Market Update Report August.7

The crypto market continues to shrink. This week, the market lost $20 Billion more from its $256 Billion valuation. The dominance of Bitcoin versus alternative coins remained similar to last week around 47-48% in favor of Bitcoin and the trend of the trading alternative coins to Bitcoin was somewhat halted last week. The alternative coins, like Bitcoin, suffered this week against the dollar, but in trading against Bitcoin it seems that the sharp declines have stopped. If we listen carefully to the market winds, we may hear them touch the floor.

The most prominent of the alternative coins this week is the Ethereum classic (ETC), which rose around 16% in spite of the market declines, after the currency was added to coinbase.

Overall, the week can be summed up as a calm relative to the volatility cousin we saw in the weeks preceding it, yet we must not forget that this is still a wild and unregulated market. Veterans of the market know that calmness of the mighty can be misleading. Therefore, unexpected events should be taken into account which can shake the thresholds of currency rates in the short term. However, despite the fact that the enthusiasm and interest in the cryptocurrency market is slowly eroding, long-term outlook is turning to the test of time to tell us how ready the world is for the Bitcoin revolution. We are still waiting to see demand stemming from real progress in the field and not only in the hot air of investor sentiment. Such factors as visible in the foreseeable future could be the crossing of the block in 2020, approval of the Bitcoin ETF, economic crises, geopolitical influences, positive developments in the regulatory world, and the introduction of institutional money into the markets. The interrelationship between the various factors is complex and has far-reaching implications for the global economy and requires great patience because large revolutions take time.

Crypto Worldwide News

Bitcoin [BTC] – Kim Kardashian joins the bandwagon, cryptocurrency enthusiasts react. The American reality TV personality announced on Instagram that she has “moved on to bitcoin” amidst different reactions from her fans. Can celebrity endorsement for cryptocurrencies lead the next bullish run?

$10.7 Trillion Custodian Northern Trust Helping Hedge Funds Invest in Bitcoin. The high-ranked financial services provider has crept into the cryptocurrency ecosystem by opening up some of its services to cryptocurrency hedge funds. The firm serves high net-worth investors and can bring in institutional money to the markets.

23% of Hong Kong’s Citizens Consider Buying Crypto Ahead of Perceived Financial Crisis. Ahead a potential trade war that could damage the traditional stock markets, a study conducted by the Hong Kong Blockchain Association (HKBA) has revealed that a good number of people in Hong Kong will readily turn to cryptocurrencies if the crisis happens.

Bitcoin Could be “First Worldwide Currency”: NYSE Owner. The ever-growing adoption of the world’s first cryptocurrency has lead ICE founder, Chairman, and CEO Jeffrey Sprecher to back the currency for worldwide adoption in the near future. The Wall Street firm has a lot of plans for bitcoin and altcoins.

Hedge Fund Manager Brian Kelly: ICE Announcement Is “Biggest News of the Year” and “Paves Way for Bitcoin ETFs.” Brian Kelly has described the new digital asset platform planned by the Intercontinental Exchange as the “biggest news of the year” because it has the potential to bring in the long-awaited Bitcoin ETF. The biggest bitcoin news of the year, says Brian Kelly  via YouTube.

Jamie Dimon, JPMorgan Chase CEO: “I Probably Shouldn’t Say Any More About Cryptocurrency.” After declaring bitcoin a fraud almost a year ago, the JP Morgan top official refused to say whether his view on cryptocurrencies has changed over time. He instead praised traditional payment services like Paypal and Alipay which cryptocurrencies now rival.

South Korea’s Biggest Exchange UpBit 100% Solvent New Report Finds. Three months on from the infamous raid of the crypto exchange by the FSC, the Seoul-based company has now been able to prove its integrity to investors by providing clear audits of what went down before the raid.

Starbucks, BCG, Microsoft, and ICE Announce Bakkt, a Bitcoin On-Ramp. These big companies h ave jointly launched a project that is set to enable customers to buy, sell, and store digital assets. “Bakkt” could lead institutional investment into crypto since it will provide federally regulated markets and storage for Bitcoin and potentially other cryptocurrencies.

Charts

Bitcoin

Support is around $7,400 and broke down to $6,835 with resistance levels preceding the recent wave of gains. Traded around $7,000 with resistance in this range around $7,500 and from there we will jump back to the $8,000 area. A forecast for the near future includes continued volatility after the third attempt to break up since the $10,000 decline since February.

Ethereum

Against the dollar support around $420 which broke down and reached $396. Support is being built in this range around $400 with resistance at $450.

Against Bitcoin, support is around 0.055 BTC and holds for the meanwhile. Trading is around 0.057 BTC  with resistance in this range at 0.06 BTC.

Bitcoin Cash

Against the dollar is trading around $700 where support is also found coming close to break the $600 mark. Resistance in this range at $800.

Against Bitcoin its sitting at 0.1 BTC and a little fragile. But holding out around this range its traded around 0.099 BTC with resistance at 0.105 BTC in this range, which seems fairly stable over the past week.

Ethereum Classic

Against the Dollar, it traded around $19 with the resistance being tested at $20. Since May it dropped to support levels at $12, but since the trend has been rising.

Against Bitcoin, the weekly chart appears to be 0.003 BTC with strong resistance since March. The rate fails to break through these levels last week and started another attempt. It traded around 0.0027 BTC with support at 0.0025 BTC in this range.

Iota

Against the dollar, it showed a declining trend with high trading volume. In the last week the currency lost an additional 10% and traded around 80 cents with resistance at 90 cents, support is being tested in this range.

Against Bitcoin, it traded at the low levels of the period around 0.000 11BTC with an increase in trading volume, a failed breakthrough attempt and it seems to have had areas of support. In this range resistance at 0.00013 BTC.

Cryptocurrency charts by TradingView 

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