Yesterday, Bitcoin moved down from its tight range, losing almost 1,000 points. Altcoins followed but with less bearishness. Overall, Bitcoin continues losing market dominance. Bitcoin lost 6.4% over the last 24 hours, and its market dominance fell more than 1 point, to 67.53%. Bitcoin Cash was the most bullish with 4.93% 24H gain, followed by Cardano (3.17%) and Bitcoin SV(3.08%).
Below, the current 1-day performance heat map of the Crypto sector:
What is happening?
Barclays has cut its ties with Coinbase. According to coininsider.com that action has slowed down the processing of GBP-to-Crypto transactions so that many UK users had to wait days for deposit and withdrawals processing. Source: coininsider.com.
US Department of Treasury’s Office of Foreign Assets Control begins prioritising cryptocurrency regulation and enforcement. OFAC’s interest increased when the Venezuelan government announced it would be launching a national currency called Petro (PTR). Following that announcement, OFAC published a FAQ on its site warning that the US government could sanction anyone in the US transacting with Petro. Source: btcmanager.com.
IBM filed a patent for a blockchain-based Web Browser. IBM explains that maintaining a record of browser events on a blockchain-based p2p network would enable users to exercise greater control over their privacy. Source: beincrypto.com.
XRP classified as Exchange or Utility Token by UK’s FCA. Michelle Bond, Ripple’s head of Government Relations, said that the Financial Conduct Authority, Uk’s market regulator, has classified Ripple as an exchange token in its latest report.
Bitcoin has broken its tight range with a substantial drop of $1000 in 24 hours. Right now is fighting to hold its $10,600 level, close to the 57% retracement. The MACD shows increased bearishness, while the Stochastics moved to oversold levels. A small bounce can be expected, but the overall outlook is bearish, as can be seen by looking at the volume bars.
Ripple is trapped between the descending and the support level made by the close on July 16 (0.295). The shows no clue about direction, while the Stochastics seems to indicate a bounce to higher levels. A break above 0.2975 would confirm the bounce to 0.305.
Ethereum has made a double bottom. The last hours the price bounced off of the $203 level but did not break the descending trendline nor the highs of the bear candle making the double bottom. MACD shows no clues and the Stochastics point to a continuation of the bounce, but we need to see evidence of buyers coming, and the price moving above the descending line.
Litecoin has also made a kind of double bottom, as the price bounced off of the $83 level in a sort of morning star pattern. But the bounce lacks strength, and the price is retracing the last candle. MACD seems to be moving to the positive side, and the Stochastics indicate that the rebound could continue. A movement above the last bull candle’s high would confirm a potential visit to the $90-$91 region.