The Crypto Daily – Movers and Shakers – August 22nd, 2021

Bitcoin, BTC to USD, fell by 1.01% on Saturday. Partially reversing a 5.48% rally from Friday, Bitcoin ended the day at $48,837.0.

After a range-bound start to the day, Bitcoin fell to a late morning intraday low $48,219.0 before making a move.

Steering clear of the of the first major support level at $47,518, Bitcoin rallied to a late afternoon intraday high $49,788.0.

Falling short of the first major resistance level at $50,271, however, Bitcoin slid back to sub-$49,000 and into the red.

The near-term bullish trend remained intact, supported by the latest return to $49,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Saturday.

Bitcoin Cash SV and Ripple’s XRP led the way down, with losses of 3.25% and 3.57% respectively.

Chainlink (-2.89%), Ethereum (-1.83%), and Litecoin (-2.11%) also struggled.

Binance Coin (-1.29%), Cardano’s ADA (-0.75%), Crypto.com Coin (-0.73%), and Polkadot (-0.06%) saw relatively modest losses, however.

In the current week, the crypto total market fell to a Wednesday low $1,832bn before rising to a Saturday high $2,124bn. At the time of writing, the total market cap stood at $2,062bn.

Bitcoin’s dominance fell to a Tuesday low 43.67% before rising to a Wednesday high 45.35%. At the time of writing, Bitcoin’s dominance stood at 44.55%.

This Morning

At the time of writing, Bitcoin was up by 0.03% to $48,854.0. A mixed start to the day saw Bitcoin fall to an early morning low $48,692.5 before rising to a high $48,998.7.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV was down by 0.72% to buck the trend at the start of the day.

It was a bullish start for the rest of the majors, however.

At the time of writing, Polkadot was up by 1.45% to lead the way.

BTCUSD 220821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $48,948 pivot to bring the first major resistance level at $49,667 into play.

Support from the broader market would be needed for Bitcoin to break out from $49,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $49,788.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,517.

Failure to move back through the $48,948 pivot would bring the first major support level at $48,108 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$47,000 levels. The second major support level $47,379 should limit the downside.

The Crypto Daily – Movers and Shakers – August 21st, 2021

Bitcoin, BTC to USD, rallied by 5.48% on Friday. Following a 4.57% gain on Thursday, Bitcoin ended the day at $49,330.5.

A mixed morning saw Bitcoin fall to an early morning intraday low $46,647.0 before finding support.

Steering clear of the of the first major support level at $44,818, Bitcoin rallied to a late intraday high $49,400.

Bitcoin broke through the first major resistance level at $47,887 and the second major resistance level at $49,008.

A late pullback, however, saw briefly Bitcoin fall back through the second major resistance level before ending the day at sub-$49,300 levels.

The near-term bullish trend remained intact, supported by the latest return to $49,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Friday.

Bitcoin Cash SV (+7.60%) and Crypto.com Coin rallied by 7.60% and by 7.44% respectively to lead the way.

Binance Coin (+5.51%) and Chainlink (+6.05%) also found strong support.

Cardano’s ADA (+0.58%), Ethereum (+3.21%), Litecoin (+4.61%), Polkadot (+0.47%), and Ripple’s XRP (+2.39%) trailed the front runners, however.

In the current week, the crypto total market fell to a Wednesday low $1,832bn before rising to a Friday high $2,110bn. At the time of writing, the total market cap stood at $2,068bn.

Bitcoin’s dominance fell to a Tuesday low 43.67% before rising to a Wednesday high 45.35%. At the time of writing, Bitcoin’s dominance stood at 44.67%.

This Morning

At the time of writing, Bitcoin was down by 0.35% to $49,157.8. A mixed start to the day saw Bitcoin rise to an early morning high $49,374.0 before falling to a low $49,157.8.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Ripple’s XRP was down by 0.92% to lead the way down.

BTCUSD 210821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $48,459 pivot to bring the first major resistance level at $50,271 and the 23.6% FIB of $50,473 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $49,400.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at the 23.6% FIB would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $53,000 levels before any pullback. The second major resistance level sits at $51,212.

A fall through the $48,459 pivot would bring the first major support level at $47,518 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level sits $45,706.

Cardano Sets New All-Time High Above $2.50 As Crypto Market Recovers

The cryptocurrency market has recovered from the losses sustained earlier this week, and Cardano has gone on to reach a new all-time high.

Cardano Sets A New All-Time High

Cardano is officially one of the best-performing cryptocurrencies this year. The coin has experienced massive gains in recent months and has now reached a new-all-time. This latest development comes after Cardano hit the $2.57 earlier today.

By reaching the $2.57 mark, ADA’s price is up by 24% over the past 24 hours. The coin’s price is up by 27% in the past seven days, making it one of the top performers amongst the top ten cryptocurrencies.

The rally also came at the expense of the Binance Coin (BNB). ADA is now officially the third-largest cryptocurrency by market cap after overtaking BNB earlier today. At the time of this writing, ADA’s total market cap is $81 billion, while that of BNB is $72 billion.

