Cryptocurrency Week in Review: July 28, 2018

Cryptocurrency Week in Review: July 28, 2018

Analysis News
July 28, 2018 by Ian Moore
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It has been a rollercoaster ride for the cryptocurrency market this week. First, the largest cryptocurrency by market capitalization pulled most the coins with it at the beginning of the week when it broke above the long-term critical resistance at $8,000. BTC/USD seemed stable above $8,200, but the bullish trend lost momentum on Friday pushing
SPOTLIGHT

It has been a rollercoaster ride for the cryptocurrency market this week. First, the largest cryptocurrency by market capitalization pulled most the coins with it at the beginning of the week when it broke above the long-term critical resistance at $8,000. BTC/USD seemed stable above $8,200, but the bullish trend lost momentum on Friday pushing Bitcoin below the trendline support as Bitzamp reported.


After losing over $14 billion on Friday, the cryptocurrency market is beginning to recover again as bitcoin Jumps back into the $8,000 level with more buyers seeking entry following the bears’ exhaustion. The cryptocurrency has gained over 3%in the past 24 hours and is currently trading at $8,187.86.

The top altcoin Ethereum tried to follow Bitcoin higher, but so far its dynamics falls behind that of the flagship. The cryptocurrency has been trading with modest gains through the week and managed to find some stabilization on Friday as it hit $483, its highest since July 18. ETH/USD is currently moving within an ascending channel, which is seen across a number of other altcoins. Ether has gained 1.49% in the last 24 hours to level at $470.37 as at press time.

The significant technical resistance for Ethereum is at the level of 482.00. The 50-DMA level, which is still limiting the growth impulse, goes along this same line. In case the cryptocurrency succeeds to break out this point and rise higher, the way to 500.00 and later to 515.00-516.00 will open. If Ethereum is not able to break out the indicated resistance effectively, the ambient background will compel investors to sell the cryptocurrency until the price goes down to 460.00 – the area of intermediate support. The key support level for Ethereum is at 421.00.

One fundamental information important for Ethereum that investors should pay attention to is the announcement of the creation of MyEtherWallet mobile app (a wallet for cryptocurrencies). Cryptocurrency on your smartphone screen is a new and productive step forward, which certainly is positive for virtual currencies on the whole and for Ethereum in particular. MEW Connect app reportedly has been created in order to significantly simplify the use of a wallet, as well as, to solve several security issues at the same time.

Among the top ten cryptocurrencies, Stellar Lumens (XLM) has recorded the highest growth following the flow of positive fundamental news for the Stellar project throughout the week. The coin has gained over 70% from the recent low reached at $0.18 on July 12. On a daily basis, XLM gained over 13.5% to leapfrog past Litecoin into the 6th place in the rating of the top largest digital coins by market value. The XLM/USD pair is currently trading at the $0.32 levels.

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

Public Sentiment Affects Bitcoin Price As SEC Rejects Second Winklevoss’s Bitcoin ETF Proposal: The bitcoin market suffered a setback on Friday as the US Securities and Exchange Commision (SEC) rejected the application for bitcoin-related exchange-traded-fund submitted by Cameron and Tyler Winklevoss. That was their second attempt to create the first ETF tied to the digital coin; however, the regulator expressed concerns related to liquidity and custody issues…

Google Play Officially Bans Cryptocurrency Miners: In its updated Play Store developer policy, Google says it will no longer allow cryptocurrency mining apps in the Android play store…

Iran Mulls ‘Indigenous’ Cryptocurrency As US Sanction Looms: The Iranian government is reportedly planning to issue its own cryptocurrency as a way to bypass the new economic sanctions enacted by U.S. President Donald Trump…

South Korean Lawmakers Speeds Up Adoption of Crypto Regulation: South Korean government and local financial authorities are in a hurry to pass cryptocurrency and blockchain legislation with the aim to oversee and regulate the industry and prevent fraud.

G20 Calls For Vigilant Monitoring of the Cryptocurrency Market: The just-concluded G20 summit which was held last week released a report which included an official opinion on vigilant monitoring over cryptocurrency…

‘Agreements Network’: Law Firms Team Up to Launch Legal Services Platform on Ethereum: A number of Law firms are partnering with blockchain startups to develop a legal services platform on the Ethereum blockchain…

Chinese City Nanjing Launches $1.5 Billion Blockchain Fund: Nanjing, the capital of the Chinese province of Jiangsu, has launched a CNH 10 billion (USD 1.48 billion) blockchain investment fund to promote the token economy and public blockchain projects.

CME Group Reports Significant Surge in BTC Futures Volume as Price Breaks Above $8k for the First Time in Two Months: CME Group, the first company to offer Bitcoin futures trading, has recently reported that the average daily trading volumes are up 93% and open interest surpassed 2,400 contracts, a 58% increase. This comes as the underlying price hits $8,000 this week after months of disappointing lows…

China’s IT Ministry Publishes 3rd Public Blockchain Ratings, EOS Takes the First Position for the 2nd Month in a Row: The Chinese IT ministry has released its third ranking of cryptocurrency projects. Out of 31 projects, EOS remains at the top of the list while both Bitcoin and Bitcoin Cash saw slight improvements from the previous month…

TRON’s Userbase Grows By 100 Million Following BitTorrent Acquisition: BitTorrent, a Peer-to-peer file sharing (P2P) protocol, is now officially part of the Tron ecosystem, making TRON the largest decentralized Internet ecosystem in the world…

‘Voyager’: Uber Co-Founder Backs New Multi-Exchange Crypto Trading Platform: Oscar Salazar, one of the three original founders and former CTO of the international transportation tech company Uber, is backing a new multi-exchange cryptocurrency brokerage known as Voyager. The new platform will enable investors to research, manage, trade a wide choice of crypto assets across multiple exchanges for zero-commission…

Coinbase Brings Crypto Gift Cards to Customers in Europe and Australia: Coinbase has announced a new service that will enable customers in Europe and Australia spend their cryptocurrency at major retailers and services including Nike and Uber…

Binance Plans Entry into South Korean Crypto Market: Largest cryptocurrency exchange Binance is reportedly planning to enter South Korea, one of the world’s major crypto trading markets. According to Changpeng Zhao, the CEO of Binance, South Korea is an essential market in the emerging cryptocurrency landscape…

Bitmain Seeks $1 Billion New Pre-IPO Funding: Bitcoin mining giant Bitmain is now aiming to raise another $1 billion through its new pre-IPO funding, shortly after it completed a Series B funding of US$300-400 million headed by Sequoia Capital. According to Chinese news source Touch web, the new one-billion fund will be completed by the end of this month and will boost its valuation rise up to US$15 billion…

Hashflare Shuts Down Bitcoin Mining Service, Users Funds Stuck: HashFlare, a cryptocurrency cloud-mining service announced on Friday the termination of their BTC mining hardware services via Facebook. The platform also terminated all related BTC mining contracts due to lack of operating profitability…

Billionaire Mike Novogratz Invest $52.5M in Crypto Lending Service BlockFi: Crypto asset lending platform BlockFi has secured $52.5 million in latest funding led by Galaxy Digital Ventures, a digital currency and blockchain technology investment firm founded by Mike Novogratz…

Google Brings Blockchain Developer Tools to Its Cloud Platform with New Partnerships:  Search giant Google has announced partnerships with blockchain startups Digital Asset and BlockcApps to build DLT solutions on its cloud platform…

 

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