Market Analysis

Bitcoin finished a volatile week, falling over 15% from the high of $11,578 to the low of $9,750, dropping below the psychological mark of $10,000 stirring the concerns among the traders. As of now, the largest cryptocurrency by market cap looks stable and gradually moving higher. However, selling pressure continues over Bitcoin with the price making three consecutive lower highs over the quarter. The high of $13,970 in June was followed by a lower high of $13,147 in July and $12,330 in August. Other leading Altcoins such as Litecoin, Ripple and Ethereum also declined last week. A popular indicator used to gauge the sentiment in the market ‘Fear and Greed Index’ designed by Alternative.me fell to the lowest level since December 2018, showing extreme fear, dropping as low as to 14 last week.

Source:TradingView.com

One of the reasons could be the announcement made by China about their official Cryptocurrency which reportedly is ready to be launched. Many are seeing the official virtual currency from China as a rival to Bitcoin. Another metric published by Cryptocurrency analyst Timothy Peterson established that the premium of Grayscale Bitcoin Trust Shares is tapering suggesting further weakness in the price of Bitcoin. The price seems to be stabilising but $10,470-$10,540 remains a resistance level. Any movement above the said resistance should open the door for Bitcoin to reach $10,900-$11,000 levels. Support of the cryptocurrency is at $10,080 followed by $9,980.

Weekly Growth Blockchain Wallet Users

Weekly Gainers & Losers

Major Developments this Week

BTC — Amid the news from China about launching official Cryptocurrency, renowned economist and Crypto analyst Alex Kruger stated that Bitcoin price might hit $50,000 by the end of 2021.

— Amid the news from China about launching official Cryptocurrency, renowned economist and Crypto analyst Alex Kruger stated that Bitcoin price might hit $50,000 by the end of 2021. ETH — Ethereum coders have reached a consensus to include six changes in the upcoming major upgrade — Istanbul.

— Ethereum coders have reached a consensus to include six changes in the upcoming major upgrade — Istanbul. LTC — Litecoin founder Charlie Lee disclosed that he has invested in CASA and has the same feeling about the start-up as he had for Coinbase.

Litecoin founder Charlie Lee disclosed that he has invested in CASA and has the same feeling about the start-up as he had for Coinbase. NEO — NEO has entered into a partnership with augmented reality company Vibe, enabling the players to play games online using NEO tokens, starting September.

Wider Market Update: Weekly News Analysis

New Zealand has reportedly approved the payment of salaries and wages in Cryptocurrency, to start officially from September 1st 2019.

DLT platform Hedera hashgraph announced that IBM and TATA telecommunication have joined the Governing Council.

Bantotal and Bitex have entered into a partnership to enable the cross border payments in Cryptocurrency. A total of 60 Latin America banks would be able to use the facility.

Silvergate Capital Corporation has revealed its plans of offering collateralized Cryptocurrency Loans.

In a bid to expand Ripple technology, Santander is building a ‘payment Corridor’ for Latin American customers to send money instantly for free.

Indian State Maharashtra is preparing a regulatory sandbox in order to test the blockchain solutions for various applications.

Equity crowdfunding platform, Republic launched the first-ever security token Airdrop for Althea, a decentralised internet system.

Samsung has added 13 more Dapps to its Dapp platform — Blockchain Keystore bringing the total number of decentralised apps to seventeen.

Weekly Dapp Statistics

Source: Dapp.com

Fiat to Crypto Trade

Disclaimer

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