ADA/USD chart. Source: FXEMPIRE

Year-to-date, ADA is also one of the best-performing coins. It began 2021 trading at $0.175, but it has since gone up by over 1000% to currently trade at $2.57. Cardano’s rally comes as the broader cryptocurrency market recovered from the slump earlier this week.

Bitcoin, Ether and the other leading cryptocurrencies all experienced losses earlier this week. Bitcoin’s price dropped to the $44k level earlier this week, but it is now trading above the $47k region again.

Cardano’s Smart Contract Development Causing Rally

Cardano’s rally in recent months can be attributed to the expected launch of smart contract functionalities on its blockchain. Cardano founder Charles Hoskinson said the team is on track to launch the smart contracts functionalities once Cardano undergoes the hard fork.

The launch of smart contracts on the Cardano blockchain is expected to make the network one of the leading blockchains in the world. Cardano is expected to rival Ethereum and the Binance Smart Chain in attracting DeFi protocols.

The Crypto Daily – Movers and Shakers – August 20th, 2021

Bitcoin, BTC to USD, rose by 4.57% on Thursday. Following a 0.06% gain on Wednesday, Bitcoin ended the day at $46,765.0.

A choppy start to the day saw Bitcoin fall to an early morning intraday low $43,992.0 before making a move.

Finding support at the first major support level at $43,988, Bitcoin rallied to a late intraday high $47,061.0.

Bitcoin broke through the first major resistance level at $45,732 and the second major resistance level at $46,743.

A late pullback, however, saw briefly Bitcoin fall back through the second major resistance level before ending the day at sub-$46,760 levels.

The near-term bullish trend remained intact, supported by the latest return to $48,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Thursday.

Cardano’s ADA surged by 15.99% to lead the way, with Binance Coin and Ripple’s XRP rallying by 8.78% and by 7.71% respectively.

Chainlink (+6.86%), Ethereum (+5.71%), Litecoin (+5.48%), and Polkadot (+6.34%) also found strong support.

Bitcoin Cash SV (+1.94%) and Crypto.com Coin (+0.51%) trailed the front runners, however.

In the current week, the crypto total market rose to a Monday high $2,061bn before falling to a Wednesday low $1,832bn. At the time of writing, the total market cap stood at $2,010bn.

Bitcoin’s dominance fell to a Tuesday low 43.67% before rising to a Wednesday high 45.35%. At the time of writing, Bitcoin’s dominance stood at 44.17%.

This Morning

At the time of writing, Bitcoin was up by 1.06% to $47,263.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,647.0 before rising to a early morning high $47,407.4.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Cardano’s ADA (-0.74%), Polkadot (-0.42%), and Ripple’s XRP (-0.45%) bucked the early trend.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 3.00% to lead the way.

BTCUSD 200821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $45,939 pivot to bring the first major resistance level at $47,887 into play.

Support from the broader market would be needed for Bitcoin to break out from $47,500 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $48,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $50,000 levels before any pullback. The second major resistance level sits at $49,008.

A fall through the $45,939 pivot would bring the first major support level at $44,818 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 levels. The second major support level sits at $42,870.

El Salvador Unveils Banking Regulations For Bitcoin, Says Bitcoin Use Is Optional

El Salvador’s Bitcoin adoption is expected to become official in less than three weeks, and the government has now published a draft to guide banks on how to handle the cryptocurrency.

El Salvador Publishes Banking Regulations For Bitcoin

The El Salvador central bank, Banco Central de Reserva (BCR), has published two documents designed to help financial institutions in the country deal with Bitcoin. The guidelines would make it easier for banks to understand how to offer Bitcoin-related services to their customers.

The first document roughly translates as “Guidelines for the Authorization of Operation of the Digital Wallet Platform for Bitcoin and Dollars.” The document defines Bitcoin as a legal tender after the legislation was passed a few months ago. Following the approval of the bill, Bitcoin is set to become an official legal tender in El Salvador on September 7.

The second document is called Technical Standards to Facilitate the Application of the Bitcoin Law,” and it contains details on how financial institutions and banks should offer Bitcoin services to their customers.

Per the regulation, financial institutions would have to apply to the El Salvador central bank if they wish to offer digital wallets. Furthermore, the applications are required to contain details on the type of products the banks would be offering, the target market, risk assessments, charges to customers, various complaint processes and education resources for the customers.

The banks would make it easy for people to convert Bitcoin to US Dollars and vice versa. The financial institutions are also required to ensure customers go through the standard Know-your-customer (KYC) verification processes. They also need to implement anti-money laundering (AML) procedures when dealing with Bitcoin.

Bitcoin’s Use Is Optional

El Salvador’s finance minister Alejandro Zelaya pointed out earlier this week that the use of Bitcoin is totally optional. According to the minister, the US Dollar remains the dominant currency in El Salvador, but Bitcoin is available as an option for people that want to use it.

BTC/USD chart. Source: FXEMPIRE

Bitcoin has been in a bearish mode for the past few days, with its price down by 0.67% over the past 24 hours. Currently, Bitcoin is trading just above the $44k mark, dropping from the $47k level it attained during the weekend.

