The first week of July did bring some greens back to the screen for major cryptocurrencies. A lot of news they have been moving the screen up and down. Taking in the account the RBI circular and dateline, major cryptocurrency exchanges in India have stopped their INR/crypto exchange feature and vice versa trading facilities.
To continue their business most have resorted to crypto-to crypto trading and P2P network. From other news in Asia, South Korea takes steps that bring it closer to cryptocurrency acceptance.
In the USA, Coinbase has moved a step closer to become a fully regulated broker-dealer by the US Securities and Exchange Commission (SEC) by acquiring 3 firms along with their broker-dealer license, an alternative trading system license, and a registered investment advisor license.
In Africa, the Kenyan Parliament has given a two-week deadline to its finance minister to decide the fate of cryptocurrencies in the country.
Traditional financial and technology firms start building a path to blockchain and Cryptocurrencies. Switzerland Exchange, Six, launches crypto exchanges while Facebook reshuffles staff to built its blockchain. And a surprise visit from Charles Hoskinson, CEO of Input-Output Hong Kong [IOHK], and creator of Cardano to Google’s office in London also made news this week.
Source: Coin360.io accessed on July 8, 2018, at 9.06am IST
Bitcoin, was back in the green again after a tough last week. The marketcap of Bitcoin moved close to USD 117 billion. The prices hit the high point of USD 6,863.99 and the lowest point of USD 6,305.70 during the week. The next logical step for bulls to get active looks to be USD 7000 although a lot of resistance is being felt at USD 6800-6840.
If the steam continues BTC should surely cross USD 7000 this week. The exchanges that were more active, in volumes, with BTC across various pairs this week were ZB.com (10.87%), Binance (4.46%) and OKEx (3.38%).
As the bears hammered in the first half of the week the bull came back pounding at the end with the week ending with a gain of 5.65 %. The mark capitalization sat at USD 106 billion. The prices hit the high point of USD 6465.51 and the lowest point of USD 5835.78 during the week showing a clear tussle around the resistance levels of USD 6000.
The exchanges that were more active, in volumes, with BTC across various pairs this week were Binance (10.36%), CoinEx (7.58%) and ZB.com (4.38%). An interesting fact with regards to volume handling of the exchange, the most pair traded seem to be BTC/USDT an interesting pair, in terms of the most volatile crypto paired with the stable coin tether.
A few voices that were noted speaking of Bitcoin. Tyler Winklevoss compared Bitcoin to Digital Gold. Ron Paul, a former member of the U.S. Congress and a Distinguished Counselor to the Mises Institute, was quoted saying Bitcoin, Gold-Backed Currency Can Coexist in Free Society. Allianz’s chief economic advisor, Mohamed El-Erian, said that Bitcoin would be in a buy territory if it would fall USD 5000.
Ethereum, the second largest cryptocurrency by market capitalization, has also managed to bounce off the support similarly to Bitcoin and other cryptos. It had been in very shallow red although after seeing a lot of green tops as the week ended.
As we report ETH was just below 0.96% after seeing some highs which were too because of cool of being noticed. Ether prices, on the top, this week were at USD 461.21 and were at lows of USD 419.68 again showing a wide range that the bulls and bears fought at.
Some news this week around “Ethereum were A crypto hedge fund”, Austin-located, called Multicoin Capital and supported by Chris Dixon, Andreessen Horowitz’s was very positive on Ethereum’s future and tanking down on Ripple and Litecoin.
South Africa’s Central Bank, has concluded a multi-bank project to test bank-to-bank payment transfers using the Ethereum based platform, Quorum under “Project Khokha.” Also, Basketball Team Sacramento Kings have decided to mine Ethereum to Fund Tech Education Scholarships.
XRP also followed the trend of other coins breaking the descending trendline. It did support the momentum although it also saw selling pressures at higher levels as bears begin assaulting closing the week in red with a fall of 3.47%. XRP price, on the top, this week was at USD 0.491110 and were at lows of USD 0.427302.
The exchanges that were more active, in volumes, with XRP across various pairs this week were CoinBene (21.86%), Bitbank (12.61%) and Bithumb (8.88%). XRP/ USDT pair generated the maximum volumes followed by XRP pairs with Japanese JPY and Korean KRW.
XRP gathered news which included SBI Holdings Chairman saying Ripple (XRP) Is Next Global Standard Of Cryptocurrency And Money. Ripple also found a new partner in Indian banking system in form of Kotak Mahindra Bank which will allow Kotak take advantage of xCurrent to allow for quicker and more efficient remittance payments.
The other movers and shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on July 1 at 11:30 pm IST) were
- SelfKey- Showing a rise of 396.03%
- SalPay- Showing a rise of 170.11%
- Whalecoin- Showing a rise of 132.34%
- Peepcoin- Showing a drop of 92.95%
- Zippie – Showing a drop of 45.59%
- Token Desk- Showing a drop of 45.57%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.