Cryptocurrency Week in Review: July 7, 2018
The advent of July brought some ray of hope for the cryptocurrency market with the overall market capitalization regaining strength by 15% in 4 days.
Over the course of the week, the cryptocurrency market saw mixed signals as Bitcoin struggled to find stability around the $6,700 mark. In the past 7 days, BTC saw a northward movement of around 3.74%. Following the flag-bearer currency, Ether has moved out of the descending channel but is facing subtle resistance around its previous overhead high point of $485 which is also the 20-day EMA. Ether is representing a gain of 4.54% in the past 7 days currently trading at $470.3.
Among the major cryptocurrencies, only Bitcoin Cash is still showing a sign of weakness as it struggles to break above the overall grip of bears. BCH is down 3.08% in a 7-day period, currently trading at $721.12.
Weekly Price Pointers:
(Source: Zebpay * S – Support, R – Resistance*)
Top Market Risers (7 days)
Sakura Bloom (SKB) +296.65%
Dragon Coins (DRG) +183.76%
Hydrogen (HYDRO) +135.47%
Real Chain (RCT) +129.59%
SRCOIN (SRCOIN) +127.82%
GoChain (GO) +121.88%
StarCoin (KST) +116.65%
Biggest Market Losers (7 days)
vTorrent (VTR) -61.53%
Tezos (XTZ) -60.92%
Dascoin (DASC) -44.64%
Bitmark (BTM) -43.27%
Zippie (ZIPT) -42.14%
Loopring(NEO) (LRN) -41.64%
(All data were taken from the Bitzamp Digital Asset Index)
Over the course of the week, we saw big institutional traders move into the crypto space, including Amsterdam-based speed trader Flow Traders NV, one of the largest securities traders in Europe, and SIX, the owner and operator of the Swiss stock exchange, as they look to take the current downtrend as an opportunity to enter the cryptocurrency trading. Below are a glimpse of this week's trending cryptocurrency news and developments:
Swiss Stock Exchange To Launch its own Crypto Exchange: SIX, the owner and operator of the Swiss stock exchange have announced its plans to launch a fully-integrated digital asset infrastructure for trading, settlement, and custody of digital currencies based on Distributed Ledger Technology (DLT)..
Coinbase Opens Deposit for Custody Service: Coinbase’s institutional product is officially open for business and has begun accepting deposits, the exchange announced on Monday. Coinbase Custody service, aimed at institutional hedge funds and other clients who can deposit a minimum of $10 million, accepted its first deposit last week..
World’s Oldest Crypto Exchange BTCC Launches New Platform: BTCC, one of the longest-running and once part of the major three trading platforms in China, has announced the re-opening of its exchange business with plans to issue its own tokens.
Facebook Appoints New Head of Blockchain Department: Not along after reopening its platform to cryptocurrency advertisers, social media giants Facebook is delving deeper into the crypto space with the appointment of Evan Cheng as the director of blockchain engineering..
Tom Lee Adjusts End-of-Year Bitcoin Price Prediction by $3k: Fundstrat research chief Tom Lee is still overly bullish on Bitcoin even as he revised his end of year bitcoin price prediction to $22,000 amid the slumping cryptocurrency market..
Swiss ‘Crypto Valley’ Zug Successfully Completes First Blockchain Voting Trial: The city of Zug, Switzerland, known as the "crypto valley" has successfully completed the country’s first blockchain-based test voting..
Global Tax Enforcement Authorities Launches Joint Initiative to Combat Crypto Tax Fraud: The Joint Chiefs of Global Tax Enforcement (J5) has brought together the leaders of tax enforcement authorities from Australia, Canada, the Netherlands, the U.K. and the U.S. for a joint initiative in combating transnational tax crime and money laundering.
Iran's Government Censors Crypto Exchanges as more Citizens turn to Bitcoin: Crypto exchanges are a no-go area in Iran as Iran’s government has taken a significant role in censoring crypto exchanges in Iran, ahead of the scheduled renewal of U.S. sanctions that are to take place in August and November this year. Several Iranian citizens told the publication that they are having trouble accessing crypto exchanges like Binance, Blockchain, and LocalBitcoins even with virtual private networks (VPNs).
Kenya’s Treasury Gets Two-Week Ultimatum to Decide Fate of Cryptocurrency: News of growing cryptocurrency adoption in the eastern coast of Africa, Kenya, has drifted through the crypto industry for a while now, but the government is wary of the development. The Kenyan Parliament has given the national treasury cabinet a period of two weeks to decide whether cryptocurrencies should be recognized as a form of legal tender..
BIS Chief Calls for End to Minting Cryptocurrencies: Head of the Bank of International Settlements, Agustín Carstens, has called for an end to the production of cryptocurrencies. According to the Chief, cryptocurrencies represent “a bubble, a Ponzi scheme, and an environmental disaster..
Crypto/Fiat Market Gets Death Sentence in India: The RBI ban on crypto trading went into effect on Friday, July 6, as local exchanges one by one announced the shutdown of their fiat deposits and withdrawals..
Fourteen Cryptocurrency Firms Joins UK FCA’s fourth cohort of regulatory sandbox: Fourteen cryptocurrency and blockchain-focused firms have been accepted into the FCA's cohort 4 of the regulatory sandbox to test innovative products..
Binance Experience Syscoin Trading Irregularities: On Wednesday, Binance suspended all trading activities involving Syscoin following an earlier buying transaction of Syscoin for 96 Bitcoins. In the latest update, Binance noted that irregular trades were detected from a number of API users that triggered the internal risk management system.
New Q2 Report Shows that Crypto Exchanges lost over $760 million to hackers in H1 2018: Cryptocurrency theft has surged three times in the first half of 2018 over the whole of last year, according to a report by CipherTrace. The US-based cyber security firm revealed that cryptocurrency exchanges lost $761 million to theft in Q1 and Q2 combined, as compared to the $266 million lost in 2017.
New Alert: Clipboard Malware Tracking Over 2.3 Million Bitcoin Addresses: Bleeping computers has raised alarm over the use of a clipboard malware to track over 2.3 million cryptocurrency addresses. According to the technical support website, hackers are using the malware to steal cryptocurrencies by changing pasted addresses..
Augur Announces $200k Bug Bounty Program as Mainnet Launch Looms: Augur (REP) has announced a $200,000 bug bounty program aimed at discovering and eliminating potential technical vulnerabilities as it gears up for its main net launch on July 9.
Chinese Crypto Billionaire Blast Binance, NEO, and QTUM in Leaked Recording: Chinese cryptocurrency tycoon Li Xiaolai, has stirred the crypto community with his arrogant comments against several cryptocurrency startups in a secret recording..