Galaxy Digital Files With SEC To Launch A Bitcoin Futures ETF Despite Q2 Losses

Galaxy Digital has filed with the US SEC to launch a Bitcoin futures ETF hours before reporting losses in the most recent quarter.

Galaxy Digital Wants To Launch A Bitcoin (BTC) Futures ETF

Galaxy Digital has filed with the US Securities and Exchange Commission (SEC) to list a Bitcoin futures ETF. The digital asset management company wants to launch an ETF that doesn’t directly track the price of the leading cryptocurrency.

The Galaxy Bitcoin Strategy ETF is expected to provide investors exposure to Bitcoin futures and other Bitcoin exchange-traded funds instead of the direct spot price of Bitcoin. Galaxy Digital said the fund would invest in Bitcoin futures and other Bitcoin ETFs launched in countries like Canada and Brazil.

The application comes barely two weeks after SEC chair Gary Gensler said the regulatory agency might be open to approving an ETF that doesn’t directly track the spot price of cryptocurrencies. Since then, five companies have filed to launch Bitcoin futures ETFs. The Bitcoin futures ETFs are expected to gain the SEC’s approval as they align with what the regulatory agency requires.

The SEC has declined several cryptocurrency ETFs in the past. The regulatory agency believes that more regulation is needed in the crypto space to provide investor protection before ETFs tracking the spot prices of cryptos are approved.

Galaxy Digital Losses $175 Million In Q2

A few hours after filing for a Bitcoin futures ETF, Galaxy Digital reported its second-quarter earnings, and the company didn’t perform well. CEO Mike Novogratz revealed that the digital asset manager recorded a loss of $175.8 million in the previous quarter.

The losses could be attributed to a decline in the prices of Bitcoin and other leading cryptocurrencies. It comes despite Galaxy Digital reporting an increase in trading activities and managed assets during that quarter.

BTC/USD chart. Source: FXEMPIRE

Bitcoin dropped from its all-time high above $64k to trade below $30k in the second quarter. However, the market is slowly recovering, and Bitcoin has been trading above the $40k mark for the past few weeks.

Currently, Bitcoin (BTC) is down by 3% and is trading above $45,400 on various cryptocurrency exchanges. The market recovery could continue for the next few months, and that could boost Galaxy Digital’s performance in the current quarter.

The Crypto Daily – Movers and Shakers – August 18th, 2021

Bitcoin, BTC to USD, fell by 2.70% on Tuesday. Following a 2.31% loss on Monday, Bitcoin ended the day at $44,695.0.

After a choppy start to the day, Bitcoin rose to a late morning intraday high $47,167.0 before hitting reverse.

Falling short of the first major resistance level at $47,441, Bitcoin slid to a late intraday low $44,441.0.

Bitcoin fell through the first major support level at $45,061 to end the day at sub-$45,000 levels.

The near-term bullish trend remained intact, supported by the latest return to $48,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Tuesday.

Cardano’s ADA (-7.20%), Chainlink (-6.45%), and Ripple’s XRP (-7.41%) led the way down.

Binance Coin (-3.40%), Bitcoin Cash SV (-5.28%), Crypto.com Coin (-2.10%), Ethereum (-4.31%), and Litecoin (-5.28%) also struggled.

Polkadot fell by a more modest 1.03% on the day, however.

Early in the week, the crypto total market rose to a Monday high $2,061bn before falling to a Tuesday low $1,851bn. At the time of writing, the total market cap stood at $1,885bn.

Bitcoin’s dominance fell to a Tuesday low 43.67% before rising to a Tuesday high 45.06%. At the time of writing, Bitcoin’s dominance stood at 44.65%.

This Morning

At the time of writing, Bitcoin was up by 0.28% to $44,822.0. A mixed start to the day saw Bitcoin rise to an early morning high $45,018.0 before falling to a low $44,625.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the trend early on, sliding by 3.66%.

It was a bullish start for the rest of the majors, however.

At the time of writing, Polkadot was up by 3.36% to lead the way.

BTCUSD 180821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $45,434 pivot to bring the first major resistance level at $46,428 into play.

Support from the broader market would be needed for Bitcoin to break back through to $46,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $47,167 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $49,000 levels before any pullback. The second major resistance level sits at $48,160.

Failure to move through the $45,434 pivot would bring the first major support level at $43,702 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $42,708.

It’s Spain’s Turn. Spanish Regulator Warns Huobi And Others For Non-Registration

Regulators in various parts of the world are turning the heat on cryptocurrency exchanges operating without a license. This time, Spanish regulators have issued a warning to exchanges operating unregistered in the country.

Spanish Watchdog Issues A Warning To Unregistered Exchanges

Spain’s National Securities Market Commission has issued a warning to some cryptocurrency trading platforms operating in the country without a license. The companies have been warned that they are operating without getting approval from the regulator.

