Market Update Report August.21

Despite the green flashes here and there, the Halt market continues to absorb blows and bleeds investors’ money. The mother of all the alternative coins, Ethereum, which already reached a peak that kissed $1,500, fell to a dollar value of $280. Arthur Hayes, one of the founders of BitMEX, predicted another drop aiming his prediction at under $100. Another currency that raised its head during the hype was Ripple, who has also been hit hard and from a record of almost $4, its dropped and now trades around 30 cents. Uncertainty in the market of alternative coins brings with it fear and doubt that distances new investors and even smuggles the old ones who do not see the floor in sight. After sharp corrections that have reached 90% in some cases, think twice before entering another FOMO round.

Nevertheless, Bitcoin had a relatively calm week where we saw a return to the support areas. The sharp declines of the alternative coins against the dollar are also true as to Bitcoin, which maintains its relative value. This strengthens its position in the cryptocurrency landscape and gives us another reminder as to who controls the market. However, here as well one must remember that volatility is an inseparable part and that homework must be done before choosing to invest in Bitcoin. At the time of writing, the size of the Crypto market is $211 Billion, and Bitcoin’s dominance is 52.6% over the Altcoins

In conclusion, it can be said that the hype fell and the excitement of the new investors was replaced by the taste of bitter loss. However, despite the bear market, the number of companies in the sector continues to grow. Their gates are open to all who are concerned, injecting innovation and creativity into the old and mangy financial world. We therefore expect that the last word has not yet been uttered and that the gates of the Old World will finally burst before Bitcoin and the developing economy. Evidence of this can be seen in the statements made by senior executives in the financial world who are already undergoing the process of the decentralized mindshift that Bitcoin brings with it. Thus beginning regulatory moves that are looking for ways to implement Bitcoin. As part of the power struggle between these two worlds, the market carries its eyes and waits for the approval of Bitcoin’s ETFs. Even if rejected again by the SEC, it will eventually be approved. This will allow exposure to new types of investors. Whether we like the developments in Bitcoin not with rate will rising or falling, the bull has already left the cage and it is unstoppable.

Crypto Worldwide News

If Bitcoin is Rat Poison, the Banks Are the Rats: Pantera Capital CEO. Despite the recent bear crypto markets, Dan Morehead, CEO of Pantera Capital is optimistic about the crypto industry. The CEO, in an ICO and digital asset funds conference, said cryptocurrencies are more superior than fiat while BTC is the biggest disruption in this era.

Bitcoin Can Stabilise Britain After Brexit. Cryptocurrencies were adopted during periods when fiat currencies failed in some countries, such as Turkey and Venezuela. Now, there are talks of how BTC could rescue great Britain when GBP crashes. Experts believe that if more Britain citizens adopt the use of BTC during a financial crisis in the country, then BTC will eventually stabilize.

Saudi Arabia: Bitcoin Trading is “Illegal in the Kingdom” Saudi Arabian authorities still hold a strong negative opinion about digital assets claiming they are beyond government control and supervision. The authorities have issued a warning to its citizens that trading cryptocurrencies, including BTC across the country, remains illegal.

Korea’s Largest Cities Want to Become Crypto Capitals, Market Optimistic. Major Korean cities are inspired by the success rate in crypto-friendly countries like Malta and Switzerland and are looking forward to becoming the next crypto valleys. This plan comes after the release of a new regulatory framework for crypto-related companies in the country.

Crypto Skeptic Paul Krugman Says Bitcoin (BTC) Has More Utility Than Gold. Despite being a crypto skeptic, Paul Krugman has publicly admitted that he knows very little about cryptocurrencies and only understands bitcoin halfway, saying that Gold is dead and BTC could be more valuable in the future because it has more utility than Gold.

Bitcoin ETF from Cboe Will Not Be Approved, Says Licensed Digital Asset Investment Firm. As the crypto space look forward to the SEC’s final decision of the CBOE Bitcoin ETF application, scheduled for next month, Bryan Courchesne, the managing director of Digital Asset Investment Management, believes that the ETF will be rejected again because of some reasons which he gave during an interview.

Head of BitConnect Asia Arrested in Delhi. On the issue of crypto scam, a report says that Divyesh Darji, head of operations of the popular crypto Ponzi scheme “BitConnect” has been apprehended by immigration officials in Delhi. Darji was known to be a vocal promoter of BitConnect launched in December 2016.

All Australians Can Now Pay Their Bills With Bitcoin. Good news for crypto enthusiasts in Australia as a new partnership between Cointree, a crypto exchange and Gobbill, a billing platform has made it possible for citizens in the country to pay their bills from their crypto wallets.

Charts

Bitcoin

Against the dollar, it traded around $6,430. This week the rate moves within the range of $6,000 – $6,500 with resistance at $6,500. The support is a bit fragile around $6,000 while trading is taking place in the most stressful areas, especially when you approach the floor of this range.

Ethereum

Against the dollar, the weekly graph shows decreases to the $250 area, where the floor is in this range. It traded around $280 with resistance being built at $300.

Against Bitcoin, its crept slowly back to last Decembers support areas where the floor was around 0.023 BTC. It traded around 0.043 BTC, supporting this range at 0.042 BTC with resistance at 0.05 BTC.

Bitcoin Cash

Against the dollar, it traded around $532 with support around $470 in this range. Previous support was around $570 and turned into resistance.

Against Bitcoin in a descending trend, all support areas were broken down at 0.08 BTC. Support in this range traded around 0.083 BTC with resistance at 0.09 BTC.

Monero

Against the dollar, we returned to the rates of October – November 2017 which is around $94. The floor reached $76 last week and the resistance around $100 in that range.

Against Bitcoin, it traded around 0.0145 BTC. Also here we are approaching the same support from November when the floor in this range and support are around 0.0013 BTC with resistance at 0.0155 BTC.

Vechain

Trading against the dollar, it began at the end of June with enthusiasm, around $2 – $3. Then the decline came along with the Bitcoin correction. The floor is around $1.5 while we have seen a respectable rise in trading volume since the declines. It traded around $1.83 with resistance at $2.

Against Bitcoin, the story looked a bit different  as well as in the correction. Regardless we did not return to January’s floor levels with this range being around 0.00021 BTC. It traded around 0.00024 BTC while resistance is at 0.0003 BTC.

Cryptocurrency charts by TradingView  

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