Market Analysis

Bitcoin Nears Crucial Support Level

Bitcoin held on to its gain last week after recovering from the lows of $10,103. The topmost cryptocurrency maintained its dominance over 65% leaving little room for the altcoins. Bakkt launching the testing phase Bitcoin future has helped in reviving the sentiments that went haywire after President Donald Trump’s comment and Senate hearing of Facebook’s Libra Cryptocurrency. Analysts are seeing Bakkt launch as a huge positive for the cryptocurrency market with Sam Doctor, an analyst at Fundstrat stating that there is ‘Institutional anticipation’ for the Bakkt Bitcoin future. Realized Cap — a significant but underreported metric brought in good news for the market as it clocked record highs, hitting a market cap of $93 billion. For the uninitiated, the realized cap is calculated by multiplying the price at which the Bitcoin was last traded with the number of coins involved in each trade.

Source:TradingView.com

On the technical front, the price movement has been consolidating in a broad range of $10,150 to $11,500 from two weeks. Both longs and shorts sides look indecisive at the current juncture, waiting for a significant trigger to take the market either way. On a weekly basis, Bitcoin is holding firm above it's 50 and 200 DEMA calming down the fear of Bear takeover. However, intraday movements are expected to be volatile with trading range increase in the coming days. The support level for Bitcoin is seen around $10,500 followed by $10,100 whereas resistance can be witnessed at $10,800 levels followed by $11,100.

Weekly Growth Blockchain Wallet Users

Weekly Gainers & Losers

Major Developments this Week

Bitcoin — Bitcoin remained consolidated in the broad range throughout the week with no major development happening.

— Bitcoin remained consolidated in the broad range throughout the week with no major development happening. Ethereum — A recent report from Electric Capital stated that Ethereum is ahead of all the cryptocurrencies in the number of active developers, four times as many per month as Bitcoin.

A recent report from Electric Capital stated that Ethereum is ahead of all the cryptocurrencies in the number of active developers, four times as many per month as Bitcoin. Ripple — Recent patent filing stated that Bank of America has filed for a patent for a settlement system citing the Ripple Ledger.

Recent patent filing stated that Bank of America has filed for a patent for a settlement system citing the Ripple Ledger. Litecoin — No major update was reported in the token last week.

No major update was reported in the token last week. Ethereum Classic — No major update was reported in the token last week.

No major update was reported in the token last week. Bitcoin Cash — Bitcoin.com CEO Roger Ver has joined Blockchain agnostic Crypto Wallet Project

Bitcoin.com CEO Roger Ver has joined Blockchain agnostic Crypto Wallet Project EOS — No major update was reported in the token last week.

— No major update was reported in the token last week. TUSD — No major update was reported in the token last week.

Wider Market Update: Weekly News Analysis

Turkey mentioned in its Development Plan 2019–2023 that they would launch digital money via Blockchain technology.

Blockchain-based startup Novachain discontinued its website as well as the social media accounts, triggering the exit scam discussions.

Most popular stablecoin Tether has announced the launch of on Algorand. This would be the token’s fifth Blockchain launch.

Mimblewimble based privacy coin Beam announced carrying out their first hard fork around August 15th, 2019.

Korean News Agency Yonhap reported that Korea has suffered an estimated loss of $2.3 billion from Crypto-related crimes in just two years.

Iranian Economic Commission has concluded a tariff scheme for Cryptocurrency miners as per an Iranian daily report.

E-trader technology provider Caplin has added 35 crypto asset trading to its platform with the plans to add more.

FINRA has reiterated the rule wherein the Financial Firms should report before dealing in the Digital Assets.

Weekly Dapp Statistics

Source: Dapp.com

Fiat to Crypto Trade

Disclaimer

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