According to the warning issued to the companies, they could be sanctioned if they failed to register. “According to CNMV records, these institutions are not registered in the corresponding registry of this Commission and, therefore, are not authorised to provide investment services or other activities subject to the CNMV’s supervision,” the letter said.

The companies mentioned in the letter are; Huobi, Bybit, Dsdaq Market, Markets Cube, Expertise Trader, Markets EU, Profit Assist, Financial Resident, Liberty Sky, N2 Group and The Market Limited.

Huobi, Bybit, Dsdaq Market, Markets Cube and Expertise Trader are cryptocurrency trading platforms, while N2 Group is a crypto token issuer. The other companies run financial and investment operations in Spain.

The warning doesn’t imply that the Spanish regulator would ban the companies from operating in Spain. However, the SMC could appeal to the justice system to sanction the firms. Furthermore, the warning is to alert the consumers to the dangers of using unregistered financial markets operators.

Crypto Exchanges Are Coming Under Fire

Cryptocurrency exchanges are increasingly coming under fire. Binance is the exchange that has faced the toughest regulatory challenges in recent months. It began with the UK’s Financial Conduct Authority (FCA) banned Binance Markets Limited from operating in the country. This resulted in some top banks like Santander, HSBC and Barclays blocking Binance payments.

Furthermore, Italian regulators have also warned Binance that it doesn’t have a license to operate in Italy. Malaysia has also banned Binance from operating, and the exchange is expected to cease operations over the coming weeks.

BTC/USD chart. Source: FXEMPIRE

The cryptocurrency market has slightly retreated after a bullish weekend. Bitcoin’s price is currently down by 1.7%, and it is trading just above the $46k region. Analysts are optimistic about the short-term price performance of Bitcoin and other major cryptocurrencies.

Mavericks To Sell Tickets And Merchandise At Discounted Price For Dogecoin

Mavericks will offer special discount prices for game tickets and other merchandise for people who opt to pay with the Dogecoin cryptocurrency. DOGE is currently up by 14% and is one of the best performing coins over the past 24 hours.

Mark Cuban Announces Mavericks’ Summer Discount With Dogecoin

The Dallas Mavericks organization has reported a surge in sales made with the Dogecoin cryptocurrency since it began to accept the coin as payment in March. Team owner Mark Cuban has announced further moves to promote the use of the meme-inspired cryptocurrency.

Cuban announced that the team would soon start a summer merchandise sell that will come with special pricing for fans who pay with Dogecoin. The offer would allow Maverick fans to pay for game tickets and other merchandise at discounted prices when they use Dogecoin.

 

In an interview with CNBC, Cuban said DOGE is a medium of exchange that can be used to pay for services and goods. He believes that the Dogecoin community is the strongest in terms of using the cryptocurrency as a medium of exchange.

Cuban’s announcement has received positive comments from the Dogecoin community, with Elon Musk one of the people to support it. Musk tweeted that he has been saying this for a while, supporting Cuban’s claim that Dogecoin is the best cryptocurrency to serve as a medium of exchange.

Dogecoin Up By 14% In 24 Hours

Dogecoin is one of the top performers in the cryptocurrency market over the past few days. DOGE is currently up by 14.49% over the last 24 hours, and it is only outperformed by Solana amongst the leading cryptocurrencies.

DOGE/USD chart. Source: FXEMPIRE

At the moment, DOGE is trading at $0.346, down by over 50% from its all-time high around the $0.70 mark. However, DOGE remains one of the best performing cryptocurrencies, rising by more than 6,000% in the past year.

Dogecoin rose to prominence thanks to support from influential figures such as Elon Musk and Mark Cuban. Although it started as a joke, DOGE has gained massive adoption and has built a strong community of users and investors globally.

The Crypto Daily – Movers and Shakers – August 16th, 2021

Bitcoin, BTC to USD, slipped by 0.13% on Sunday. Following a 3.59% slide on Saturday, Bitcoin ended the week up by 7.37% to $47,084.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $47,369.0 before hitting reverse.

Falling well short of the first major resistance level at $48,172, Bitcoin slid to an early afternoon intraday low $45,471.0.

Bitcoin fell through the first major support level at $45,966 before briefly revisiting $47,200 levels late in the day.

The near-term bullish trend remained intact, supported by the latest return to $48,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Cardano’s ADA fell by 0.95% to join Bitcoin in the red.

It was a bullish day for the rest of the majors, however.

Chainlink rose by 2.69% to lead the way.

Binance Coin (+1.33%), Bitcoin Cash SV (+1.70%), Ethereum (+1.36%), Litecoin (+1.01%), and Polkadot (+1.47%) weren’t far off.

Crypto.com Coin (+0.06%) and Ripple’s XRP (+0.41%) trailed the front runners, however.

While it was a mixed end to the week, it was a bullish week for the majors.

Ripple’s XRP surged by 64.95% to lead the way, with Cardano’s ADA ending the week up by 52.04%.

Binance Coin (+21.15%), Chainlink (+21.08%) and Litecoin (+23.27%) also found strong support.

