Daily Crypto Brief – July 10 – Bitcoin Gets Everything the Rest Stalls
The total crypto-sector Market Cap currently is $355,000 billion with a Bitcoin Dominance of 65%. Bitcoin is currently the only major currency to have gains in the last 24 hours. Is Bitcoin sucking all the investements, harming the rest of the sector?
Flexa, a payment startup based in New York has announced Litecoin will be added as the fitht cryptocurrency for transactions on its platform, so now Litecoin can be used to pay in more than 39 thousand stores. The other four cons are Bitcoin, Ethereum, Bitcoin Cash and Gemini Dollar. Source: beingcrypto.com
SEC releases Repport on Digital Asset Custody Findings. The SEC revealed that most market participants with custodial solutions do not comply with the Customer Protection Rule.
Entities that seek to do business in digital assets and offer any degree of custodial service must comply with the SEC’s guidelines for custodial broker-dealers as well as the Customer Protection Rule. In most cases, companies that are required to register will need to comply with the rules of a self-regulation organization (SRO); this SRO is usually FINRA.
More news pieces continue comming about the UK Financial Conduct Authority (FCA) mulling over a ban on crypto-related derivatives due to “extreme volatility”. Source: Beincrypto.com
Bitcoin is currently moving above $13,000 after another Asian bullish session which drove the price from yesterday’s $12,500. We can see from the trendlines supporting this upward movement that the Bitcoin bullishness accelerate, recently, being the Asian session the key to price action. The Asian session places the impulses while the European and American sessions retraced the early morning gains.
From the indicators viewpoint, we can see that all indicators are currently bullish. Also, according to the CCI, the price is not too much overextended. If there is no price shatter today, we can expect retracements to visit the trendline. The green area would act as support in case of strong selling. The next target to break will be $13,685.
XRPUSD made a bearish engulfing candlestick yesterday. The Stochastics is almost making a crossover, and the CCI remains in negative territory, while the MACD, also in a bearish phase, could soon be making a bullish transition. The outlook is neutral. We see Ripple moving sideways or slightly negative to re-visit its lower trendline.
Ethereum is moving in sync with Bitcoin, and it shows a bullish action. Its 4-hour chart shows the price continue moving up. Now, the Stochastics crossing announces a new leg up, while the CCI and MACD are changing to bullish also. The trendlines supporting the recent action show that the bullish action has sped up. The first target is, again $323.
Litecoin made a nice bullish candle on July 8, but since then the price has dropped, returning to its supports. Right now is moving in a strong support area. The Stochastics are oversold, and its lines made a bullish crossover. The CCI is bearish, while the MACD does not show much action as it happens with the price. To take bullish positions, we should wait for the price to move above the green region. If the price falls through it, the next support is $110.
EOSUSD price is moving inside a triangular structure near the support of $5.6. On the daily chart we see EOS is making lower tops, as shown by the upper trendline. MACD and CCI are showing slight bearish bias while the Stochastics lines seem poised to a bearish continuation crossover. We need to see the price below support to acknowledge another bearish leg. Also, a convincing bullish candle will change our vision.