ETF based on cryptocurrencies is too early to be decided upon. Here’s a glimpse of the major stories that broke out in the crypto industry this week:

CoinMarketCap Removes Volume Requirement for Listing Crypto Exchanges: Following reports of trade volume manipulation by several cryptocurrency exchanges, leading cryptocurrency data aggregation site CoinMarketCap.com has removed its $50,000 daily trade volume requirements for listing exchanges on the platform…

Mastercard Files New Patent to Link Crypto to Fiat Accounts: Multinational payments processor Mastercard is looking to speed up crypto transaction time with a new patent. On Tuesday, July 17, the United States Patent and Trademark Office approved a new patent filed by Mastercard for a method of linking public blockchain-based assets to fiat currency accounts…

IBM Backs New USD-Pegged Stablecoin: IBM, in partnership with StrongHold, is backing a new cryptocurrency pegged to the U.S. dollar. The tech giant has put its weight behind a so-called “stablecoin,” a digital token that is tied to an existing government-backed currency, in order to reduce the volatility associated with virtual currencies…

JPMorgan Bullish on Bitcoin, Litecoin, and Four Others, Says Cryptos Are Here to Stay: Multinational banking giants JPMorgan Chase is betting on six cryptocurrencies: Bitcoin, Ethereum, Ripple, Dash, Cardano and Litecoin to survive in the long term. The bank made this prediction in a recently published internal financial report…

Bank of Israel Deputy Governor Bullish On Blockchain, Says Cryptos Can Assist Financial System: Cryptocurrencies have the potential to contribute to the monetary and financial system in the long term, according to Isreal’s Central Bank deputy governor. Speaking at the Bit2c Crypto Conference on Thursday, Dr. Bodo-Trachtenberg, Deputy Governor of the Bank of Israel emphasized the value that giving users control over their financial data and technological decentralization as the main motivating factors that would lead Israel to adopt blockchain technology in their central banking operations…

RBI’s Crypto Ban: Final Hearing Postponed to September: The long-awaited judgment on the petition against the Reserve Bank of India (RBI) has been pushed from July 20 to September 11, 2018, as the final date for disposal of the case…

Russian Lawmakers to Introduce Legislation on Cryptocurrency Trading Later this Year: Chairman of the Russian State Duma Committee on Financial Markets, Anatololy Aksakov, has revealed that the lawmakers are looking to pass the bill on crypto regulation in the State Duma’s autumn session. According to local news outlet Izvestiya, all cryptocurrency transactions including mining in Russia will be regulated under the Internal Revenue Code…

Global Financial Regulator Publishes New Framework to Track Crypto Markets: The Financial Stability Board (FSB), an international body monitoring the global financial system, has published a framework to monitor the implications of crypto-assets on financial stability. In the report titled “Crypto-assets: Report to the G20 on the work of the FSB and standard-setting bodies”, the FSB sets out the metrics it intends to use in monitoring cryptocurrency markets as part of its efforts to assess the vulnerabilities of the financial system…

Australia’s First Cryptocurrency Vault to be Launched: Decentralised Capital has become the first company in Australia to launch a so-called cryptocurrency vault for long-term cold storage. This would be the first ever cold storage vault of its kind to store digital assets in the nation…

SBI-Backed Crypto Exchange is Now Open to the Public: After months of delay, the Japanese financial giant SBI Holdings has officially announced that the world’s first bank-backed cryptocurrency exchange is now open to the public. Earlier this year, SBI holdings launched its crypto trading platform, VCTRADE. At that time the trading service was only available to pre-registered users…

Japan’s Chat Giant Line Launches BITBOX Exchange in Singapore: Line Corp., announced the launch of its cryptocurrency exchange BITBOX in Singapore. The trading platform has been live since early morning UTC on Monday and offers only crypto trading…

Binance Made Half a Billion USD Profit in Its First Trading Year: Leading cryptocurrency exchange Binance has successfully completed its first full year of trading this month, acquiring a profit of over $500 million in the process…

Bithumb Announce Expansion to Japan and Thailand: Major South Korean cryptocurrency exchange Bithumb is expanding into Japan and Thailand and is currently working on obtaining regulatory approval in these jurisdictions. The company has already set up a Thai subsidiary, Bithumb (Thailand) Company Limited, with registered capital of 3 million baht (approximately $90,000). It is now seeking approval from the Thai Securities and Exchange Commission (SEC) and plans to start its operations by the end of October…

Gulf Countries Will Use Stellar to Facilitate Cross-Border Payments: Blockchain project Stellar has become the first distributed ledger technology (DLT) to receive a formal Sharia certification. The certification grants Stellar the eligibility to enter the remittance market in the Gulf region…

Ledger Hardware Wallet Adds Tron and Zcoin Support: Cryptocurrency hardware wallet Ledger Nano S has officially announced support for Tron (TRX) and Zcoin (ZXC). In a Twitter post on Wednesday, Ledger said both TRX and XZC are now available on Ledger Live and users can start sending and receiving the cryptocurrencies…

John McAfee: “The Bull Market Is Coming” Get Prepared for a Volcanic Eruption: Cybersecurity legend and crypto pundit John McAfee has made a strong comment regarding the future of bitcoin, saying that the bull market is coming and that it will be like the explosion of a Volcano…

Crypto Market Will ‘Run in Circles’ without Institutional Investors, Says Former Hedge Fund Manager Mike Novogratz: Even though cryptocurrency has seen a surge in public and government interest since the start of the year, Hedge fund billionaire Mike Novogratz believes the market will continue to run in circles without institutional investors. According to him, it will take five to six years before cryptocurrency and blockchain gain mass adoption…

Citadel Hedge Funds Founder Advice Millennials to Avoid Cryptocurrency Investments: Founder and CEO of Citadel hedge funds Ken Griffin have reiterated his negative stance on Bitcoin, advising the youth population to do something more productive than invest in digital currencies…

Indian Bitcoin Ponzi Mastermind Offers to Compensate Victims: The arrested Ponzi scheme kingpin behind India’s biggest cryptocurrency scam, Amit Bhardwaj, has now offered to pay back thousands of investors their initial investments in Indian rupees. Zebpay, one of the largest cryptocurrency exchanges in India, was asked to help investigate the matter…

 

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