Bitcoin Cash SV (+16.49%), Crypto.Com Coin (+9.20%), Ethereum (+9.85%), and Polkadot (+9.85%) trailed the front runners, however.

For the week, the crypto total market fell to a Monday low $1,696bn before rising to a Saturday high $2,022bn. At the time of writing, the total market cap stood at $1,999.5bn.

Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Sunday low 44.12%. At the time of writing, Bitcoin’s dominance stood at 44.32%.

This Morning

At the time of writing, Bitcoin was up by 0.19% to $47,111.0. A bullish start to the day saw Bitcoin rise from an early morning low $47,023.0 to a high $47,174.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bullish start to the day.

At the time of writing, Crypto.com Coin was up by 1.13% to lead the way.

BTCUSD 160821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $46,621 pivot to bring the first major resistance level at $47,770 into play.

Support from the broader market would be needed for Bitcoin to break out from $47,500 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $48,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $49,000 levels before any pullback. The second major resistance level sits at $48,519.

A fall through the $46,621 pivot would bring the first major support level at $45,872 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $44,723.

The Crypto Daily – Movers and Shakers – August 15th, 2021

Bitcoin, BTC to USD, fell by 3.59% on Saturday. Partially reversing a 7.70% rally from Friday, Bitcoin ended the day at $47,084.0.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $48,141.0 before hitting reverse.

Falling well short of the first major resistance level at $49,113, Bitcoin slid to a late morning intraday low $45,935.0.

Steering clear of the first major support level at $45,412, Bitcoin revisited $47,400 levels before easing back.

The near-term bullish trend remained intact, supported by the latest return to $48,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Ripple’s XRP surged by 17.57% to lead the way.

Cardano’s ADA (+2.34%), Chainlink (-2.17%), Crypto.com Coin (+1.36%), and Polkadot (+2.16%) also found support.

It was a bearish day for the rest of the major, however, with Ethereum (-1.74%) leading the way down.

Binance Coin (-0.46%), Bitcoin Cash SV (-0.42%), and Litecoin (-0.25%) saw relatively modest losses on the day.

In the current week, the crypto total market fell to a Monday low $1,696bn before rising to a Saturday high $2,022bn. At the time of writing, the total market cap stood at $1,978bn.

Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Saturday low 44.74%. At the time of writing, Bitcoin’s dominance stood at 44.82%.

This Morning

At the time of writing, Bitcoin was up by 0.29% to $47,222.0. A mixed start to the day saw Bitcoin fall to an early morning low $47,078.0 before rising to a high $47,222.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bullish start to the day.

At the time of writing, Cardano’s ADA was up by 2.00% to lead the way.

BTCUSD 150821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $47,053 pivot to bring the first major resistance level at $48,172 into play.

Support from the broader market would be needed for Bitcoin to break back through to $48,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $48,141.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $49,259.

A fall through the $47,053 pivot would bring the first major support level at $45,967 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $44,847.

The Crypto Daily – Movers and Shakers – August 14th, 2021

Bitcoin, BTC to USD, rallied by 7.70% on Friday. Reversing a 2.43% loss from Thursday, Bitcoin ended the day at $47,835.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $44,967.0 before making a move.

Steering clear of the first major support level at $43,411, Bitcoin rallied to a late intraday high $47,967.0.

Bitcoin broke through the first major resistance level at $45,811 and the second major resistance level at $47,199.

Coming up against resistance at $48,000, however, Bitcoin eased back to end the day at $47,800 levels.

The near-term bullish trend remained intact, supported by the latest return to $47,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Friday.

Cardano’s ADA led the way, jumping by 16.80%.

Chainlink (+11.38%), Ethereum (+9.10%), Litecoin (+10.81%), and Ripple’s XRP (+12.80%) also found strong support.

Binance Coin (+6.53%), Bitcoin Cash SV (+8.04%), and Crypto.com Coin (+5.92%),  weren’t far behind, while Polkadot (+1.61%) trailed.

In the current week, the crypto total market fell to a Monday low $1,696bn before rising to a Friday high $1,998bn. At the time of writing, the total market cap stood at $1,973bn.

Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Thursday low 45.03%. At the time of writing, Bitcoin’s dominance stood at 45.43%.

This Morning

At the time of writing, Bitcoin was down by 0.26% to $47,710.0. A mixed start to the day saw Bitcoin rise to an early morning high $47,855.0 before falling to a low $47,532.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 3.25% to buck the trend early on.

It was a bearish start for the rest of the pack, however.

At the time of writing, Chainlink was down by 1.23% to lead the way down.

BTCUSD 140821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $46,689 pivot to bring the first major resistance level at $49,113 into play.

Support from the broader market would be needed for Bitcoin to break back through to $49,000 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,390.

A fall through the $46,689 pivot would bring the first major support level at $45,412 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $42,988.

Ether’s Dominance Is Growing, And So Is The Number Of Its ETF Applications

Ethereum’s dominance in the cryptocurrency market is growing. This has also led to more institutional investors seeking access to the second-largest cryptocurrency.

