Market updates on July 16
Welcome to Tuesday!
WeeklyCryptoNews
Opinions:
A co-founder of Fundstrat Global Advisors Tom Lee said that there is a correlation between Bitcoin prices and the situation on emerging markets. He is sure that until the situation on the markets changes, investors won’t put money to risky Bitcoin. Last month he even reduced his forecast for the Bitcoin price to $22,000.
A head of Wanchain Jack Lu stays optimistic about Bitcoin. He noticed that the market always recovers and its biggest problem is the big number of manipulations.
Cryptocurrencies
- This week Bitcoin managed to return to highs of the beginning of August. The cryptocurrency rose to 7,125 but met resistance and rebounded. Up to now, the digital currency has been trading near 6,890 (50-day MA). If there is no negative news, Bitcoin will return to 7,125. The next resistance is at 7,340. If Bitcoin isn’t able to break above 7,125, supports are at 6.890 and 6.815.
- According to the CFTC report, the number of short positions on the Bitcoin futures market reached the historical minimum. It signals the weakness of bears.
- Dash rose in 26% in one night. The reason is that the company signed a contract with the producer of Kripto Mobile smartphones to raise the number of customers in Latin America. Moreover, Venezuelans increased the demand of DASH because of the hyperinflation and the lack of trust in the national cryptocurrency El Petro.
- Yahoo added Bitcoin, Ethereum and Litecoin trading on the Yahoo Finance platform.
Regulation
- Iran finished the development of a legislation for launching the national cryptocurrency.
- Israel is not going to deny the idea of launching the national cryptocurrency. Authorities think that the cryptoshekel will reduce transactions on the black market. Currently, authorities are working at a law for the countering the money laundering with the help of cryptocurrencies which is to come in force in October.
- Canadian and US regulators initiated investigations of more than 200 ICO-projects and investing products based on cryptocurrencies.
- Thousands of Bitcoin on the dark market-related addresses (Silk Road) came into motion. One of the addresses received 499.99 BTC from five different accounts, which is about $ 3,453 million. The coordinated concentration of large batches of Bitcoins on individual addresses began a few days ago. Some members of the community have already suggested that the owner or owners of the accounts intend to sell the coins, others associate it with the process of civil rehabilitation of the bankrupt Mt. Gox.
The Tokyo District Court decided to begin the process of civil rehabilitation of the bankrupt MtGox in February 2019. All creditors who want to receive reimbursement in Bitcoin will have to reapply until October 22. However, even in the case of distribution of Bitcoin among creditors, there is a possibility that some of them will want to sell their share.
- The Venezuelan President obliged state and private banks to accept the national cryptocurrency El Petro.
- Finance ministers of EU member-nations will meet on September 7 to discuss a cryptocurrency regulation.
Blockchain
- Barclays is integrating Ethereum blockchain into Barclaycard. It will speed up transactions of card users.
- JPMorgan is sure that blockchain will replace other technologies in upcoming years. The bank confirmed that it uses blockchain to simplify the process of payment and storage of customer information related to the policy of KYC, moreover, technology helps the bank to prevent money laundering.
Up to now, only a quarter of the world's companies use solutions built on blockchain.
- Samsung announced BankSign blockchain platform that will increase the efficiency of South Korean banks’ interaction.
Cryptocurrency exchanges
- Binance invested in the development of Terra stable coin.
- Clients of Bittrex will start trading Cardano (ADA) and ZCash (ZEC) in pairs with the USD since September 5.
Bitcoin $6,979.1 (+0.04%)
DASH $189.21 (+3.86%)
Ethereum $280.15 (-0.90%)
Litecoin $60.273 (-0.36%)
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