Article by Steven Aitchison. Steve first got into the crypto world in 2015 and started trading in 2017 and now wants everyone to know the benefits of crypto with his course and hidden gems newsletter at: Learn About Crypto and Trading and his weekly hidden gems CYT Crypto Monthly he also started his youtube channel 5 months ago at CYT Crypto.

This Week In The Crypto Market

I’m a bit late with this weeks market update but it looks like it’s great timing.

BTC is now up to $8,246 at time of writing, and is looking set to go higher. Once it reached $8,000 I expected to pull back and range between $7,800 and $8,000 before breaking through the $8,000 psychological barrier. However it smashed through it with ease and it’s ow a case of waiting to see where it heads.

Bitcoin dominance is the highest it has been in 2018 at 47% which tells us traders and investors are getting out of alts and into BTC

Altcoins are bleeding a slow death just now and there’s slim pickings for traders in the alts just now, but there will always be projects that can make you 10–30% it’s a matter of looking out for them.

Top gainers of the week include:

HOT: 120%

MITH: 47%

KIN: 38%

XLM: 28%

DOGE: 23%

MAID: 20%

Top losers of the week include:

AION: -22%

NPXS: -21%

LOOM: -17%

WTC: -15%

NANO: -12%

WAN: -12%

Top News Stories

Binance CEO Asserts, Crypto Market Seeing a Huge Jump in Institutional Investment

Binance CEO, ChangPeng Zhao shared the details on a huge rise in institutional investments in the crypto space, increasing ICO investment and favorable regulations while announcing the token burn of 2.5 million BNB in this quarter among other developments in the recap of quarter 4.

(Source: Coingape.com)

Goldman Sachs Set To Become More ‘Crypto’ Friendly With New Hire

The leading investment bank, Goldman Sachs has revealed today that they appointed a new ‘crypto’ friendly CEO.

The current president of the New York multinational, David Solomon, said that he will be taking over from the previous manager, Lloyd Blankfein in October this year following his twelve years at the company. This has finished the speculation on who would be take over from Blankfein as his successor.

(Source: CryptoDaily.co.uk)

John McAfee Predicts Bitcoin Bull Market Coming, Comparable to Volcanic Eruption

In a recent tweet John McAfee states:

“Bitcoin — $1,000 increase in one week. Is this the bull market? I have no clue. 10 such increases in succession and I will consider it Bull. In the meantime, know this: The Bull Market IS coming. And when it does, it will make the eruption of Krakatoa seem like a Meerkat’s burp.”

(Source: Blokt.com)

Mastercard Has The Green Light to Hasten Cryptocurrency Payments

Mastercard has the green light to create a system aimed at speeding up cryptocurrency payments. The project was approved on 17th July.

The patent was approved by the USPTO on 17th July. The filing indicates that even if crypto assets have “seen increased usage over traditional fiat currencies by consumers who value anonymity and security“, the payment system remains disadvantaged….

(Source: DailyHodl.com)

G20 says crypto-assets can be of great benefit and do not pose a threat to global financial — paving the way for greater adoption (standards and report to come in October)

At the recent G20 summit in Buenos Aires, Argentina the recent communique states in section 10:

“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. Crypto-assets lack the key attributes of sovereign currencies. While crypto- assets do not at this point pose a global financial stability risk, we remain vigilant. We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.”

Still a bit of the old timers money laundering rhetoric in there but a step forward nonetheless with the acknowledgement of the power of the underlying technology.

Crypto Trading Tips

Traditionally traders have been using the good old candlestick charts to look for entry positions and exit positions for their trades, using with it a lot of indicators. Whilst this is great if you’re an experienced TA person, it’s not great if you’re a novice.

In order to keep things as simple as possible I have been using the Renko chart to look for potential short term trades as well as long term investment opportunities.

I explain more about the renko charts in this video for you:

https://www.youtube.com/watch?v=nzDHAVJ15kM

Some Cryptos You Might Want to Look at This week

XLM: 3698

MDA: 8663

BCD: 231,100 (Binance)

BAT: 4227

BTC: $8,189

For more daily calls like the ones above please check out CYT Crypto Premium

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