Market Analysis
Bitcoin Nears Crucial Support Level
Bitcoin held on to its gain last week after recovering from the lows of $10,103. The topmost cryptocurrency maintained its dominance over 65% leaving little room for the altcoins. Bakkt launching the testing phase Bitcoin future has helped in reviving the sentiments that went haywire after President Donald Trump’s comment and Senate hearing of Facebook’s Libra Cryptocurrency. Analysts are seeing Bakkt launch as a huge positive for the cryptocurrency market with Sam Doctor, an analyst at Fundstrat stating that there is ‘Institutional anticipation’ for the Bakkt Bitcoin future. Realized Cap — a significant but underreported metric brought in good news for the market as it clocked record highs, hitting a market cap of $93 billion. For the uninitiated, the realized cap is calculated by multiplying the price at which the Bitcoin was last traded with the number of coins involved in each trade.
On the technical front, the price movement has been consolidating in a broad range of $10,150 to $11,500 from two weeks. Both longs and shorts sides look indecisive at the current juncture, waiting for a significant trigger to take the market either way. On a weekly basis, Bitcoin is holding firm above it's 50 and 200 DEMA calming down the fear of Bear takeover. However, intraday movements are expected to be volatile with trading range increase in the coming days. The support level for Bitcoin is seen around $10,500 followed by $10,100 whereas resistance can be witnessed at $10,800 levels followed by $11,100.
Weekly Growth Blockchain Wallet Users
Weekly Gainers & Losers
Major Developments this Week
Bitcoin — Bitcoin remained consolidated in the broad range throughout the week with no major development happening.
Ethereum — A recent report from Electric Capital stated that Ethereum is ahead of all the cryptocurrencies in the number of active developers, four times as many per month as Bitcoin.
Ripple — Recent patent filing stated that Bank of America has filed for a patent for a settlement system citing the Ripple Ledger.
Litecoin — No major update was reported in the token last week.
Ethereum Classic — No major update was reported in the token last week.
Bitcoin Cash — Bitcoin.com CEO Roger Ver has joined Blockchain agnostic Crypto Wallet Project
EOS — No major update was reported in the token last week.
TUSD — No major update was reported in the token last week.
Wider Market Update: Weekly News Analysis
-> Turkey mentioned in its Development Plan 2019–2023 that they would launch digital money via Blockchain technology.
-> Blockchain-based startup Novachain discontinued its website as well as the social media accounts, triggering the exit scam discussions.
-> Most popular stablecoin Tether has announced the launch of on Algorand. This would be the token’s fifth Blockchain launch.
-> Mimblewimble based privacy coin Beam announced carrying out their first hard fork around August 15th, 2019.
-> Korean News Agency Yonhap reported that Korea has suffered an estimated loss of $2.3 billion from Crypto-related crimes in just two years.
-> Iranian Economic Commission has concluded a tariff scheme for Cryptocurrency miners as per an Iranian daily report.
-> E-trader technology provider Caplin has added 35 crypto asset trading to its platform with the plans to add more.
-> FINRA has reiterated the rule wherein the Financial Firms should report before dealing in the Digital Assets.
Weekly Dapp Statistics
Fiat to Crypto Trade
Disclaimer
Every effort is made to provide accurate information in this newsletter. However, XDAT cannot guarantee that there will be no errors. XDAT makes no claims, promises or guarantees about the accuracy, completeness or adequacy of contents herein and liabilities for errors and omissions. Information provided in this correspondence is intended solely for information purposes and is obtained from sources believed to be reliable. XDAT is not responsible for any losses incurred as a result of using any information contained here. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Any third party opinions, links, news, research, analysis, prices, or other information contained in this newsletter are provided as such as general market commentary and do not constitute investment advice.
None of the content published in this newsletter constitutes a recommendation that any particular cryptocurrency, portfolio of cryptocurrencies, transaction or investment strategy is suitable for any specific person. The services and content that we provide are solely for informational purposes. The generic market recommendations provided by XDAT are based solely on the judgment of its personnel and should be considered as such. You acknowledge that you shall enter into any transactions relying on your own judgment. Any market recommendations provided by us are generic only and may or may not be consistent with the market positions or intentions of our company and/or our affiliates.
Exciting updates coming your way, stay tuned! Follow us on
Twitter : https://twitter.com/xdat_io
LinkedIn : https://www.linkedin.com/company/xdat-io
Reddit : https://www.reddit.com/r/XDAT
Facebook : https://www.facebook.com/xdatdotio
Telegram : https://t.me/xdatofficial
YouTube : https://www.youtube.com/channel/UC3IK8P0DXLF4-bHnBIqZkxw