Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, July 30 – Trying to Find a Bottom?

Daily Crypto Brief, July 30 – Trying to Find a Bottom?

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Bitcoin and altcoins continued their slide, although at a slower pace. The bitcoin is losing 1.98% in the last 24 hours. Ethereum has dropped 2.70%, Ripple 1.1% and Litecoin 1.33%. Market capitalisation went from 266.56 billion down to 261.14 billion (-2.03%), and bitcoin dominance kept at 64.5%.

What is happening?

Chinese importers in Russia are using Tether (USDT) as their preferred cryptocurrency. They buy about $30 million USDT daily in Moscow’s trading desks and use the cryptocurrency to send it back to their country. Previously, they used to send bitcoin, but Tether gives them the assurance that what they send is what they receive. Source: coindesk.com.

Australia Excludes digital currencies from cash payments restrictions. Australian government intends to ban cash payments for transactions exceeding 10,000 AUD but is excluding digital currencies from this regulation.

Digital currency is a new and developing area in the Australian economy. Unlike physical currency, it does not have a firmly established regulatory framework or industry structure. This makes it difficult to apply the cash payment limit in a way that would not largely prevent the use of digital currency in Australia or significantly stifle innovation in the sector.

source: fxstreet.com

 China is ahead of the USA on the blockchain race innovation. According to an article by Anton Lucian published by beincrypto.com

“China has been focusing on technology as a means to overcome America’s economic dominance. One key area the Chinese are investing and accelerating development in is blockchain technology.”

The accelerating development of blockchain within China is impossible to ignore unless you’re simply not paying attention. The People’s Bank of China blockchain platform has thus far processed nearly $4.4B this past year alone, set to expand even further this year

source: beincrypto article.

Microsoft is using Ethereum to “democratise” AI and machine learning, making these technologies more accessible to all, according to an article by crytoslate.com

A NY Supreme Court decision extended Bitfinex injunction for 90 days during which the Attorney General can continue investigating. The investigation into Bitfinex and Tether started on reports that showed Bitfinex covered up an $850 million by borrowing from Tether’s reserves. Source: slugefeed.com.

Bitcoin market cap is among the top 50 largest companies in the world. Currently, Microsoft ranks No. 1 with a more than 1 trillion figure, followed by Amazon, Apple and Alphabet, according to value.today. For more about crypto market versus the stock market, Click here.

Technical Analysis

Bitcoin



Bitcoin is trying to find its bottom. The price has bounced off several times from $9.350, but it is not still able to break the descending trendline. Also, the Bollinger bands point to the downside, and the price is below the mid-line. We need to keep waiting for more clues of a trend change. The good news is that volatility has shrunk and, also, July 19 bottom of $9,100 has been a strong support.

Ripple


Ripple is moving in a trading range, in an area of support. We need to see the price above the descending trendline to believe in a bullish reaction. From the volume perspective, we don’t see optimism in the longs.

 

Ethereum


Ethereum moves in a trading range, slightly biased to the downside. The price crossed the lower trendline of the triangular formation, and the Bollinger bands point down. MACD is useless to assess the direction this time. Anyway, the good news is that the bottom made on July 19 is still respected.

Litecoin



Litecoin is moving in a range, which acts as a support area. The price is still making lower highs and respecting the descending trendline, but is not making new lows and creating a short-term bottom. Also, the bottom made on July 19 is still well below the current trading range. We need to see the price out of this area to assess a new trend.

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