Home Daily Analysis Crypto Market sentiment Daily Cryto Brief, August 23 – Bitcoin and Altcoin Recovery!

Daily Cryto Brief, August 23 – Bitcoin and Altcoin Recovery!


Yesterday was the day of the altcoin surge, with Ethereum Classic being the star of the session with 18% gain, followed by ICON (16%), IOTA (11%) and Tron(7%). The market capitalisation moved to $265,798 billion, and the dominance of the Bitcoin descended slightly to 68.5%.

Below, the 24H-change heat map of the sector, showing a consensus of green.

What is happening?

Statista, a Hamburg-based data company published that in an online poll, 20% of the Turks said they had used a cryptocurrency. That is not a well-engineered poll, but it tells a lot about the weaknesses of local currencies. Turkish appreciation for digital coins could be the result of the crisis of their lira, who suffer a record drop against the dollar in 2018, wiping the savings of millions of Turks. Source: cryptoglobe.com.

Three drug capos had their bitcoin and Litecoin addresses blacklisted by the US Treasury. The identified drug dealers are three Chinese nationals identified as Fujing Zheng, Guanghua Zheng and Xiaobing Yan. The Financial Crimes Enforcement Network ordered a freeze on any property belonging to their criminal organisation and the blacklisting of 12 bitcoin and Litecoin addresses. Source cryptoslate.com.

Terra, a project to build a blockchain-based payment system, announced that it had received financial investment from HashKey Capital, a leading firm with investments in Fintech and blockchain companies. Source cryptoninjas.com.

Rwandan Central Bank is studying how to offer an official digital currency. Source: Bloomberg.ca.

Coinbase releases open-source software for Dapp integration with wallets.

WalletLink acts as a secure bridge between your Coinbase Wallet app and your desktop browser. To get started, all you have to do is scan a WalletLink QR code with your Wallet app.

Source coingape.com.


Technical Analysis


Bitcoin is facing stiff resistance at $10,200 with three rejections in less than 24H. Its stochastics study is about to make a downward crossover, and the MACD is not able to create a bullish crossover. Buyers would need a breakout closing above that level to believe in further bullish movements. If that does not happen soon, a new visit of $9750 is possible.


 Ripple had a good day yesterday and now is touching the resistance of 0.274 which is the opening of the large bear candle made on Aug, 21.
MACD changed to a bullish phase, but Stochastics does not show upward strength. The descending trend has a lot of influence. The long-term outlook is still bearish.


Ethereum is moving in an upward trend, although it is finding some resistance at $194. MACD and Stochastics are bullish. Also, the volume shows buyers are stronger than sellers.


Litecoin’s MACD and Stochastics show it is in a bullish leg, but it is finding it hard to continue going up above $74.3. The downward trend is still making buyers sceptic.



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