Bears come back hard bringing BTC prices below USD 7000 as OKEx clawbacks in USD416 million trade that went bad- the largest futures liquidation in crypto history.
The debate on Bitcoin ETF continues as SEC commissioner files public dissent while most on-street believe the delay in ETF. Binance Acquires Trustwallet and NYSE parent ICE announces the cryptocurrency ecosystem. Mt.Gox creditors agree on a repayment.
Well, whatever was gained by the bulls over past two weeks has come down like a sand castle, the bears have been hammering and have been hammering strong bringing the price of BTC down, from a week high of around USD 8400 to now, what it is, below 7000. A lot of this downfall is attached to the largest BTC futures liquidation carried out by OKEx because a large order of USD 416 remained unfulfilled forcing the exchange to carry out a clawback.
The much-anticipated ETF approval date approaches, with now most on the street now speculating it to be deferred till the end of 2018 or early 2019. SEC commissioner Hester Pierce filed her public dissent against the decision of Winklevoss twins Bitcoin ETF rejection hoping her dissent will shed some lights on the next crypto ETF application.
In latest additions of mainstream companies planning of crypto business, NYSE’s parent company Intercontinental Exchange (ICE) launched its new venture called Bakkt which would be working in creating a Bitcoin ecosystem to increase acceptability of bitcoin. For this, it has partnered with Microsoft and Starbucks. Another name added to crypto investment was that of Northern Trust, a Chicago-based institution with over $10 trillion in assets under management, which said that it’s taking to aid hedge funds which are investing in cryptocurrencies.
Lastly, Binance made its first acquisition by acquiring Trust Wallet with an aim to expand its services. Some relief seeps in Mt Gox case as Creditors Agree to $1.3Bil Repayment in BCH, BTC, No Altcoins, by Summer 2019.
Since reaching monthly highs last week, Bitcoin has since pulled back, with the price of the asset currently sitting below USD 7000, or approximately $1500 from the peak seen last week. The decline, what seems like is an amalgamation of technical and fundamental indicators. The ETF is still in a cliffhanger and uncertainty around it still with most believing SEC may defer its decision. The prices hit the high point of USD 8,235.50 and the lowest point of USD 6,984.07 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were BitForex (25.81%), Binance (2.18%) and Bitfinex (1.90%). While this summed up the spot there was a sudden spurt in BitMex derivative segment with a volume of 32.03%
This week Mike Novogratz gave some of his analysis and prediction as he said that for bitcoin to hit 10k it needs custody and regulatory clarity post which he believes bitcoin may hit 20k. Also, Mark Yusko, the founder of North Carolina-based Morgan Creek Capital Management, said that he is sticking by his year-end bitcoin price target of $25,000.
Also, read: Who Will Drive The Bitcoin Price, Bulls Or Bears? A Complete Sentimental Analysis of BTC
While Bitcoin continued its move downward, Ethereum also had to bear the brunt with a loss of close to 13% this week. Its network congestion continues with a new smart contract, this time it is smart contracts that belong to MOS Lottery, a lottery service, and betting mechanism. Its slowly becoming regular for Ethereum’s blockchain to remain congested. On days of significant congestion, the Ethereum blockchain can have a single smart contract consuming up to 40% of the gas on the Ethereum network. The problem seems not ending for Ethereum. Ether prices, on the top, this week were at USD 467.95 and were at lows of USD 399.91 being pretty much in this narrow range. The markets that were more active, in volumes, with ETH across various pairs this week were BitForex (24.85%), ZB.COM (3.25%) and Binance (3.11%)
In the news that surrounded Ethereum was that Minds + Machines Group Limited (MMX), an owner of the internet’s new generic top-level domains (gTLDs), recently announced that it has committed to an “exclusive agreement” that will allow Ethereum Name Service (ENS) to acquire a “top-level domain.” Status, an Ethereum messenger, looking to bring mass adoption to Ethereum, announced the launch of Nimbus, it’s a new client with a “particular focus on sharding.” And some support for Ethereum from Binance CEO Changpeng “CZ” Zhao who said that he Ethereum (ETH) will outcompete other smart contract platforms to retain its dominance through the foreseeable future.
As it did not participate in the upward move of BTC, XRP did not participate in the downstream as well. The coin did have a sentimental correction but did not go down like Ether and BTC. Among the bloodbath, XRP’s near 5% decline looked modest. The ghost of being termed as security is not ready to leave the XRP as the prices remain negative and the coin seems to have been stuck in that range, a kind of zone of its own. On the top, this week the prices of XRP were at USD 0.459134 and towards the bottom, it quoted USD 0.427125. The exchanges that were more active, in volumes, with XRP across various pairs this week were Coinsuper (9.77%), Huobi (8.63%) and Binance (8.51%).
Despite not having a great movement on prices, XRP did manage to gather some news as Coinbase added XRP to its custody operation giving a very minute ray of hope that XRP may come to Coinbase’s exchange in the future. In other news, India’s largest bank with 23 percent market share in assets and controlled one-fourth of the total loan and deposits market in the country State Bank of India (SBI), is set to start facilitating instantaneous cross-border payment solutions with Ripple.
The other movers and shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on Aug 5 at 10:15 pm IST) were
- SRCOIN – Showing a rise of 281.38%
- empowr coin – Showing a rise of 126.34%
- The Abyss – Showing a rise of 95.00%
- Scroll – Showing a drop of 66.56%
- DMarket– Showing a drop of 55.49%
- MobileGo – Showing a drop of 55.12%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
The post Bitcoin [BTC] , Ethereum [ETH] , Ripple [XRP] Price Analysis for the Week July 30 to Aug 5 appeared first on Coingape.
Written by Achal @ https://coingape.com/bitcoin-ethereum-ripple-price-analysis-july-30-aug-5/ August 5, 2018 Achal