Paris Saint-Germain Fan Token Rally In Anticipation Of A Lionel Messi Transfer

The Paris Saint-Germain Fan Token (PSG) is up by over 40% in the past 24 hours as speculations mount that Lionel Messi would be joining the football shortly.

PSG Token Up By Over 40%

PSG token is one of the best performing cryptocurrencies currently in the market. The token is currently up by more than 40% in the past 24 hours, outperforming the major coins in the market. Currently, the PSG token is trading at $48 per coin, up from the $34 it was trading yesterday.

PSG  is a fan token for the Paris Saint-Germain football club. The token holders acquire voting rights to influence the Paris Saint-Germain football club. Year-to-date, the PSG token has performed excellently. PSG began 2021 trading at $12.7 per coin, rising to its all-time high of $56 on April 26th.

However, the crypto market has consolidated since then, with prices down by over 40% from their all-time highs. The price of the PSG token is also down from its all-time high. However, by rallying to $48 over the past 24 hours, PSG is currently up by 300% year-to-date.

BTC/USD chart. Source: FXEMPIRE

Messi’s Anticipated Transfer Could Be The Catalyst Behind PSG’s Rally

The rally of the PSG token could have been fueled by the expected move of Lionel Messi to the French capital. Messi is expected to complete a move to Paris Saint-Germain in the coming hours or days after FC Barcelona announced that they could not retain his services due to the financial restrictions put in place by the Spanish Football body.

Lionel Messi is considered to be one of the finest footballers in history, winning 6 Balon D’Or awards in a stellar career. He is expected to scoop up his seventh award this year after guiding Argentina to a first major trophy in over two decades.

Football fans are excited about the prospect of Lionel Messi lining up with Neymar Jr and Kylian Mbappe to form a deadly attack. Bitcoin and other cryptocurrencies have performed excellently in recent days. BTC finally crossed the $43k mark and is looking to surpass the $45k resistance level in the coming hours.

The Crypto Daily – Movers and Shakers – August 9th, 2021

Bitcoin, BTC to USD, fell by 1.74% on Sunday. Partially reversing a 4.00% rally from Saturday, Bitcoin ended the week up by 9.85% to $43,793.0.

A bullish start to the day saw Bitcoin rally to a mid-morning intraday high $45,250.0 before hitting reverse.

Falling short of the first major resistance level at $45,384, however, Bitcoin slid to a late intraday low $43,300.0.

Steering clear of the first major support level at $43,066, Bitcoin briefly moved back through to $44,000 levels before easing back.

The near-term bullish trend remained intact, supported by the latest return to $45,000 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.

Crypto.com Coin rose by 0.51% to buck the trend on the day.

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

Bitcoin Cash SV and Chainlink slid by 7.07% and by 6.71% respectively to lead the way down.

Binance Coin (-4.05%), Cardano’s ADA (-3.24%), Ethereum (-4.71%), Litecoin (-3.96%), Polkadot (-4.70%), and Ripple’s XRP (-4.62%) also struggled.

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

Polkadot bucked the trend in the week, falling by 2.89%.

It was a bullish week for the rest of the pack, however.

Ethereum rallied by 17.95% to lead the way. Cardano’s ADA (+8.50%), Crypto.com Coin (+6.64%), Litecoin (+6.84%), and Ripple’s XRP (+7.47%) also found strong support.

Binance Coin (+2.85%), Bitcoin Cash SV (+1.96%), and Chainlink (+4.24%) trailed the front runners, however.

In the week, the crypto total market fell to a Tuesday low $1,502bn before rising to a Sunday high $1,837bn. At the time of writing, the total market cap stood at $1,736bn.

Bitcoin’s dominance fell to a Wednesday low 45.78% before rising to a Sunday high $47.39%. At the time of writing, Bitcoin’s dominance stood at 47.16%.

This Morning

At the time of writing, Bitcoin was down by 0.59% to $43,534.6. A mixed start to the day saw Bitcoin rise to an early morning high $43,930.0 before falling to a low $43,532.0.

