Crypto market highlights and BTC, ETH price analysis 20/08
by Future Blockchain
BTC/USD
BTC successfully crossed the $6500 resistance line on Friday and hold it for the weekend. On Monday however the price returned back to the same old $6300-$6500 corridor. It looks like bulls are not ready yet to cross the major overhead resistance that came to be $6.5k and will consolidate their strength in the above mentioned price range before attempting another attack.
Current price of Bitcoin / Dollar pair is 6440 (as of 18:00 CET) with a 24h trading volume of about $5,516b as per Coingecko.
The biggest cryptocurrency is up 2% for the last 7 days and now has a market cap of almost $111b, which represents a market dominance of 52.2%.
In a scenario where $6500 is successfully crossed and defended, next stop will be $7200. If bears succeed in pushing price down once again, we can see another drop below 6k major support line and a possible drop pass last Tuesday’s low of $5853 (biggest drop since June when we saw the 2018 low of $5740).
ETH/USD
ETH price now sits at $286, almost 10% down for the week.
Ethereum reached its lowest point in 2018 last week, almost breaching the $250 mark for the first time since September, 2017, stopping at $251.
For now, the biggest altcoin successfully defends the November low of $280 and bears could not push it below that level for 4 consecutive days.
If BTC, as the market leader, can hold its ground and initiate a short-term run upwards, then I think we can expect an ETH movement above $300 and $360. Ethereum is the hosting blockchain for a lot of new projects and ICOs and the majority of them fund themselves through selling their own tokens to the public for ETH. Once the massacre started, they just dropped the bags fearing of further price decrease which of course pushed the ETH/USD price even lower.
NEWS
• Venezuela brings the crypto revolution to reality
The government has devalued the Bolivar in an effort to stop the country’s economy from total collapse, and pegged it to their own oil-backed Petro cryptocurrency.
According to Business Insider UK and reported by https://www.financemagnates.com
“the sovereign bolivar will move in line with changes to the petro, which itself is linked to movements in oil prices.”
Currently 1 Petro coin = $60 or about 3,600 sovereign bolivars.
More here: https://www.financemagnates.com/cryptocurrency/news/venezuela-devalues-bolivar-by-95-pegs-it-to-petro-cryptocurrency/?tg=1534761231
Here: https://www.independent.co.uk/news/world/americas/venezuela-hyperinflation-economy-nicolas-maduro-sovereign-bolivar-money-socialism-a8499241.html
And here: https://www.independent.co.uk/news/venezuela-bolivar-cryptocurrency-economy-crisis-collapse-petro-bitcoin-a8499266.html
• Bitmain IPO still unclear
SoftBank, the Japanese conglomerate, which is the biggest shareholder in Uber, officially denied it will be supporting the mining hardware company’s IPO.
Cointelegraph reports that
“Neither the SoftBank Group Corp. nor the SoftBank Vision Fund were in any way involved in the deal.”
The future listing on the Honk Kong exchange is still in doubt as many fear Bitmain is actually hiding real Q2 financial results and has registered enormous losses during that period due to dropping crypto prices.
• Mongolia – the next blockchain leader ?
Officials of the Mongolian government visited Bithumb’s headquarters on August 16 to learn more about the benefits of the blockchain technology and its potential implementation in solar energy businesses in Mongolia.
“What they have focused on is the possibility of virtual currency remittance and payment functions and blockchain technology. Mongolia is seeking to utilize blockchains and virtual currency to activate new energy projects such as solar power generation at the government level.”
Source: https://news.bitcoin.com/korea-mongolian-government-bithumb-btm-hardware-wallet/
• Binance expands to Liechtenstein
Crypto exchange leader Binance and LCX, successfully launched a fiat-to-crypto exchange in Liechtenstein last week. The exchange will initially support Swiss Francs (CHF) and Euros (EUR) trade against major cryptocurrencies, with more crosses set to be added in the future following regulatory approval.
More here: https://www.financemagnates.com/cryptocurrency/exchange/binance-lcx-launches-fiat-to-crypto-exchange-in-liechtenstein/?tg=1534675800
Future Blockchain
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