Kryptoin Files For An Ether (ETH) ETF With The SEC

The number of cryptocurrency exchange-traded funds (ETF) applications with the United States Securities and Exchange Commission (SEC) continues to increase. This time, an ETF that would track the performance of Ether was filed with the regulatory agency.

Kryptoin, a Delaware-based digital finance firm, has filed with the US SEC to launch an Ether-focused ETF. According to the SEC filing, the ETF’s objective is to provide investors with exposure to Ethereum at a trading price that is in line with the actual Ethereum market, where investors get to buy and sell ETH.

Kryptoin said the ETF would value its shares daily as determined by the CF Ether-Dollar US Settlement Price. The digital asset firm is not new to the cryptocurrency ETF world as it has also filed to launch a Bitcoin (BTC) exchange-traded fund with the US regulator. Although the US SEC is yet to approve a single cryptocurrency ETF application, more proposals continue to pour in as institutional investors seek more ways to gain exposure to the crypto market.

Ether’s market dominance is growing

The Kryptoin Ether ETF is the third submitted to the US SEC after WisdomTree and VanEck filed theirs earlier this year. In the past, all the crypto ETFs were focused on Bitcoin, but now Ethereum is getting a slice of the market.

The increasing institutional interest in Ether has to do with its performance over the past few years. Ether remains the second-largest digital currency by market cap, but it has been eating into Bitcoin’s share in recent months. Bitcoin’s market dominance stands at 43.2%, while Ether’s dominance has grown to 18.8.

ETH/USD chart. Source: FXEMPIRE

The Ethereum network is home to most decentralized finance (DeFi) protocols and nonfungible tokens (NFTs), leading to a surge in activities. Ether is currently up by 3.7% over the past 24 hours and is trading above the $3,200 mark on most crypto exchanges. The price could soar higher and reach $3,500 over the weekend if the bullish market trend continues.

The Crypto Daily – Movers and Shakers – August 13th, 2021

Bitcoin, BTC to USD, fell by 2.43% on Thursday. Following a 0.18% decline on Wednesday, Bitcoin ended the day at $44,424.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $46,186.0 before hitting reverse.

Falling short of the first major resistance level at $46,392, Bitcoin slid to a late afternoon intraday low $43,786.0.

The sell-off saw Bitcoin fall through the first major support level at $45,006 and the second major support level at $44,480.

Steering clear of the third major support level at $43,094, Bitcoin revisited $44,500 levels before easing back.

The second major support level at $44,480 pegged Bitcoin back late in the day.

The near-term bullish trend remained intact, supported by the latest return to $46,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Cardano’s ADA bucked the trend on the day, rising by 2.10%.

It was a bearish day for the rest of the majors, however.

Crypto.com Coin slid by 7.21% to lead the way down.

Chainlink (-3.85%), Ethereum (-3.64%), Litecoin (-3.05%), and Ripple’s XRP (-4.55%) also struggled.

Binance Coin (-1.38%), Bitcoin Cash SV (-2.50%), and Polkadot (-0.25%) saw relatively modest losses, however.

In the current week, the crypto total market fell to a Monday low $1,696bn before rising to a Wednesday high $1,932bn. At the time of writing, the total market cap stood at $1,842bn.

Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Thursday low 45.03%. At the time of writing, Bitcoin’s dominance stood at 45.41%.

This Morning

At the time of writing, Bitcoin was up by 0.18% to $44,505.0. A mixed start to the day saw Bitcoin rise to an early morning high $44,692.0 before falling to a low $44,266.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bullish start to the day.

At the time of writing, Cardano’s ADA was up by 2.04% to lead the way.

BTCUSD 130821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $44,799 pivot to bring the first major resistance level at $45,811 into play.

Support from the broader market would be needed for Bitcoin to break out from $45,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $46,186.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $47,199.

Failure to move through the $44,799 pivot would bring the first major support level at $43,411 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$43,000 levels. The second major support level sits at $42,399.

Over Half of Crypto Tokens Stolen in $610 Million Hack Now Returned, Poly Network Says

Poly Network, a platform that facilitates peer-to-peer transactions, said on Twitter that, as of 08:18 GMT, hackers had returned $342 million of the currencies stolen.

Some $268 million worth of tokens are still outstanding, it said.

Poly Network, which allows users to transfer or swap tokens across different blockchains, said on Tuesday it had been hit by the cyberheists, urging the culprits to return the stolen funds.

The theft illustrated the risks of the mostly unregulated decentralised finance (DeFi) sector. DeFi platforms allow users to conduct transactions, usually in cryptocurrency, without traditional gatekeepers such as banks or exchanges.

The Poly Network hacker or hackers, who have not been identified, started returning the stolen coins on Wednesday. Blockchain analysts said they might have found it too difficult to launder stolen cryptocurrency on such a scale.

Poly Network emailed Reuters a copy of its tweet in response to a request for further details of the latest return.