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, Ethereum was down by 0.92% to lead the way down.

BTCUSD 090821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $44,114 pivot to bring the first major resistance level at $44,929 into play.

Support from the broader market would be needed for Bitcoin to break back through to $44,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $45,250.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $47,000 before any pullback. The second major resistance level sits at $46,064.

Failure to move through the $44,114 pivot would bring the first major support level at $42,979 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $42,164.

The Crypto Daily – Movers and Shakers – August 8th, 2021

Bitcoin, BTC to USD, rose by 4.00% on Saturday. Following a 4.80% rally on Friday, Bitcoin ended the day at $44,568.0.

A bullish start to the day saw Bitcoin rally to a mid-day high $44,553.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $44,193 before sliding to a late afternoon intraday low $42,380.

Steering clear of the 38.2% FIB of $41,592 and the first major support level at $40,708 Bitcoin bounced back to end the day at $44,500 levels.

The rebound saw Bitcoin break back through the first major resistance level at $44,193 to strike an intraday high $44,698.0.

The near-term bullish trend remained intact, supported by the latest return to $44,000 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.

Polkadot fell by 1.26% to buck the trend on the day.

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

Ethereum and Ripple’s XRP rallied by 9.34% and by 9.59% respectively to lead the way.

Binance Coin (+4.14%), Bitcoin Cash SV (+5.26%), Cardano’s ADA (+5.12%), Chainlink (+3.56%), Crypto.com Coin (+3.23%) and Litecoin (+5.38%) also found strong support however.

In the current week, the crypto total market fell to a Tuesday low $1,502bn before rising to a Saturday high $1,818bn. At the time of writing, the total market cap stood at $1,797bn.

Bitcoin’s dominance rose to a Monday high 47.27% before falling to a Wednesday low 45.78%. At the time of writing, Bitcoin’s dominance stood at 46.46%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $44,461.0. A mixed start to the day saw Bitcoin rise to an early morning high $44,580.0 before falling to a low $44,335.2.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin found early support, rallying by 4.12%. Polkadot (+0.16%) and Litecoin (+0.06%) also avoided the red early on.

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

At the time of writing, Ethereum was down by 0.35% to lead the way down.

BTCUSD 080821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $43,883 pivot to bring the first major resistance level at $45,384 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $44,553.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $45,500 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $47,500 before any pullback. The second major resistance level sits at $46,200.

A fall through the $43,882 pivot would bring the first major support level at $43,066 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the 38.2% FIB of $41,592 and the second major support level at $41,564.

The Crypto Daily – Movers and Shakers – August 7th, 2021

Bitcoin, BTC to USD, rallied by 4.80% on Friday. Following a 2.89% gain on Thursday, Bitcoin ended the day at $42,854.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $39,900.0 before making a move.

Steering clear of the first major support level at $38,353 Bitcoin rallied to a late afternoon intraday high $43,385.0.

Bitcoin broke through the first major resistance level at $42,387 to end the day at $42,800 levels.

The near-term bullish trend remained intact, supported by the latest return to $43,000 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 Friday.

Chainlink fell by 0.88% to buck the trend on the day.

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

Crypto.com Coin rallied by 6.60% to lead the way, with Litecoin (+3.13%) also finding strong support.

Binance Coin (+1.28%), Bitcoin Cash SV (+0.03%), Cardano’s ADA (+1.12%), Ethereum (+2.24%), Polkadot (+1.82%), and Ripple’s XRP (+1.71%) trailed the front runners, however.

In the current week, the crypto total market fell to a Tuesday low $1,502bn before rising to a Friday high $1,754bn. At the time of writing, the total market cap stood at $1,703bn.

Bitcoin’s dominance rose to a Monday high 47.27% before falling to a Wednesday low 45.78%. At the time of writing, Bitcoin’s dominance stood at 47.08%.

This Morning

At the time of writing, Bitcoin was down by 0.48% to $42,649.0. A mixed start to the day saw Bitcoin rise to an early morning high $42,911.0 before falling to a low $42,641.0.

