BTC Price: $6,983
Last 7 days: -15.1% MTD: 5.4% YTD: 118.1%
In the last week, BTC saw a 15% decrease in price after the previous two weeks saw positive price movements of almost 30%. Prices traded steadily between $8,220- $8,112 between the 27th and 31st July before hitting support at $7,972 and then $7,746 on the 1st August, before dropping rapidly to the $7,000 mark. This latest negative price action is largely due to bearish traders skepticism on the SEC’s decision to reject ETF’s. (for the time being!)
Current support levels expected at £7,564, $7,200, $6,753, $6,420
BTC trading volume:
30th July : $2,765,023,479 (price of BTC $8,160)
6th August: $6,549,037,463 (price of BTC $6,990)
57.8% increase in trading volume in the past 7 days
ETH Price: $407Last 7 days: -12.8% MTD -13.1% YTD 54.4%
Ethereum has seen negative price movements over the last week with just under a 13% decrease in price. Ethereum still showing that its price is closely linked to that of BTC on bear runs, conversely however trades steadily against BTC on bull runs.
Current support levels expected at $451, $439, $407, $398
Split of Overall Market Cap (Dominance)
Other Alt-Coins: 38.1%
Past Week Talking Points
- Jamie Dimon, CEO of JP Morgan bullish on blockchain saying that it’s “the biggest potential disruption to our business”
- UBS bearish on crypto stating “Fixed supply and unusual demand dynamics make the system susceptible to high price volatility, in turn making it difficult for bitcoin to step into the role of money or to be a viable new asset class.”
- Crypto merchant bank Galaxy Digital, with its CEO- renowned ex hedge fund manager Mike Novogratz, officially started trading last week with its share price taking a nosedive. Opening at $2.11 USD it saw a 20% decrease to $1.52 USD. (Currently trading at $2.18.)
- Founder of Litecoin, Charlie Lee to advise HTC on the development of its new smartphone Exodus. Exodus is expected to have a crypto wallet on the device that will offer support for BTC, ETH , LTC and the lightning network.
- Sony files applications for two patents, both of which are hardware related.
- Korean financial regulators are considering using Blockchain tech for its stock trading systems.
- The NEO token may become divisible in the future due to a proposal on GitHub that could in turn make the NEO blockchain more decentralised. This has sparked fear within the NEO community as such a move could plunge the price of the NEO token.
- An unnamed BTC futures traders was unable to house the costs of a failed position on the OKEx exchange. This in turn causing OKEx to inject $18m worth of BTC and forcing other futures traders to return stakes of their unclaimed profits.
GlobalBlock Analyst Comment
With July now over, here at GlobalBlock we’re bracing ourselves for an active August period as has traditionally been the case if you look at previous years trading and seasonality. BTC’s two major support levels are at $6,457 and $5,345 with expectations of a strike of the first level of support by mid-September. With the current bear market trend resembling that of May we could well be in for a turbulent month. If we do manage to trade down towards the $5,000 mark this will fulfil bears expectations in terms of price retracement and could well then pave the way for the next bull market to begin. Elsewhere, keep an eye on the ETF story, it may be “down” for the time being- but it is definitely not “out” and is certainly more of a case of “when” as opposed to “if”.
Have a great week.