The crypto markets have not stood still, and the past week has shown once again how volatile it can be. The recent bullish trend that gave hope to many traders was replaced by a sharp correction in which the Bitcoin lost hundreds of dollars in the last 24 hours.
As usual, there are those bent on attributing specific reasons to the decline, but it’s important to remember that these are all necessarily grounded in conjecture. In the absence of a specific factor to point to, we need to keep in mind that this is essentially a bear market. The ongoing downward trend is deterring many potential investors, as the smart money watches from the sidelines, waiting for a clear change in the trend direction.
In addition to the bear market, the news from the past day must have brought quite a few traders and investors to the point of anxiety, prompting significant drops in currency rates. The Bancor breach and the phishing attack sustained by MyEtherWallet surely didn’t contribute to the confidence of the stakeholders in the market, and all the while, disappointment continues to grow over the failure of many of the biggest ICO companies to release working products.
The huge anticipation over the ICO projects in the field has brought tremendous enthusiasm among many of those who joined the crypto hype train because of the 2017 bubble, and some are still waiting for good news. In the meantime, the Augur forecasting platform will release its product in the coming days, which is good news for those waiting for it since 2015. This rollout will serve as an interesting test case for the product, which sits on the Ethereum platform.
More from the altcoins: a green week for DGB, which rose 30% against the dollar, as opposed to EOS, which won the title of the coin’s disappointer of the week, and continues to lose altitude since its peak and is already trading under $8. It seems that the big winners of the week are the exchanges (commissions) and the shorters.
Over the last 24 hours, the crypto market has lost over $20 billion. Bitcoin’s dominance against the Allets stands at 43% for Bitcoin, while the volume of trading continues to be relatively stable, albeit still significantly lower than the volume at the beginning of the year.
Crypto Worldwide News
Binance Announces Secure Asset Fund for Users (SAFU) in Syscoin Incident Aftermath. The leading cryptocurrency exchange has made provisions for the rainy day after it halted irregular trading involving Syscoin on its exchange for a few hours. New Secure Asset Fund will save users from future irregularities.
Malta Becomes First World Jurisdiction With ‘legal Certainty’ For Cryptocurrency. The European nation’s parliament has in the past week rolled out three bills designed to regulate its blockchain and cryptocurrency industry. This is the first successful attempt to regulate the industry by any sovereign government.
Tom Lee Still Bullish: Bitcoin (BTC) Has Historically Traded at 2.5x Mining Difficulty. The renown bitcoin trader will not change his stance about the world’s leading cryptocurrency, says Bitcoin has historically traded at two and half times its mining cost ($7000), even though we’re still at an early stage.
Europe’s Biggest ETF Trader Starts Market Making on Ethereum and Bitcoin ETNs. Flow Traders NV has become the world’s first ETF exchange to reveal publicly that they are trading crypto ETNs hedged on futures contracts run by CME Group Inc. and Cboe Global Markets Inc.
South Korea to Loosen Crypto Rules in Cooperation With G20 Directive. The country’s FSC will now rethink its hard rules for cryptos, with domestic ICO ban likely to be lifted. This will augment efforts by G20 to provide uniform regulations for the growing virtual currency industry.
US Regulatory Clarity Should Aid New Bitcoin ETF Application. A green light to CBOE Markets Global’s application for Bitcoin ETF is almost certain with Bitcoin and Ethereum now classified as non-securities by new regulations. In the past, requests for Bitcoin ETF were rejected by the SEC.
CBOE Global Markets Files New Bitcoin ETF License Application With SEC. The largest exchange holding companies will count on new regularity clarity to obtain SEC’s approval to parade ETF’s on its platform. License approval could bring more value and institutional money into the crypto markets.
Bank of Korea Says Crypto Investment Poses ‘Insignificant’ Risk to Local Financial Market. In a report, the banking supremo has confirmed that virtual currency investments are way behind under equity markets and as such have a limited impact on the South Korean financial market.
Following ‘Security Breach,’ Bancor Expects to Be Online in 24 Hours. Despite a security breach which resulted in the loss of some $12 million, the crypto exchange has announced it will be back in business within the next 24 hours, as no user wallets were compromised.
Popular Crypto Service My Ether Wallet Hit By Attack. A second major security issue for the digital wallet providers in the space of six months affected users of a the Hola VPN plugin as hackers made an attempt to hijack Cryptos. The MEW service will not be suspended but affected users are advised to create new wallets
This week we came up to test the resistance level at $ 6800 and it appears that support zones are being set around $ 6100. If the support breaks, we will likely see $ 5800 again. All the gains we saw this week were erased in just the past 24 hours.
Against the dollar, a stable week was to Etherium, but here too the story is similar and the correction erased all the gains of the week and brought us back to the prices we saw at the start of July around $ 440. Resistance lies at $ 500 and $ 400 support in that range.
Against Bitcoin the support that felt stable around the BTC 0.07 level had broke, but traded not far away around the BTC 0.068.
Support this range around BTC0.066 resistance lies at BTC 0.075.
Against the dollar, traded around $ 695. Support areas are not far, around $ 650. Resistance lies at $ 780.
Against Bitcoin, it seems that the bearish trend continues to look for support. It appears that the support areas in this range are around the 0.1 BTC. Resistance lies at BTC0.112.
Against the dollar, in a positive trend. Support is around 3 cents holds. Resistance is at 4.5 cents, since February coin is under a bear trend.
Against Bitcoin, is trading around 600SAT. The W that have been marked by previous updates appears slowly and we are approaching the resistance around 700 SAT. Support in this range around 550 SAT.
Cryptocurrency charts by TradingView