Cryptocurrencies are still stuck in a corrective movement caused by a lack of buyers. The bitcoin is currently $10,260, with shorts up +3.48% while longs are up just +0.46%. The current market capitalisation is $279.7 billion, 10 billion less than 24 hours ago. Bitcoin dominance is still 65.14%
What is happening?
An Indian Government Panel recommends a ban on cryptocurrencies. On July 22, the panel recommended to the government a ban on cryptocurrencies, and it drew a report and draft legislation. Finance secretary Subhash Chandra Garg headed the Panel. According to a Reuters news article, they proposed fines of up to 250 million rupees and 10-year jail sentences for anyone who “mines, generated, holds, sells, transfers or issues cryptocurrency”. They recommend, though a digital rupee.
A new money remittance service emerges, launched by Paypal: Xoom. This is, according to the PayPal announcement, is an international money transfer service covering 32 markets across Europe. This, according to an article by the dailyhodl.com, might be another Ripple killer.
Palestinian Authority is considering cryptocurrencies to replace Israeli Shekel in an attempt to circumvent Israel’s control over their economy. source: cointelegraph.com
Asset management firm Grayscale Investments, based in New York, revealed in its Q2 2019 report that it registered the strongest quarterly inflows since Q2 2018, almost doubled from $42.7 million in Q1 2019 to about 85 million. Also, 84% of the inflows came from institutional investors. The complete article by cryptoslate.com is here.
A report by cointelegraph.com says that the current bitcoin network is now eight times more powerful than at the time of the $20K peak.
A tweet posted by TokenAnalyst reveals that BitMex has processed more than $85 million withdrawals to external wallets amidst the threat of a CFTC investigation. Source: beincrypto.com
Iran has made official the Cryptocurrency industry. Elias Hazrati, head of the economic commission of the Iranian Parliament informed mehrnews.com that in its last meeting, the government’s economic commission had announced crypto trading an official industry in the country. That announcement means a drastic shift in the Iranian policies regarding crypto mining. Source en.mehrnews.com and btcmanager.com.
Bitcoin continues losing steam and right now is entering the descending channel and fighting with the $10,000 level. The Stochastic indicator is oversold, but CCI and MACD point to more drops. Also, the bitcoin shorts grew 3.5% while the bitcoin longs just 0.45%.
XRPUSD has crossed the ascending trendline and is moving close to a support zone. The MACD and CCI look bearish while the Stochastics is in an oversold area. 0.31 is its next support level.
Ethereum is following the corrective path of all cryptocurrencies today. The price seems driven by the lack of demand. ETHUSD technical indicators are in the same condition as the preceding cryptos. CCI and MACD point to a bearish session while the Stochastics are oversold. The next support level for ETH is 210, then 200 and 195.
Litecoin in the same condition as BTC and ETH: Technical indicators point to a bearish action. The current price is at a support zone corresponding to the close of the large bullish candlestick it made on Jun 19. The next support level is $85.