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Weekly Crypto Brief 22nd July

Weekly Comment:Not long ago, Justin Sun who is the founder of Tron won an annual auction for lunch with renowned investor Warren Buffet and since then he has been building his list of who to invite to the upcoming charity lunch to be held this Thursday. It was reported yesterday that Sun invited the founder and CEO of trading platform eToro, Yoni Assia.  Assia responded promptly saying “Justin, it is my honour to join you for lunch with Warren Buffett, a big step for bridging between the traditional finance world and the new one!”
Alongside Assia, Sun has invited the head of the Binance Charity Fund, Helen Hai, LTC’s creator Charlie Lee and also the CEO of crypto payments firm Circle, Jeremy Allaire.  With a heavily influenced crypto enthusiast group it will be of no surprise that crypto will be the main topic of conversation.

Facebook’s crypto project Libra has been in the limelight again, this time Benoit Coeure who is a board member of the European Central Bank has said that Facebook’s Libra coin will not launch until global regulators are satisfied. This comes after reports from Reuters at the G7 Summit in Chantilly, France last week mentioned that Coeure stated “you’ve got to be safe, robust and resilient from day one. It’s not a learning process: either it works or it doesn’t” This bold statement is effectively saying, if it works and regulators are happy with rules and protection in place it will happen or if it doesn’t work and regulators are not happy with the outcome it should not continue.
Coeure furthered his concerns by asking that the protection of user privacy and ownership rights be guaranteed which will require significant consideration and lengthy discussion by regulators. Benoit Coeure has been pursuing project Libra with a call for fast action from global regulators, as his concerns rise from an increasing number of projects becoming a “useful wake-up call for regulators and public authorities, as they encourage us to raise a number of questions and might make us improve the way we do things”.

Last week it was reported by Bloomberg that derivatives giant BitMEX is being investigated by U.S. regulators Commodity Futures Trading Commission. This comes after allegations against the exchange allowing U.S. residents to use its Seychelles-based platform for trading. This would go against current laws which prevent American citizens from using such crypto-based financial services. Not long ago BitMEX CEO Arthur Hayes and Bitcoin naysayer Nouriel Roubini were arguing around the topic of crypto and last week Roubini stated that BitMex insiders had told him that the platform is “used daily for money laundering on a massive scale by terrorists and other criminals” It does not look like BitMEX nor the CEO are in a good position right now.

Have a fantastic week!

 

 

Past Week Talking Points:

  • Bitcoin price reclaims $10K after U.S. lawmaker says BTC can’t be killed
  • David Marcus: You won’t have to trust Facebook, and I’ll get paid in Libra
  • Alleged Silk Road Drug Dealer Arrested in the United States
  • “I’m for the least amount of regulation. I don’t know what’s gonna happen to cryptocurrencies. I think it’s a great idea.” -Ron Paul, former Republican congressman
BTC Price:  $10,509

Last 7 Days: -2.44%  1month: -0.87%   12months: 45.62%Once again last week we saw a price decline below the $10,000 support mark and breaking the $9,500 level settling below the 100 simple moving average and closing at a low towards $9,000.  A support base was formed above $9,200 and the price has since started an upside correction. In more recent days the price movement was positive as the price broke the $10,000 and $10,250 resistance levels. Bulls took control towards the end of the week breaking through the major bearish trend line with resistance at $10,400, the price of BTC/USD climbed above $10,800, again through another significant resistance level and spiking very close to $11,000, hitting a strong resistance area of $11,150. We are looking at $10,250 as a major support level and $11,200 for the major resistance level.

BTC Volume:

15th July: $25,384,047,207 (BTC Price of $10,895)

22th July: $15,684,686,905 (BTC Price of $10,570)

38% decrease in trading volume in the last 7 days

 

 

Last 7 Days Big Market Movers:
1              Tarush               TAS                          $0.001682            459.76%
2              Conceal            CCX                          $0.359044            381.45%
3              DEXTER           DXR                          $287.15                267.01%
 

 

ETH Price: $221.75

Last 7 Days: -3.34%  1month: -25.39%  12 months: -48.20%For ETH/USD support was formed above $200 and $207 with bulls pushing the price higher towards the $220 resistance and settling above the 100 hourly simple moving average.  More recently there was a break above the $230 level and the price traded to a new intraday high at $236 before correcting back lower again close to $225. A low was formed near $217 and the price is currently consolidating in a range. If there is an upside break above $228 and $230 we may see bulls continue to take the price further towards the next key resistance of $236 and if this is broken it could accelerate towards $240 and $250. With respect to the downside, if the price fails to gain pace above $227 and $230 then a break of immediate support by $217 means we will be looking towards a lower print of $210 or $208 as a support area.

 

 

Market Cap. Dominance:

BTC: 65.2%
ETH: 8.2%
XRP:  4.7%

Other ALT-Coins: 21.8%