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, Bitcoin Cash SV was down by 1.64% to lead the way down.

BTCUSD 070821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $42,046 pivot to bring the first major resistance level at $44,193 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $43,385.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $44,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $46,000 before any pullback. The second major resistance level sits at $45,531.

A fall through the $42,046 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $40,708 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$40,000 levels. The second major support level at $38,561.

Regulatory Pressure Is Forcing Binance To Make Tough Changes

The regulatory pressure on Binance is forcing the cryptocurrency exchange to make some changes to how it operates in various parts of the world.

Binance To Stop Derivative Trading Services In Hong Kong

Leading crypto exchange Binance announced earlier today that its users in Hong Kong would no longer be able to access derivative trading services. The exchange said the services would be stopped over the next 90 days as it looks to comply with the local regulations.

Binance has come under heavy regulatory pressure in various parts of the world, and this has prompted many changes in how it operates. In this latest development, Binance said its Hong Kong users would no longer be allowed to open derivative trading accounts. In addition to these, the existing derivative traders have been given a 90 days’ grace period to close their open positions. During this period, the traders would not be allowed to open new positions in the market.

The crypto exchange said, “Our aim is to create a sustainable ecosystem around blockchain technology and digital assets, and we hope that such efforts will help the industry grow in the local market in the long-run.”

The move came a week after it announced that Binance users from Europe would no longer be able to trade crypto futures and derivatives products. Binance stated numerous times that these actions are to ensure that it complies with the regulations put in place in various countries.

Binance Makes Changes To Operations

The cryptocurrency exchange has come under heavy regulatory pressure in recent weeks, especially in Europe. The UK’s FCA banned Binance Markets Limited from operating in the country, leading to some banks such as HSBC, Santander and Barclays blocking transactions to the exchange. Furthermore, regulators in Malaysia and Italy made similar announcements, stating that Binance isn’t licensed to operate in those countries.

BNB/USD chart. Source: FXEMPIRE

The BNB coin is up by nearly 2% over the past 24 hours despite the negative news around the cryptocurrency exchange. Year-to-date, BNB is one of the best performing coins, rising by nearly 1000% to date. It began 2021 trading at $38 per coin, but it is now trading above $330.

The Crypto Daily – Movers and Shakers – August 6th, 2021

Bitcoin, BTC to USD, rose by 2.89% on Thursday. Following a 3.99% gain on Wednesday, Bitcoin ended the day at $40,887.0.

A bearish start to the day saw Bitcoin fall to a mid-day intraday low $37,318.0 before making a move.

Bitcoin fell through the first major support level at $38,187 before rallying to a late intraday high $41,352.0.

Bitcoin broke through the first major resistance level at $40,632 to end the day at $40,800 levels.

The near-term bullish trend remained intact, supported by the latest return to $41,000 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.

Polkadot slid by 2.85%, with Chainlink and Crypto.com Coin falling by 0.49% and by 0.69% respectively to buck the trend on the day.

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

Bitcoin Cash SV led the way, rallying by 4.68%, with Ethereum gaining 3.84%.

Binance Coin (+0.99%), Cardano’s ADA (+0.76%), Litecoin (+0.74%), and Ripple’s XRP (+0.31%) trailed the front runners, however.

In the current week, the crypto total market fell to a Tuesday low $1,502bn before rising to a Thursday high $1,695bn. At the time of writing, the total market cap stood at $1,654bn.

Bitcoin’s dominance rose to a Monday high 47.27% before falling to a Wednesday low 45.78%. At the time of writing, Bitcoin’s dominance stood at 46.30%.

This Morning

At the time of writing, Bitcoin was down by 0.19% to $40,809.0. A mixed start to the day saw Bitcoin rise to an early morning high $41,034.1 before falling to a low $40,702.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.16%), Chainlink (-0.49%), Litecoin (-0.27%), Polkadot (-0.31%), and Ripple’s XRP (-0.09%) also joined Bitcoin in the red.

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

At the time of writing, Crypto.com Coin was up by 4.51% to lead the way.

