Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, July 31 – Slowly Improving!

Daily Crypto Brief, July 31 – Slowly Improving!

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Yesterday, cryptocurrencies were slowly improving, with a paced increase in valuation. Market capitalisation went up 2.74%, and the current Bitcoin dominance is kept at 64.5%.

What is happening?

SEC, the US Securities and Exchanges Commission is planning to run bitcoin and Ethereum nodes through contractors. Additionally, the following blockchains: Bitcoin Cash, Zcash, Stellar, EOS, NEO, and XRP. More info: trustnodes.com.

Grayscale Bitcoin Trust surges, according to a CryptoCompare report. Regulated Bitcoin derivatives volumes are still led by CME and have increased 30% since May. CME is followed by Grayscale’s GBTC product. More information by dailyhodl.com.

Searches for “bitcoin” have had a new peak in the UK as Boris Johnson becomes Prime Minister and fears of a “no-deal” Brexit scenario sparks among Britons.  More information in this article by beincrypto.com.

Massive bitcoin whale transfer moved 142,323 BTC yesterday. This move’s value is more than $1.3 billion and means 0.8% of all bitcoin — info by cryptoslate.com.

Xpay payment processor adds Dash, while supermarket La Esperanza (Venezuela and Colombia) adds Dash to their weekly flyers. More info here and here.

Nasscom, a major Indian trade association, is against proposed Crypto ban. 

Nasscom believes that the recent proposal of the inter-ministerial committee of the government to ban all cryptocurrencies barring those that are backed by the government, is not the most constructive measure. […] Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens.

Source: cointelegraph.com

Philippines Largest Bank, UnionBank, will launch its Stablecoin pegged to peso. The digital currency, called PHX, has been already tested and transacted. The coin will operate on a platform called “i2i”. This information is by beincrypto.com.

Blockchain Senate Hearing at the US Senate Banking Committee, on a positive note. The discussion was centred around aspects of the Libra digital currency such as regulatory, privacy, and the Libra reserve. More information here and here.

 

Technical Analysis

Bitcoin



Bitcoin has moved outside its latest triangular formation to the upside. This time the movement has been paced instead of the recent spikes. The price is moving above the +1 Bollinger line, which is bullish, and the MACD and Stochastics confirm this bias. Its next resistance level is $9,850 while $9,500 is acting as its closest support.

Ripple



Ripple had a large bullish candle yesterday. Not it is consolidating it. The price is above the +1 Bollinger band, and the band itself points to the upside, which is bullish. The MACD is also in a bullish phase, while the Stochastic oscillator is in an overbought condition. Its resistance level is 0.324, while its nearest support is 0.315.

Ethereum



Ethereum is still moving inside the triangular formation, although the current price action is a bit bullish. The price moved above the +1 Bollinger line, and the MACD is also slightly positive. Currently, it is just touching the 213.5 level, which is acting as resistance. The nearest support is 208.

Litecoin



Litecoin has moved above the support area. The price moves above the +1 Bollinger Band and the MACD is positive. The next resistance level is $95, while its closest support is $90

Bitcoin Cash



Bitcoin Cash is the most bullish coin of my watch list today. Its price has made a higher high, moves above the +1 Bollinger line and the bands are expanding, pointing to the upside. That means a bullish action. the next resistance level is $338 and $344. the nearest support is $317.

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