Yesterday, cryptocurrencies reversed almost all the gains of the bullish impulse they experienced on Jun 24. With the notable exception of NANO (+11%), the rest retraced back to their support zones.
The current market cap of the crypto sector is $269.53 billion from $278.278.35 billion of the previous day. Bitcoin dominance is 64.46 (previously 64.75).
What is Happening?
In the company’s Q3 earnings conference, Visa CEO, Alfred F. Kelly, revealed that as of today no company has signed to join Facebook’s Libra project although a total of 27 companies signed a “non-binding letter of intent”. Source: beincrypto.
The international auditing firm, Grant Thornton LLP, audited more than $10 billion worth of customer assets in Q1, 2019. These audits cover 40 different digital currencies and more than 100 million addresses. The full article by businesswire.com.
Mark Zuckerberg said the company will wait “however long it takes” to get regulators and others satisfied before launching Libra digital currency. “We’re committed to working with policymakers to get this right.” said. Echoing the David Marcus statements he said
“That’s certainly what we’re planning to do with Libra. So we worked with the 27 other members of the Association to publish the white paper to put the idea out there, expecting that this is a very important and heavily regulated area and that there were going to be a lot of questions. And we’re going to have to work through that.”
The complete article is by coindesk.com.
SEC, the US Securities and Exchange Commission, has cleared Pocketful of Quarters, a gaming startup, to sell its tokens on the Ethereum blockchain. PoQ may legally sell its PoQ tokens without the need to register them as securities. The full article by coindesk.com.
Paulo Skaf, head of the Federation of Industries of the State of São Paulo (FIESP), think that the new proposed tax reform will lead citizens to the use of cryptocurrencies such as Bitcoin to evade taxes. According to a contilegraph.com article, the Brazilian government wants to simplify federal taxes by combining several existing taxes into a single one.
US DOJ prosecutors charged Jon Barry Thompson, head of Escrow Platform LLC with defrauding investors $7 million dollars. News by coindesk.com.
Bitcoin has lost the buying power. Yesterday and this early morning it has retraced all the gains of its last bullish candle and is now at its supports, but buyers aren’t coming. That can be seen in shorter timeframes where we see that only bearish impulses have volume.
We need to see these volume spikes on the bullish impulses to bel¡eve in a recovery. We will be watching how the price reacts at the current levels because this is a support area.
XRP’s 4H chart shows that the price is currently touching the lower level of the large bullish candle made on July 24. Here the indicators cannot tell much. We are at supports and price action is key to decide if this will reverse or continue. As with the Bitcoin, we need to see buying volume, which currently is lacking.
Ethereum, although it has retraced as the rest of the cryptocurrencies, right now it seems just a correction of the last impulse. Currently is at supports. We need to see a bounce from here to continue believing in its bullish stance.
Litecoin has retraced 100% of the last bullish candlestick and is still moving lower. Currently is at it $90 support, and we saw a small bounce there. We need to see a convincing bullish candlestick soon to believe in a turnaround. Our current outlook is bearish.