BTCUSD 060821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $39,852 pivot to bring the first major resistance level at $42,387 into play.

Support from the broader market would be needed for Bitcoin to break out from the 38.2 FIB of $41,592.

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 $45,000 before any pullback. The second major resistance level sits at $43,886.

A fall through the $39,852 pivot would bring the first major support level at $38,353 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$37,000 levels. The second major support level at $35,818.

JPMorgan Introduces In-house Bitcoin Fund For Wealthy Clients

JPMorgan has become the latest bank to launch a Bitcoin fund for its wealthy clients, making it easy for them to access cryptocurrencies.

JPMorgan Launches Bitcoin Fund

JPMorgan Chase, one of the leading investment banks in the world, has launched a Bitcoin fund for its wealthy clients. The Bitcoin Fund is in-house and wealthy clients can start accessing it this week.’

Two sources close to the matter told CoinDesk that the passively managed Bitcoin fund is offered in partnership with leading cryptocurrency powerhouse NYDIG. However, JPMorgan is yet to record investment clients at the moment.

The situation could soon change as advisors were only told of this latest development during a call with the bank yesterday. This latest development comes barely two weeks after FXEMPIRE reported that JPMorgan would start granting its wealthy clients access to Bitcoin and other cryptocurrencies via funds such as the Grayscale Bitcoin Trust (GBTC).

It is still unclear how the bank intends to grant users access to the cryptocurrencies. However, previous reports suggest that it would use funds such as Osprey Funds’ Bitcoin Trust, Grayscale’s Bitcoin Trust GBTC, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic.

JPMorgan’s Journey In Crypto Has Been Exciting

The launch of the Bitcoin Funds for wealthy clients by JPMorgan would represent a massive turnaround in position in just a few years. JPMorgan and its CEO Jamie Dimon were some of Bitcoin’s biggest critics a few years ago.

Dimon went as far as criticizing people that invested in Bitcoin as he considers it not to be a real asset. However, the bank has changed its stance on Bitcoin and other cryptocurrencies and is slowly becoming involved in the sector.

BTC/USD chart. Source: FXEMPIRE

Bitcoin’s performance has slowly turned around in recent days. Currently, BTC is up by less than 1% and climbed above the $38k mark again. The slight rally came after the leading cryptocurrency underperformed since the start of the week.

However, Bitcoin continues to struggle to surpass the $40k mark. The medium and long-term outlook of Bitcoin and other leading cryptocurrencies remain positive despite the current situation of the market.

Cryptocurrency Companies Can Now Run Google Ads Again As New Policy Goes Into Effect

Google’s new policy went into effect yesterday, allowing cryptocurrency exchanges and wallet providers to run adverts on its search engine.

Google Now Allows Crypto Companies To Run Ads

Search engine giant Google is running cryptocurrency-related ads again after the company’s updated financial products and services policy came into full effect yesterday, August 3. This latest development will see cryptocurrency exchanges and wallet service providers run adverts on Google again.

Google first laid out its crypto ad revision plans in June, stating that advertisers offering crypto exchanges and wallets targeting United States customers can advertise their products and services once they meet certain requirements.

This latest development is expected to boost Google’s advertising revenue. However, it might not have too much impact considering Alphabet, Google’s parent company, generates over $145 billion in advertising revenue annually.

The strict requirements put in place by Google are to eliminate shady advertising and blatant crypto scams. For cryptocurrency companies to qualify to run ads on Google, they must register with the Financial Crimes Enforcement Network (FinCEN), indicating that they are a money service business. The companies must also have at least one state as a money transmitter, or they should be a federal or state-chartered bank entity.

ICO, DeFi And Promotion Of Trading Not Allowed

The search engine giant said initial coin offerings (ICO) and similar ventures are still not allowed to advertise on Google. Furthermore, Google said it would not allow decentralized finance (DeFi) protocols to advertise their services.

