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GlobalBlock Weekly Update 23/07/18

BTC Price:  $7,678
Last 7 days:  + 21.1%  MTD:  +26.3%   YTD:  +181.4%

BTC resistance at $6,180 was broken which resulted in a number of triggered buy orders and upward price movement.  

BTC trading volume:

16th July, $4,024,751,045 (price of BTC $6,599)

23rd July,  $6,132,079,405 (price of BTC $7,690)

+52% in trading volume in the 7 days


ETH:   $460.53
Last 7 days: +3.1%    MTD: -0.73%  YTD: +100%

ETH price currently stable and no real price actions to note. Broad expectations are for ETH to trade between $440-$540 respectively over July and August

 

Split of Overall Market Cap (Dominance)

BTC 44.6%

ETH 15.7%

Other Alt-Coins 39.7%

 

Past Week Talking Points

  • BTC saw gains of over 20% meaning next level of resistance is $8.000
  • South Korea’s Financial Services Commission to set up department dedicated to crypto/blockchain regulation
  • Maltese blockchain framework is still not in place, however this is expected in the near future
  • Raiden test network released.  (Raiden is a payment channel network for ethereum, developed to help scale token transfers)
  • Nervos Network raises $28m in Series A funding
  • Civic buys identity.com
  • IBM launches new blockchain research center at Columbia University
  • IBM teams up with USD stable coin developer “Stronghold”
  • Augur prediction market see 51% increase in activity
  • Deloitte, EY, KPMG and PwC to trial blockchain tech for auditing public companies
  • Chinese search giant Baidu has launched a token “off blockchain” that incentivises users for photo validating and sharing. The aim being to improve copyright disputes
  • South Korean government considering tax breaks for companies that develop blockchain tech
  • European Parliament study states that centralised cryptos provided by banks could see needed competition in the space
  • Liverpool aims to become a climate positive city by implementing blockchain tech in the exchange of tokenised carbon credits to offset its effect on the environment
  • BTC market dominance increases by 3.5%
  • Bank of Canada study states that “double spend problem” not likely to be an issue in proof of work verification.  

 

The Week Ahead

  • Possible squeeze on BTC to next level of resistance at $8k?
  • ETH to hit $480?
  • G20 to publish framework on monitoring cryptos
  • MLB (Major League Baseball) to launch dapp game off the Ethereum blockchain
  • BlackRock looking at exposure to crypto market
  • STASIS based in Malta, € pegged stable coin, partners with institutional client
  • Boeing looking at blockchain tech to track unmanned air vehicles
  • Peter Thiel and Bitman invest in Block.one the publisher of the EOS blockchain protocol

Have a good week.

GlobalBlock Team