It did not immediately respond to questions on where it is based, or whether any law enforcement agency was involved. According to the crypto website CoinDesk, Poly Network was launched by the founders of the Chinese blockchain project Neo.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Tom Wilson; Editing by Mark Potter)

Messi To Receive Fan Token As Part Of His Contract With PSG

Lionel Messi’s move to Paris Saint Germaine has been the talk of the football world this week, and it has now emerged that his contract involves payment with the club’s fan token.

Messi To Receive PSG Fan Token As Part Of His Payment

Lionel Messi moved to PSG earlier this week, and it included a payment in cryptocurrency fan tokens. This is according to an exclusive report by Reuters earlier today, with sources close to the matter revealing the details behind the contract.

According to Reuters, Paris St Germain (PSG) revealed in a statement that the Argentine superstar would receive the club’s fan token as part of his welcome package or signing on fee. The token was developed by Socios.com, the club’s fan token provider.

However, Paris St Germain didn’t reveal the amount of the tokens Messi would receive, but it is speculated to be a huge amount considering his status as one of the finest footballers of all time. PSG also hasn’t disclosed the entire financial package for the former Barcelona star.

PSG’s Fan Token Rallied Following Messi’s Transfer

Fan tokens have become popular in the world of sport. They are a type of cryptocurrency that allows the holders to vote on some minor decisions relating to their clubs. Some of the leading football clubs with fan tokens include Manchester City and AC Milan.

The PSG fan token has performed excellently over the past few days, thanks to Lionel Messi’s move to the football club. It rallied past the $48 mark earlier this week but has cooled down and is now trading around $41 per coin.

BTC/USD chart. Source: FXEMPIRE

The decline in price comes as the broader cryptocurrency market enters a consolidation period after rallying in the past few days. BTC has dropped to the $45k level while Ether is also trading above $3,100. With Lionel Messi now a PSG player, it would be interesting to see how the fan token would perform over the next few months, especially when he starts playing football matches again.

Ripple Continues Its Asian Dominance Despite Regulatory Challenges In The US

Ripple has been making massive progress in Asia, with its ongoing legal case in the United States not standing in the way of its expansion in the continent.

GME Remittance Now Part Of The RippleNet Network

Blockchain firm Ripple announced yesterday that one of South Korea’s cross-border remittance companies, Global Money Express Co. Ltd (GME Remittance), has joined its RippleNet network. The move would make it easier for GME Remittance to carry out international transactions using Ripple’s technology.

According to Ripple’s blog post, GME Remittance has used RippleNet to connect to Siam Commercial Bank (SCB), the largest bank in Thailand in terms of market capitalization. The partnership was established via SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, and it is expected to enhance and scale payments from South Korea into Thailand.

GME Remittance has become the latest South Korean financial institution to join the RippleNet network thanks to this latest development. Other leading South Korean financial institutions already using the technology include CROSS ENF and Sentbe.

The partnership is also an excellent one because the Thai population in South Korea is the third-largest in terms of foreign influence, behind China and Vietnam. By using the technology, GME Remittance wants to connect with existing RippleNet customers to expand into other remittance corridors across the region and globally, including Europe and the United States.

Ripple Continues To Expand In Asia

Emi Yoshikawa, VP of Corporate Strategy and Operations at Ripple, said the company is pleased to partner with one of the top payment service providers. She added that they are excited to deliver a superior customer experience to GME while accelerating their expansion into new markets using RippleNet.

XRP/USD chart. Source: FXEMPIRE

The Asia Pacific region is one of the fastest-growing for Ripple, with transactions now up by 130% year-over-year and driven mainly by existing RippleNet customers and new connections. Ripple continues to grow in Asia despite its regulatory challenges with the United States Securities and Exchange Commission.

The XRP coin is up by 11% over the past 24 hours and is trading close to $0.90. Year-to-date, XRP has performed excellently, rising by over 400% following a crash caused by Ripple’s case with the US SEC.

The Crypto Daily – Movers and Shakers – August 11th, 2021

Bitcoin, BTC to USD, fell by 1.44% on Tuesday. Partially reversing a 5.71% rally from Monday, Bitcoin ended the day at $45,612.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $46,695.0 before hitting reverse.

Falling short of the first major resistance level at $47,550, Bitcoin slid to a late afternoon intraday low $44,635.0.

Steering clear of the first major support level at $43,902, however, Bitcoin revisited $45,800 levels before easing back.

The near-term bullish trend remained intact, supported by the latest return to $46,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Bitcoin Cash SV (-0.54%), Ethereum (-0.64%), and Litecoin (-0.52%) joined Bitcoin in the red.

It was a bullish day for the rest of the majors, however.

Cardano’s ADA rallied by 13.74% to lead the way, with Binance Coin (+4.96%) and Ripple’s XRP (+4.31%) also making solid gains.

Chainlink (+1.43%), Crypto.com Coin (+0.45%), and Polkadot (+1.71%) trailed the front runners, however.

Early in the week, the crypto total market fell to a Monday low $1,696bn before rising to a Tuesday high $1,897bn. At the time of writing, the total market cap stood at $1,848bn.

Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Tuesday low 46.27%. At the time of writing, Bitcoin’s dominance stood at 46.43%.