DeFi protocols have become popular within the cryptocurrency space, but the sector remains largely unregulated, with numerous scams. Hence, it is understandable that Google doesn’t want to allow them to advertise their products yet. Also, Google said it wouldn’t allow the promotion of cryptocurrency trading activities, with celebrity endorsements also banned on the search engine platform.

BTC/USD chart. Source: FXEMPIRE

Bitcoin and the other cryptocurrencies are still in consolidation mode after last week’s performance. BTC is currently down by 2.5% in the past 24 hours and is trading just below the $38k mark.

The Crypto Daily – Movers and Shakers – August 4th, 2021

Bitcoin, BTC to USD, fell by 2.39% on Tuesday. Following a 1.81% decline on Monday, Bitcoin ended the day at $38,217.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $39,781.0 before hitting reverse.

Falling short of the first major resistance level at $40,160, Bitcoin fell to a late intraday low $37,663.0.

Bitcoin fell through the first major support level at $38,427 and the second major support level at $37,705.

Finding late support, Bitcoin moved back through the second major support level to revisit $38,400 levels before easing back.

Late in the day, the first major support level at $38,427 pegged Bitcoin back.

The near-term bullish trend remained intact, supported by the latest return to $42,000 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.

Cardano’s ADA rallied by 4.54% to lead the way, with Chainlink (+2.01%) also finding support to buck the trend on the day.

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

Crypto.com Coin slid by 5.13% to lead the way down, with Bitcoin Cash SV (-3.09%), Ethereum (-3.83%), and Ripple’s XRP (-3.41%) also struggling.

Binance Coin (-2.23%), Litecoin (-2.03%), and Polkadot (-0.77%) saw relatively modest losses on the day.

Early in the week, the crypto total market rose to a Monday high $1,629bn before falling to a Tuesday low $1,502bn. At the time of writing, the total market cap stood at $1,536bn.

Bitcoin’s dominance rose to a Monday high 47.27% before falling to a Tuesday low 46.33%. At the time of writing, Bitcoin’s dominance stood at 46.50%.

This Morning

At the time of writing, Bitcoin was down by 0.36% to $38,079.0. A mixed start to the day saw Bitcoin rise to an early morning high $38,352.0 before falling to a low $37,990.0.

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, Cardano’s ADA was down by 1.47% to lead the way down.

BTCUSD 040821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $38,554 pivot to bring the first major resistance level at $39,444 into play.

Support from the broader market would be needed for Bitcoin to break back through to $39,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $39,781.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $40,672.

Failure to move through the $38,554 pivot would bring the first major support level at $37,326 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $36,436.

Will Ethereum Flip Bitcoin? Pantera Capital’s CEO Thinks So

Bitcoin and Ethereum have been the top cryptocurrencies for the past few years. However, there is a belief in certain quarters that Ether would soon surpass Bitcoin to become the leading cryptocurrency in the market.

Pantera Capital Believes In The Flippening

Bitcoin has always been the number one cryptocurrency since it was created. However, Pantera Capital CEO Dan Morehead believes that might not be the case for long. He believes that Ether would soon surpass Bitcoin thanks to the numerous upgrades and the massive usage of the Ethereum network.

According to Morehead, the Ethereum network’s potential applications, lower environmental impact and technical upgrades are key to helping Ether to outperform Bitcoin over the next few years.

He revealed this during an interview with Reuters. Morehead said the latest Ethereum Improvement Proposal (EIP) 1559 upgrade will help Ether trade more like a fixed asset. The Pantera Capital said there would be a massive influx of people who wish to store their wealth in Ether ahead of Bitcoin in the coming years.

The EIP 1559 upgrade is expected to go live tomorrow, and it is expected to change how transactions are processed on the Ethereum network and also reduce the supply of the ether token.

Furthermore, Morehead pointed out that migration to ETH 2.0 will make Ethereum more environmentally friendly than Bitcoin. In addition to these, the Ethereum’s blockchain use in decentralized finance (DeFi) applications will also support Ether’s price movement in the coming years.

