Market Update Report July.31

A week of mixed trend in the crypto markets. Bitcoin has a hard time breaching the trend that started two weeks ago and the market is plummeting. The hype in the ETF sector has eased somewhat and it appears that the correction in the graph followed news of the postponement of the SEC decision.

The last few days have been characterized by high volatility that make it difficult for traders who leverage against Bitcoin and are thrown out of their positions, sometimes at a considerable loss.

In the past 24 hours, rumors have been circulating that the Korean exchange Bithumb has been breached and millions of dollars worth of stolen coins have been stolen. Earlier this year, the exchange was breached and only last week the South Korean regulator approved the security model for the local crypto exchanges. As of this writing, no official announcement has been issued by Bithumb , and we are currently addressing the issue as a rumor until the next update.

In the Alternative coins arena we watch the bleeding and see how its lost support after another hammering and look for a new bottom from which they may recover. The fact that the vast majority of the Alternative coins are pure speculative and practically useless that raised large sums of money without a working product is liable to harm the confidence of investors who have relaxed their emotional hype and their fear of losing the opportunity to profit. We noticed that unlike the usual pattern of the past in which the Bitcoin rate waves sweep the entire market, in recent months the downward trend in the market continues even as the Bitcoin rate rises, a trend that should be noticed, especially if you are looking for new investments. Accordingly, Bitcoin’s dominance also reinforces its position at the time of writing the update at 48.3%. All this happens when money comes out of the crypto market and the entire market value shrinks to $ 278 billion, down 20 billion from last week.

Crypto Worldwide News

Binance Ready to Enter the South Korean Market and Keep its Expansion Plan. Changpeng Zhao, CEO of the world’s largest exchange has made it public that they will soon serve the South Korean market in a move that could massively raise trading volumes on the exchange and maybe the price of bitcoin.

Winklevoss Twins Bitcoin ETF Application Rejected by SEC. Bitcoin price suffered a dip earlier in the past week after SEC rejected the second application by twin brothers Tyler and Cameron Winklevoss for a Bitcoin exchange-traded fund. The regulators are not ready to give in.

Bitcoin Can Reach $50,000 In 2018 Based On Three Factors, Says Investment Manager. A bullish prediction by Pampliano says that an exciting future awaits bitcoin shareholders if human psychology, Bitcoin ETF speculation, and an influx of big-money investors play in favor of the cryptocurrency.

Nasdaq Plots to Legitimize Cryptocurrency in Secret Meeting: Report. After the latest failure to secure a Bitcoin ETF, a closed-door meeting attended by representatives from both Wall Street and the cryptocurrency industry was focused on how to legitimize cryptocurrencies before the regulations come.

SEC Commissioner Peirce’s Eloquent, Strong, and Passionate Dissenting Voice Gives Hope to Bitcoin HODLers. The official sent a message of hope to bitcoin owners shortly after the ETF rejection and seemed to suggest that it could happen in the future. She thinks that ‘innovation is unwelcome’ by the regulators.

Billionaire Hedge Fund Manager Bill Miller is Bullish on Bitcoin. The founder and CIO of Miller Value Partners gave a new assessment of Bitcoin and says belief and stability in the ‘yellow metal’ currency are growing through the years and can only mean that it can now be compared to gold.

US-China Trade War Evolving into Currency War, Time for Bitcoin to Shine as the “New Gold.” As fiat currency continues to devalue as a result of the ongoing currency trade war between the US and China, it is getting more likely that investors will switch their focus to rescuer -“Bitcoin.”

Managing Partner of Crypto Hedge Fund Multicoin Capital: ‘Ethereum Network Is One of the Most Amazing Things That Humanity Has Actually Ever Created.’ In a recent interview with CNBC, Tushar Jain said the Ethereum is his favorite blockchain protocol since it represents one of the most amazing inventions by humankind. He also had kind words for the EOS.

Charts

Bitcoin

Traded around $7,737 after attempts to break above the $8,200 area were stalled and the correction came. Support for this range is $7,400

Ethereum

Against the dollar it traded at $432. It came close to the previous floor in early July around $420 to the extent that from there, the chart will go downwards and the next support levels look around $380. Resistance at $480.

Against Bitcoin, the declines continue and we seem to have returned to the support we saw in April around 0.05 BTC. Traded around 0.055 BTC with resistance at 0.06 BTC in this range.

Bitcoin Cash

Against the dollar its trading around $767 levels of support. In these areas, if they break down to $680, the following levels of support are $815 in this range.

Against Bitcoin, the trend that has been going down since the support broke around 0.11 BTC in recent days. The support is around 0.1 BTC but has also turned its head downward. Trading around 0.099 BTC right in the support areas, if broken it will be seen at 0.095 BTC inside the next support areas.

Verge

Against the dollar, it traded around $0.023 after a sharp drop since June. The support is at $0.02 and not far from the resistance at $0.026 in this range.

Against Bitcoin, it seems to have found a floor around 280 SAT. Traded around 304 SAT with resistance at 350 SAT in this range.

Cryptocurrency charts by TradingView 

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