Market Weekly Scroll 24th Jul to 4th Aug

After a raft of positive news for the bitcoin price and cryptocurrency markets, the total capitalization of all digital assets in circulation slipped to $290 billion. The total trading volume settled at $45 billion, while Bitcoin’s market share has grown to 66.6%

Bitcoin(BTC/USD) finally managed to develop an upside momentum. The price of the first digital coin attempted a move above $10,900 handle by the end of the week. Analysts are predicting further growth for the coin.

Ethereum the second-largest digital asset with the current market capitalization of $23.4 billion, is down 1.9% on a day-on-day basis. ETH/USD has settled below $220.00, off the intraday high of $223.48.

Ripple’s XRP has still paralyzed insight the tight range of $0.3100-$0.3200. The third-largest coin with the current market capitalization of $13.4 billion, has drifted from the intraday high of $0.3170 to trade at $0.3140 at the time of writing.

Bitcoin price holds $10,000 as top cryptos see mixed movements

Bitcoin (BTC) has continued to gain momentum today, with its price nearing the $11,000 mark. The top 20 cryptos by market capitalization are seeing mixed results on the day, with most gains and losses around or under 2%. Max Keiser, a former Wall Street trader and host of the RT program Keiser Report, said that he believes Bitcoin (BTC) will break $15,000 this week. Keiser’s predictions are seemingly in line with a report recently released by digital asset research firm Delphi Digital, according to which the macroeconomic landscape is creating the “perfect storm” to ignite Bitcoin price appreciation.

U.K. financial regulator, the FCA, won’t regulate Bitcoin and Ether

As one country tries to provide clarity on cryptocurrencies, another is making matters murkier. The Financial Conduct Authority, Britain’s regulator, announced this week that it will not oversee Bitcoin and Ether because they are outside of its remit. To further add to the sense of confusion, the FCA says it can monitor security tokens and utility tokens —potentially resulting in a fractured landscape for regulation.

U.S. Federal Reserve’s interest rate cut

On Wednesday, theU.S. Federal Reserve cut interest rates for the first time in more than a decade and signaled its readiness to provide more support as growth slows in the world’s largest economy. Thus, the bitcoin price is up10% over the last three days, with traders and investors pointing to the U.S. Federal Reserve’s first rate cut in bitcoin’s ten-year history as one of the prime catalysts for the sudden recovery.

China’s Central Bank prioritizes development of digital currency

China’s central bank, the People’s Bank of China (PBoC) announced that it accelerated the development of its cryptocurrency.PBoC suggested that it should accelerate the research and development of its digital currency. Furthermore, the statement also indicates that much attention should be also given to other domestic and foreign cryptocurrencies. Additionally, the bank said that it should strengthen financial risk remediation as well as its policy propaganda interpretation and respond quickly to social concerns.

Facebook warns investors that the Libra stablecoin may never launch

The Libra storyline is fast becoming a never-ending soap opera. Facebook used its latest quarterly report to warn investors that its controversial cryptocurrency may never launch at all. The admission at least shows that the social network is taking the concerns of regulators and policymakers to heart. Although the company still expects Libra to be released in 2020 (for now).

Exchange OKEx launches a data analytics platform for derivatives trading

Malta-based digital asset exchange OKEx has launched a new comprehensive data insights platform that covers trading trends for derivatives. This platform will reportedly allow OKEx users to see real-time data on the exchange’s futures and perpetual swap markets for nine major tokens, including the top cryptocurrencies BTC, ETH, and XRP. The platform provides six indicators of market trends as follows: long/short positions ratio, basis, open interest, and trading volume, buy/sell taker volume, top trader sentiment index, and top trader average margin used.

Elliptic launches Data set to identify crypto money laundering

Cryptocurrencycompliance company Elliptic has released the Elliptic Data Set, geared toward identifying cryptocurrency transactions associated with money laundering (AML). Elliptic claims it to be the largest set of labeled transaction data publicly available in any digital currency in the world. The product is designed to help users more efficiently identify illicit transactions, as well as transactions associated with money laundering, sanctions violations or terrorist financing (CFT). At the same time, the product should reduce compliance costs and eventually eliminate criminal activity from cryptocurrencies.

Singapore’s regulator warns of new scam Bitcoin investment scheme

Forged statements by a former Singaporean prime minister are being used to dupe unsuspecting consumers into a Bitcoin scam online, regulators have claimed. The Monetary Authority of Singapore says articles are circulating that claim ex-leader Goh Chok Tong has a method to help citizens become rich in seven days—but warns the statements were “either false or were taken out of context and used in a misleading way.” Victims were urged to deposit $250 into a trading platform that claims to execute automated traders on a user’s behalf.

Mining ASIC Giant Bitmain lost $625 million

Chinese mining and mining Application Specific Integrated Circuit (ASIC) manufacturer Bitmain lost $625 million in the first two months of this year. the firm sustained losses of $625 million by March, $345 during January, and $280 million during February. Those results were reportedly driven by the sales of outdated 16 nanometer ASICs at low prices, and once the inventory is cleared of those machines, new profits are expected from the sale of new, 7-nanometer mining rigs.

Most searched terms in google about recent crypto industry news for the last week.

Bitfinex

New York Attorney General’s office (NYAG)is investigating a concern that Bitfinex covered up the loss of $850 million held by a payments processor by borrowing funds from Tether’s stablecoin reserves.

Okex

Crypto exchange OKEx has launched Futures & Perpetual Swap Market Data, the first-of-its-kind big data platform in the industry offering accurate, unbiased trading data for customers to understand the derivatives market.

Bitcoin

A new wave of the Bitcoin’s positive movement has been triggered by recent news and updates made by SEC and Federal Reserve. Facebook’s LibraThe Libradevelopmentwas recently postponed and there is a possibility that it might be never launched. The social network’s management has warned the investors about it.

Max Keiser

One who thinks bitcoin will reach really high prices next week is the crypto personality and investor mix Keiser. He wrote that he believed the cryptocurrency will reach $15,000 this week.

Best & Worst performed tokens during the last week

Quotes of the week




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Ravikash Gupta is a 37-year old Fin-tech and Bitcoin enthusiast living in Mexico. His passion for finance and technology made him one of the world’s leading freelance Bitcoin enthusiast, he is attached with many Blockchain Startups as Advisor.

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