BTC/USD chart. Source: FXEMPIRE

Ether Outperforms Bitcoin In 2021

Of the two leading cryptocurrencies, Ether is the better performer. Ether is up by over 300% year-to-date despite losing more than 40% of its all from the all-time high it set in May. At the moment, Ether is trading close to the $2,500 level.

ETH/USD chart. Source: FXEMPIRE

Bitcoin, on the other hand, hasn’t made a significant profit year-to-date. It began the year trading at $29k per coin, and it is currently up by nearly 40% at $38k. However, BTC reached a new all-time high above $64k in April.

The Crypto Daily – Movers and Shakers – August 2nd, 2021

Bitcoin, BTC to USD, fell by 1.81% on Monday. Following a 3.80% slide from Sunday, Bitcoin ended the day at $39,149.5.

A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $40,449.0 before hitting reverse.

Falling short of the first major resistance level at $41,768, Bitcoin fell to a late intraday low $38,716.0.

Finding support at the first major support level at $38,729, however, Bitcoin moved back through to $39,000 levels to reduce the deficit.

The near-term bullish trend remained intact, supported by the latest return to $42,000 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 Monday.

Binance Coin (-0.63%), Cardano’s ADA (-0.44%), Crypto.com Coin (-1.75%), and Polkadot (-0.53%) joined Bitcoin in the red.

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

Chainlink rallied by 6.20% to lead the way.

Bitcoin Cash SV (+2.14%), Ethereum (+2.04%), and Ripple’s XRP (+2.16%) also found strong support.

Litecoin (+0.75%) trailed the front runners, however

Early in the week, the crypto total market fell to a Monday low $1,555bn before rising to a Monday high $1,611bn. At the time of writing, the total market cap stood at $1,567bn.

Bitcoin’s dominance rose to a Monday high 47.49% before falling to a Monday low 46.61%. At the time of writing, Bitcoin’s dominance stood at 46.65%.

This Morning

At the time of writing, Bitcoin was down by 0.68% to $38,885.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,189.9 before falling to a low $38,780.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot was up by 0.43% early on to buck the trend.

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

At the time of writing, Crypto.com Coin was down by 2.01% to lead the way down.

BTCUSD 030821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $39,438 pivot to bring the first major resistance level at $40,160 into play.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $40,449.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,171.

Failure to move through the $39,438 pivot would bring the first major support level at $38,427 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $37,795.

Square Generates $55 Million In Q2 Bitcoin Profit, To Expand Cash App To More Users

Square, the payment company owned by Jack Dorsey, earned $55 million as profit from Bitcoin transactions in the second half of the year. The company intends to make the Cash App available to more users by acquiring Australian fintech Afterpay in a $29 billion deal.

Square Generates Over $2 Billion In Bitcoin Revenue

Square, the payment company owned by Twitter boss Jack Dorsey, reported its second-quarter earnings yesterday. According to the shareholder letter released yesterday, the payment company stated that it generated $2.72 billion of Bitcoin revenue for the second quarter this year.

The revenue generated came despite the cryptocurrency market now in a bearish cycle. Square added that of the $2.72 billion generated in revenue, $55 million was the profit. The revenue generated by Square in the second quarter of the year is lower than the first quarter. In Q1, Cash App made $75 million in bitcoin gross profit on $3.51 billion BTC revenues.

The decline in Cash App’s Bitcoin revenue came as the cryptocurrency market experienced a bearish cycle. In recent weeks, the prices of most cryptocurrencies have dropped by nearly 50%.

Bitcoin, the leading cryptocurrency, saw its price drop by over 40% from its all-time high. BTC was trading close to the $65k region in April. However, it dropped to the $30k level in June and July before recently reaching the $40k level again last week. At the time of this post, Bitcoin’s (BTC) price is down by 5.5% over the past day and is trading just above $39k.

BTC/USD chart. Source: FXEMPIRE

Square To Acquire Australian Fintech Afterpay

The payment company announced in a separate press release that it would be acquiring Australian fintech company Afterpay. The deal is reportedly worth $29 billion, and it would allow Square to provide its services to more clients globally.

