Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, July 22 – Cryptocurrencies in Pause Mode

Daily Crypto Brief, July 22 – Cryptocurrencies in Pause Mode

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After the big bounce of all cryptocurrencies that happened last July 18, the price of the Bitcoin and the rest of the top cryptos is trying to consolidate these levels. In the case of the Bitcoin, it is moving in a range between $10,400 and $11,000. The rest of the cryptocurrencies are following a similar pattern. Overall, Market Cap has jumped from $284 billion to 289.7 billion. Bitcoin’s dominance is at 65.2%

 

What is happening?

$19 million in bitcoin taken from a darknet drug trafficker following a money laundering attempt. A US Department of Justice press release announced that law enforcement agencies have grabbed the equivalent of $19 million in bitcoin from darknet drug trafficker Hugh Haney, a 60-year-old resident of Columbus, Ohio. The full story is here.

Some Congressman, Senators and US Officials blame cryptocurrencies, especially Bitcoin, of being used in illegal activities on the darknet. US Treasury Secretary Steven Mnuchin last week called cryptocurrencies and Libra “a national security issue“.
“could be misused by money launderers and terrorist financiers.”
A short report by Messari.io graphically shows that “in the grand scheme of things“, on Bitcoin versus the US Dollar for crime use, the US Dollar outweighs the Bitcoin 800:1.

On June 6, Bank of America filed a patent which describes a settlement system using a distributed ledger technology for interbank communications. This patent mentions Ripple’s ledger. The complete news can be seen here.

The seizing by Bulgarian Authorities of more than 200,000 bitcoins, converted this country into the first nation whose holdings in bitcoins are worth more than its holdings in gold. Here is the complete article.

James Bullard, St. Louis Federal Reserve President, said on Friday that cryptocurrencies are challenging the current financial system and are creating a significant shift.
According to him, currently, nations protect their own currency, by banning all other currencies in all spaces except in exchanges.

” These sovereign currencies were backed by state power and issued by the country’s central bank. In almost every country in the world, competing currencies are banned in spaces other than foreign exchange markets. However, cryptocurrencies are forcing us to reconsider how we understand currency”

source: beincrypto.com

Apple’s co-founder Steve Wozniak is creating a blockchain startup in Malta. The company, called Efforce, aims to make energy consumption more efficient, saving costs and protecting the environment. Wozniak praised Malta for its clear regulatory framework for startups. source: dailyhodl.com

Technical Analysis

Bitcoin



Bitcoin 4H chart has been moving between $1,400 and $11,000. The price crossed the $11, 000 barrier once reaching up to the $11,112 but it did not hold. From the volume, we can see that it is slightly higher during bullish candles. Also, we observe that it has made slightly higher lows and highs. This seems to indicate that the bullish sentiment is a bit higher than the bearish one. Also, the Stochastics is turning up.  The price of the BTC should move above the $11,000 to continue its bullish bias.

Ripple



XRPUSD is moving in a slightly bullish trend with higher highs and lows. The price has crossed the 0.32 resistance level and, after a pullback to touch it again, it has been rejected. Its next level of resistance and target is 0.35. The Stochastics and MACD are in tune with this scenario. CCI is neutral.

Ethereum



Ethereum, similarly to Bitcoin, has been kind of ranging this weekend. The price has visited the $236 resistance level and went back to test the $220 level. Right now it is moving in the area between these two prices. We need to cross the $236 to see another bullish impulse to $266. Stochastics and MACD are aligned for this to happen. Also, it has been making slightly higher highs and lows. A close below $212 would be bad news.

Litecoin



Litecoin is in a consolidation range, after its bullish impulse. The range of this movement is from $94.872 to $106. Currently, it is trying to move above $100. The Stochastics seems to indicate a bullish movement. The MACD and CCI are neutral. We need to break the most recent highs ($101) to confirm a bullish action. A drop below $94 will be bearish for this crypto pair.

Binance Coin



Binance coin (BNB) has been moving in a bullish trend since July 18. Currently it is slightly above the $31.58 resistance level. The next resistance level will be 32.7. All indicators point to more bullish movements.

TRON



TRON is also moving bullishly.  All indicators point to a continuation of this trend. A break above the 0.03 resistance level might carry the price to 0.0335 and 0.0356. The current support level is 0.0272.

 

 

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