Market Analysis

Bitcoin Nears Crucial Support Level

Bitcoin witnessed a sharp correction in the previous week tumbling from the weekly highs of $13,150 to roughly $10,105. The week started with the asset opening lower, therefore, exhibiting the sign of weakness. Major altcoins such as Ethereum and Litecoin also booked double-digit losses, erasing all the weekly gains. The largest cryptocurrency by market capitalisation has crucial support around $9,750 – 9,700 levels and the further break could weaken the bullish momentum in the short run.

Source:TradingView.com

Last week was an eventful one for Bitcoin with the United States President Donald Trump stating he is not a fan of Cryptocurrency. He further said that if the banks and other big companies want to become a bank, they must seek a new banking charter. Further, various reports suggested that Congressional leaders in the United States might be drafting a bill, restricting the big companies to issue a cryptocurrency. However, SEC known for its balanced approach towards Crypto gave nod to the first two Reg A+ tokens — Blockstack and Props.

Overall, Bitcoin still remains above its short term moving averages and if ends the day with the formation of Doji, the trend might reverse. Immediate resistance is seen around $10,700–10,750 and support is formed around $9,750 – 9,700 levels.

Weekly Growth Blockchain Wallet Users

Weekly Gainers & Losers

Major Developments this Week

Bitcoin — The largest cryptocurrency remained in news with Donald Trump expressing his disliking for the asset. On the fundamental side, the hash rate recorded the fastest growth in history.

— The largest cryptocurrency remained in news with Donald Trump expressing his disliking for the asset. On the fundamental side, the hash rate recorded the fastest growth in history. Ethereum — A new Ethereum security token exchange 1X platform has garnered the support of the Singapore Stock Exchange.

A new Ethereum security token exchange 1X platform has garnered the support of the Singapore Stock Exchange. Ripple — Ripple price remained stable throughout the last week despite Bitcoin and other major currencies tumbling. In separate news, Spanish Banking Santander has added new Payment corridor to One Pay FX, the Ripple powered digital banking app.

Ripple price remained stable throughout the last week despite Bitcoin and other major currencies tumbling. In separate news, Spanish Banking Santander has added new Payment corridor to One Pay FX, the Ripple powered digital banking app. Litecoin — American Football team Miami Dolphins have partnered with the Litecoin Foundation to accept Litecoin

American Football team Miami Dolphins have partnered with the Litecoin Foundation to accept Litecoin Ethereum Classic — No major update was reported in the token last week.

No major update was reported in the token last week. Bitcoin Cash — Merchant adoption for Bitcoin Cash is on a rise with a total of 1,250 merchants accepting the currency globally. Further, Singapore based exchange Liquid has also announced the listing of BCH on its platform.

Merchant adoption for Bitcoin Cash is on a rise with a total of 1,250 merchants accepting the currency globally. Further, Singapore based exchange Liquid has also announced the listing of BCH on its platform. 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

Grayscale Bitcoin Trust surged roughly 300% in 2019 and as per the report from WSJ, the fund performance has helped it to secure a spot in the best-performing assets this year.

The Republic of Cyprus stated that they would come out with Blockchain and Cryptocurrency regulation this year.

China seized roughly 4000 illegal ASIC mining machines set up by 22 individuals in the province of Jiangsu.

A new case of Ransomware has surfaced in Indiana where La Porte County Government paid $130,000 in Bitcoin as a ransom to the hackers.

Sina Finance, a major Chinese Finance App has added Bitcoin and cryptocurrency price feeds to its application.

Inland Authority of Singapore proposed legislation to exempt cryptocurrencies from Goods and Services Tax.

Weekly Dapp Statistics

Source: Dapp.com

Fiat to Crypto Trade

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