Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, August 12 – Altcoin Weekend Strength, Bitcoin Dump

Daily Crypto Brief, August 12 – Altcoin Weekend Strength, Bitcoin Dump

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Bitcoin dropped $400 on Saturday morning in a sudden volume spike, as has happened in the recent past, at the same time altcoins experienced a strange strength push that lasted all the weekend. The Market Capitalisation descended from $304.188 billion to $298.422 billion while Bitcoin dominance is currently 68.56%, falling from its 69.71% peak.

The current heat map suggests a shift in focus from Bitcoin to altcoins

 

What is Happening?

China is nearly ready to release its new central bank digital currency, according to an announcement from Mu Changchun, Deputy Chief in the Payment and Settlement Division of the People’s Bank of China. Source: bitcoinist.com.

Grayscale’s report suggests Bitcoin-inclusive portfolios are needed to guarantee they could endure a financial collapse. Grayscale’s report focused on “liquidity risk” and the world’s current debt peak, which is close to 320% of its GDP value.

Through this unique mix of properties, Bitcoin has the potential to perform well
over the course of normal economic cycles as well as liquidity crises, especially
those involving currency devaluations.

Source: ambcrypto.com

Binance’s decision to include 30 new altcoins is part of an aggressive move to crush its largest competitor- Coinbase, according to an article by Cryptoslate.com.

An investigation by the Columbia Law School Blog revealed that mode companies claiming to be developing blockchain projects was just announcements without substance to boost their stock performance. They really ended up doing nothing.

Source: beincrypto.com.

Crypto Industry leaders under the “Proof of Stake Alliance” (POSA) have joined to promote the awareness of the proof of stake protocols, by educating legislators, regulators and interested parties about the benefits of PoS technology and represent PoS interests in the US Congress. Source:bravenewcoin.com

New Jersey Governor Phil Murphy has officially signed a bill authorising the creation of the Blockchain Initiative Task Force. The BITF will be responsible for the evaluation of the usability of the blockchain on a state and local levels. Among the uses to study are medical records, banking, property auctions and land ownership.

Carlie Lee: Litecoin Development has not been abandoned. Charlie Lee defends its project against claims development of its currency has been discontinued. The debate about Litecoin’s current development status began when crypto trader Tyler Swope released a video discussing the current state of this cryptocurrency. One argument was Litecoin’s GitHub not showing new code commits in 2019. Source: dailyhodl.com.

 

Technical Analysis

Bitcoin


Bitcoin’s buyers are on the sidelines as the digital currency failed to cross the $12,000 barrier four times last week. Saturday morning its price was pushed down by a flash selling spike. The MACD has turned up but failed to make a crossover to bullish. Its price is approaching the -1 Bollinger line in a move that warns for more downside. Currently, the price has been held at its $11,200 support. Volume on the red candlesticks has been low so that the strength may come soon.

Ripple


 Ripple Bounce has bounced off of its resistance at 0.305. The MACD is bullish while the Stochastics is near overbought. The price is correcting the last bullish candle, but it still did not break this candle’s 0.29827 low, so XRP is still bullish.

Ethereum


Ethereum’s price has been moving up during the weekend. Now it is correcting some of this action, as the Stochastics show overbought levels. The MACD is still bullish, and the price is near the +1 Bollinger line and above the ascending trendline.  Let’s see if buyers appear on Monday.

Litecoin


 Litecoin has jumped up with strength this weekend. The last three 4H bars brought the price to its previous support at $87 and touching its Bollinger mean line. The MACD continues bullish, while the Stochastics made a bearish cross. The current candle needs to end recovering to feel this upward movement continues since the daily trend is still bearish.

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