Market Analysis

Bitcoin continued its upward momentum last week, briefly sustaining above $12,000 levels. Last week remained volatile with the price surging almost 9% on August 6th 2019 from an intraday low of $11,226 to the high of $12,330.70. Geopolitical tensions and a slowing economy has made investors flock to the safe-haven assets. Towards the end of last week, major altcoins also gained with some of the top 20 rising over 8%.

Source:TradingView.com

Network hash rate continued its journey northward with the hash power reaching 80 quintillions per second for the first time. Greater hash power ensures the security of the network and makes it more challenging for malicious actors to launch an attack. Further, continuing its effort to amplify the efficiency of the Bitcoin network and give a conducive infrastructure to the big players, Blockstream launched institutional mining service with Fidelity as the first customer. Overall, bitcoin will continue its positive momentum in the coming week with support seen around $11,000 — $10,950 and resistance around $12,150- $12,200.

Weekly Growth Blockchain Wallet Users

Weekly Gainers & Losers

Major Developments this Week

BTC — Blockstream launched co-located Bitcoin mining service in the United States and Canada, signing up Fidelity as its first client.

— Blockstream launched co-located Bitcoin mining service in the United States and Canada, signing up Fidelity as its first client. ETH — A report from TradeBlock suggests that the stable coins based on Ethereum recorded more transactions compared to payment application Venmo in the second quarter of 2019.

— A report from TradeBlock suggests that the stable coins based on Ethereum recorded more transactions compared to payment application Venmo in the second quarter of 2019. LTC — Litecoin founder Charlie Lee cleared the air through a series of tweets that were alleging about no commits on Github from Litecoin in 2019.

Litecoin founder Charlie Lee cleared the air through a series of tweets that were alleging about no commits on Github from Litecoin in 2019. NEO — Neo has announced a partnership with TechFund to provide GAS for the deployment and testing of Dapps on TestNet for Techfund platform users.

Wider Market Update: Weekly News Analysis

Quontic Bank, a New York-based bank has agreed to work with the Cryptocurrency entities. The bank has opened a checking account for an unnamed Bitcoin ATM firm.

TRON founder Justin Sun stated getting listed on the United States version of Binance and Coinbase is the top priority.

A report from DefiPulse suggested that there is currently $481 million worth of Bitcoin and Etheruem locked in alternative financial Instruments.

The People’s Bank of China stated that their Digital Currency can now be said to be ready and will adopt the two-tier system.

SEC Commissioner Hester Pierce stated promised more clarity on Cryptocurrency regulations, stating that they don’t want the businesses like Coinbase move out of the country.

Security token platform tZERO has announced opening security token market to retail traders from today.

Standard Chartered announced the first letter of a credit transaction on its blockchain-based trade finance platform, Voltron.

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.

Follow us on Twitter | LinkedIn | Reddit | Facebook | Telegram | YouTube|Instagram