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GlobalBlock Weekly Update 30th July 2018

BTC Price: $8,147

Last 7 days: +10.1% MTD: +31.8% YTD: +197.3%

We expect an imminent bear run within the next weeks but not as severe as previously seen. Current support levels are expected at $8,271, $8,138. $7,976 and $7,804.

BTC trading volume:

23rd July: $6,757,150,200 (price of BTC $7,726)

30th July: $2,782,431,154 (price of BTC $8,164)

-58.5% in trading volume in the past 7 days

 

ETH Price $462.79

Last 7 days +1.6% MTD +7% YTD +134.7%

There have been minimal price gains over last week. We expect ETH to trade around this current price for the forthcoming week.

Current support levels expected at $478, $463, $453, $400

Split of Overall Market Cap (Dominance)

BTC 46%.

ETH 15.4%

Other Alt-Coins 38.6%

 

Past Week Talking Points

BTC broke the $8,000 mark mid last week. Friday saw price drop to $7,800 due to large sell orders as a result of the SEC’s decision to reject the latest application on ETF’s. But recovered within 12 hours back to $8,100

BTC market cap continues to increase up 1.4% from last week as investors see BTC as a viable long term project. (We will be further discussing this in our latest research report at the end of this week)

Telegram releases an ID verification app that can be used in finance, ICO’s etc. The service allows the encrypted sharing of a users ID

SEC rejects the Winklevoss brothers proposal of an ETF. This could have prevented institutional investors from taking up positions in the crypto. There are further pending ETF proposals yet to be approved. Market is optimistic that one will eventually come through

The CEO of Mastercard, Ajaypal Banga calls cryptocurrencies “junk” due to their price volatility This is the second time he has made a statement of this nature

Prediction market Augur now has assassination markets

Metamask wallet temporarily removed from Chrome. Now back up again

Galaxy Digital raises $52.5 million for crypto-lending firm BlockFi

Tezos to be audited by PwC

ConsenSys signs MoU with the Chinese Government to implement blockchain technology in the new smart city Xiongan

Google to partner with Digital Asset and BlockApp in providing Digital Ledger Technology on its Cloud Platform GCP

 GlobalBlock Analyst Comment

The SEC’s rejection of the latest ETF proposal has sparked debate from all sides in the crypto space. We see it as a necessary financial tool that will bolster the market in the long term and help private equity and institutional investors feel more comfortable in exposing themselves to a space that is in need of the type of regulation that an ETF brings. ETF’s would affect trading volume, and therefore create higher price points as BTC would need to be held by the fund holding the crypto asset in order to offer the ETF. We further believe it is for reasons such as this that BTC will end up being a storage of value in much the same way that gold was and still is.

Have a great week.

GlobalBlock Team