This Morning

At the time of writing, Bitcoin was up by 0.14% to $45,676.0. A mixed start to the day saw Bitcoin fall to an early morning low $45,486.0 before rising to a high $45,687.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bullish start to the day.

At the time of writing, Crypto.com Coin was up by 1.79% to lead the way.

BTCUSD 110821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $45,647 pivot to bring the first major resistance level at $46,660 into play.

Support from the broader market would be needed for Bitcoin to break back through to  $46,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $46,695.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $47,707.

Failure to move through the $45,647 pivot would bring the first major support level at $44,600 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$43,000 levels. The second major support level at $43,587 should limit the downside.

Dollar Edges Up, Hits Highest Level in More than 4 Months Against Euro

The U.S. dollar index, which measures the greenback against a basket of currencies, rose for a third straight session and hit its highest level in about three weeks. It was last up 0.1% on the day.

In cryptocurrencies, bitcoin was down 1.7% at $45,530.05, having hit a three-month high of $46,759 overnight. Ether was down 0.9% at $3,139.15.

The dollar has risen recently with U.S. bond yields as the prospect of reduced Fed stimulus weakened bond prices.

“The dollar is well bid, and it’s been well bid since the middle of last week,” said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.

“A combination of hawkish comments from several Federal Reserve officials and the second monthly increase of more than 900,000 jobs has reaffirmed what the market has suspected, and that is for a tapering decision to be made shortly.”

U.S. job openings hit a record high in June while hiring also increased, the Labor Department said in a monthly survey on Monday.

On Friday, the department’s non-farm payrolls report showed jobs increased by 943,000 in July, above the 870,000 forecast by economists in a Reuters poll.

Atlanta Federal Reserve Bank President Raphael Bostic said on Monday the U.S. economy is improving faster than expected, with the time when the Fed could start slowing its bond purchases nearing quickly.

Investors will be looking for signals from the Fed at the annual Jackson Hole conference of central bankers this month. They also await further economic data. U.S. consumer price data is due on Wednesday.

The euro is near a key level against the dollar at $1.17, and the next key level lower for the currency would be $1.16, which is “where we were when the early election results were coming in last November,” Chandler said, referring to the U.S. presidential election.

Against the dollar, the euro was last down 0.1% at $1.1720.

Against the Japanese yen, the dollar rose 0.2% to 110.575 yen.

The dollar was also up 0.2% versus the Swiss franc, extending recent gains.

Investors continue to be worried about growth in China and the fast-spreading Delta variant of the coronavirus.

Germany’s ZEW survey found investor sentiment deteriorated for a third month in a row in August, due to fears that rising COVID-19 infections could hold back the recovery in Europe’s largest economy.

“The Delta variant (spread) is on the rise in the U.S., and some states are at record levels. It’s a global phenomenon, and countries that looked to have done well in handling it, like in East Asia, are now bombarded by it. Sydney’s in lockdown,” Chandler said.

Against the U.S. dollar, the Aussie dollar was last up 0.3%.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Caroline Valetkevitch in New York; Additional reporting by Elizabeth Howcroft in London; Editing by Subhranshu Sahu and Matthew Lewis)

AMC Will Start Accepting Bitcoin For U.S. Tickets, Concessions This Year

The adoption of Bitcoin has grown massively this year, and it is expected to continue, with AMC Entertainment the latest corporate body, to start accepting the leading cryptocurrency.

AMC To Start Accepting Bitcoin Soon

The chairman and CEO of AMC Entertainment, Adam Aron, revealed yesterday that the company would start accepting Bitcoin. He made this known during the company’s Q2 earnings call yesterday, a move that would make it easy for people to further spend their bitcoins.

AMC Entertainment Holdings currently runs the largest movie theatre chain in the United States, and the company intends to start to accept BTC payments for tickets and concessions by the end of the year.

The chairman said, “We are also in the preliminary stage of now exploring how else AMC can participate in this new burgeoning cryptocurrency universe, and we’re quite intrigued by potentially lucrative business opportunities for AMC if we intelligently pursue further serious involvement with cryptocurrency.”

At the moment, it is unclear the technology AMC intends to use to process the payment. However, the adoption would be a big one for Bitcoin as AMC currently has 593 theaters in the United States and 335 international locations. If the move is successful, the company could look to start accepting BTC at other theater chains globally.

In addition to Bitcoin, Aron added that AMC Entertainment also wants to start accepting Apple Pay and Google Pay payments by the end of the year.

Bitcoin Is Slowly Recovering From Its Recent Slump

Bitcoin began 2021 in excellent fashion, with its price rising by over 100% to reach an all-time high close to the $65k mark. However, the value began to drop in May, with Bitcoin’s price dropping to the $30k level for most of June and July.

BTC/USD chart. Source: FXEMPIRE

However, the trend is slowly changing as Bitcoin’s price has been appreciating in the past few weeks. Earlier this week, BTC’s price rose past the $45k mark, and it is currently targeting the next resistance level at $50k. BTC is currently up by 4.85% and could rally further over the next few hours and days.