Market Analysis

Bitcoin has staged a sharp recovery from late last week, surging almost 1600 points from the low of $9,395 to high of $11,044. As we mentioned in our last week’s report that the probability of further fall has been arrested and Bitcoin should rise gradually from the current level. The ongoing US-China trade tensions and a recent tweet from President Donald Trump also seem to play an active role in the price surge. The effect of the commentary was seen on both Gold and Bitcoin whereas the rest of the financial markets remained weak.

Source:TradingView.com

The market rejected the threats by self-proclaimed Satoshi Nakamoto — Craig Wright as he warned to wreak havoc in the market after January 1, 2020. Wright called Bitcoin a Ponzi scheme and stated that once he is in possession of 1.1 million tokens, Bitcoin will see a massive fall. Nevertheless, Bitcoin continued its sustained move towards upper levels. The overall market also rallied with Bitcoin with popular tokens such as Ethereum, Ripple, Bitcoin Cash and so on registering growth between 3% and 5% each. However, the velocity of upward movement of Altcoins has been low compared to their downfall when Bitcoin falls. The political and regulatory environment has witnessed investors parking their money in Bitcoin rather than trusting the altcoins. Bitcoin will remain in positive zone but volatility in the price should not be ruled out. Immediate resistance is seen around $11,600 — $11,610 levels and immediate support is seen around $11,480 — $11,400 levels.

Weekly Growth Blockchain Wallet Users

Weekly Gainers & Losers

Major Developments this Week

BTC — Average mining hash rate has reached 71.43 million quintillion hash rates per second according to a report from BTC.com

— Average mining hash rate has reached 71.43 million quintillion hash rates per second according to a report from BTC.com ETH - Blockade Games announced that they have successfully sent a bitcoin transaction over the lightning network that it can cause an Ethereum smart contract to run.

Blockade Games announced that they have successfully sent a bitcoin transaction over the lightning network that it can cause an Ethereum smart contract to run. LTC — Litecoin halving is due on August 5th which will reduce the current mining reward from $2500 per block to $1200 per block.

Litecoin halving is due on August 5th which will reduce the current mining reward from $2500 per block to $1200 per block. NEO — No major development was reported in NEO.

Wider Market Update: Weekly News Analysis

Bitcoin mining giant Canaan Creative is reportedly filing for an IPO to raise approximately $200 million

Financial Market Authority in France has announced to release an experimental regulatory framework for Crypto firms by the end of August.

Walmart has filed an application to patent the method of creating a coin that can record transactions on Blockchain and also come with loyalty features.

Google Trends data suggested that more people are interested in Bitcoin compared to stocks.

FTLD registry service stated that it might restrict the crypto companies from using generic “service providers” extensions such as .bank and .insurance

Shinhan Bank of South Korea has entered into an agreement with the Directional to develop blockchain-based stock lending service.

Ethereum is growing in popularity amongst corporates such as Microsoft as the company moves ahead with Ethereum blockchain to test machine learning and AI.

China is reportedly speeding up it's Research and Development for its own Digital Currency.

Weekly Dapp Statistics

Source: Dapp.com

Fiat to Crypto Trade

Disclaimer

Every effort is made to provide accurate information in this newsletter. However, XDAT cannot guarantee that there will be no errors. XDAT makes no claims, promises or guarantees about the accuracy, completeness or adequacy of contents herein and liabilities for errors and omissions. Information provided in this correspondence is intended solely for information purposes and is obtained from sources believed to be reliable. XDAT is not responsible for any losses incurred as a result of using any information contained here. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Any third party opinions, links, news, research, analysis, prices, or other information contained in this newsletter are provided as such as general market commentary and do not constitute investment advice.

None of the content published in this newsletter constitutes a recommendation that any particular cryptocurrency, portfolio of cryptocurrencies, transaction or investment strategy is suitable for any specific person. The services and content that we provide are solely for informational purposes. The generic market recommendations provided by XDAT are based solely on the judgment of its personnel and should be considered as such. You acknowledge that you shall enter into any transactions relying on your own judgment. Any market recommendations provided by us are generic only and may or may not be consistent with the market positions or intentions of our company and/or our affiliates.

Exciting updates coming your way, stay tuned!

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