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Weekly Crypto Brief 8th July

Weekly Comment:

Investors and “hodlers” of Bitcoin and the whole general crypto market have been waiting for the day where governments and central banks start to show an interest towards the market and become friendly with it and the technology that surrounds it. This is becoming more of a reality each day and in recent adoption headlines the new European Central Bank (ECB) head Christine Lagarde is pro-crypto.
To date, she has shown a tremendous amount of interest in how the tech can help shape the future global economy, and she has even encouraged state-backed digital currencies which would increase the efficiency of those respective state’s economies.
In April just gone, Lagarde was interviewed with CNBC and bullishly stated that crypto and Blockchain technology is currently “shaking the system”. She went on to add in her interview that “We do not want to shake the system so much that we would lose the stability that is needed.”

With many critics pushing adoption down, Lagardes openness to the technology is at the least a powerful endorsement and definitely a step in the right direction towards reaching full system adoption.

Elsewhere, another big name in the product industry has announced its adoption of Blockchain technology, with the Swiss food giant Nestle starting a trial which will see Blockchain used to track its products along the supply chain (the company is reported to have teamed up with OpenSC for the venture.) It’s hoped the program will enable consumers around the world to access facts and figures about Nestle’s responsible sourcing efforts. The trial will start with the tracing of milk from farms in New Zealand all the way to the company’s factories and warehouses in the Middle East. With multiple other businesses taking this advancement in technology and turning it into a business improvement it is without a doubt that in the next few years nearly every major company in the product sector will be using Blockchain technology in some form to benefit business operations and further increase adoption globally.

Have a great week!

 

 

Past Week Talking Points:

  • From “Ponzi” to “we’re working on it” — BIS chief reverses stance on crypto
  • Cuba “studying cryptocurrency” to dodge U.S. sanctions, government says
  • U.S. Congress requests suspension on Facebook’s Libra stablecoin
  • “I don’t think I’m selling the next time we’re up to $14,000. I think the next time we get up there it’s closer to $20,000.” – Mike Novogratz, Galaxy Digital founder
BTC Price:  $11,817

Last 7 Days: 14.85%  1month: 43.17%   12months: 71.45%After forming support at $10,800, Bitcoin has been recovering in recent trading days, trading above $11,000 and further resistance level of $11,200. There has been a steady increase above $11,400 and past the 100 hourly simple moving average, where we saw the price trade above the $11,500 resistance level but bulls struggled to take control closer to $11,600 and a swing high was formed near $11,621 with a price correction following shortly after.
We saw a decline back through $11,500 with a further bear push below $11,400. Support was found by $11,350, from the outside there is a big contracting triangle forming with resistance by $11,475, however if we can push up past $11,500 then bullish momentum is expected to continue to take BTC/USD towards recent highs near $11,623. Key resistance is put at $12,000 and key support is currently placed at $11,200.

BTC Volume:

1st July: $29,378,589,324 (BTC Price of $10,583)

8th July: $21,207,284,133 (BTC Price of $11,814)

27% decrease in trading volume in the last 7 days

 

 

Last 7 Days Big Market Movers:

1              Origo                         OGO              $0.165214           453.81%
2              IZIChain                     IZI                  $0.504416           428.76%
3              Liquidity Network       LQD               $0.132412           287.14%

 

 

ETH Price: $308.99

Last 7 Days: 9.08%  1month: 23.80% 12months: -36%Ethereum is still sitting comfortably as the second largest cryptocurrency and has also had a positive upturn in recent times.  ETH/USD has formed fair support above the $285 level and has recently traded above $290 and the $295 resistance levels.  Moreover there was a close above $300 and the 100 hourly simple moving average which opened doors for bulls to take the price through $305 with a new weekly high formed near $310.  We can see a major bullish trend line forming with support near $292 on the hourly chart and remains well supported near $300 and $295. On the upside if we can get a break above $308-310 then the price could push further towards $322, but bears and bulls are fighting around $309 as of now which is the key area to watch.  Current support is sitting well at $300.

 

 

Market Cap. Dominance:

BTC: 62.9%
ETH: 9.7%
XRP:  5%

Other ALT-Coins: 22.4%