Afterpay is a payment platform that makes it possible for users to receive products first and pay at a later date. The users can also pay in installments with additional interests attached. According to the company, it currently has over 16 million users.

The Crypto Daily – Movers and Shakers – August 2nd, 2021

Bitcoin, BTC to USD, slid by 3.80% on Sunday. Following a 1.79% decline on Saturday, Bitcoin ended the week up by 12.57% to $39,867.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $42,532.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $42,208 before sliding to a late intraday low $39,493.0.

The extended sell off saw Bitcoin fall through the first major support level at $40,811 and the second major support level at $40,282.

Bitcoin also fell through the 38.2% FIB of $41,592 to end the day at sub-$40,000.

The near-term bullish trend remained intact, supported by the latest return to $42,000 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.

Chainlink (-2.65%), Litecoin (-2.89%) and Ripple’s XRP (-2.83%) led the way down, with Cardano’s ADA (-0.43%) also joining Bitcoin in the red.

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

Polkadot led the way once more, surging by 14.20%.

Bitcoin Cash SV (+0.15%), Crypto.com Coin (+0.16%), and Ethereum (+0.86%) also found support.

Binance Coin ended the day flat.

It was a bullish week for the majors, however.

Chainlink surged by 31.86% to lead the way.

Crypto.com Coin (+12.68%), Ethereum (+16.53%), Polkadot (+18.94%), and Ripple’s XRP (+19.54%) also found strong support.

Binance Coin (+9.82%), Bitcoin Cash SV (+4.70%), Cardano’s ADA (+6.92%), and Litecoin (+9.81%) trailed the front runners, however.

In the week, the crypto total market fell to a Monday low $1,379bn before rising to a Sunday high $1,686bn. At the time of writing, the total market cap stood at $1,587bn.

Bitcoin’s dominance fell to a Monday low 47.07% before rising to a Saturday high 49.18%. At the time of writing, Bitcoin’s dominance stood at 47.33%.

This Morning

At the time of writing, Bitcoin was up by 0.45% to $40,046.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,781.0 before rising to a high $40.075.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was down by 3.36% early on to buck the trend.

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

At the time of writing, Ethereum was up by 0.70% to lead the way.

BTCUSD 020821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $40,631 pivot to bring the 38.2% FIB of $41,592 and the first major resistance level at $41,768 into play.

Support from the broader market would be needed for Bitcoin to break out from $41,500 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $42,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $43,500 before any pullback. The second major resistance level sits at $43,700.

Failure to move through the $40,631 pivot would bring the first major support level at $38,729 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $37,592.

The Crypto Daily – Movers and Shakers – August 1st, 2021

Bitcoin, BTC to USD, fell by 1.79% on Saturday. Partially reversing a 5.43% rally from Friday, Bitcoin ended the day at $41,439.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $42,398.0 before hitting reverse.

Falling well short of the first major resistance level at $43,562, Bitcoin fell to a late afternoon intraday low $41,051.0.

While steering clear of the first majors support level at $39,605, Bitcoin fell through the 38.2% FIB of $41,592.

Steering clear of sub-$41,000 levels, Bitcoin briefly broke back through the 38.2% FIB of $41,592 before a late slide back to sub-$41,500 levels.

The near-term bullish trend remained intact, supported by the latest return to $42,000 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.

Bitcoin Cash SV fell by 1.60% to lead the way down, with Litecoin (-0.81%) and Ripple’s XRP (-0.89%) also joining Bitcoin in the red.

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

Polkadot and Crypto.com Coin rallied by 8.05% and by 5.10% respectively to lead the way.

Binance Coin (+3.12%), Chainlink (+1.92%), and Ethereum (+2.84%) also found strong support.

Cardano’s ADA (+0.71%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,379bn before rising to a Saturday high $1,646bn. At the time of writing, the total market cap stood at $1,605bn.

Bitcoin’s dominance fell to a Monday low 47.07% before rising to a Saturday high 49.18%. At the time of writing, Bitcoin’s dominance stood at 48.29%.

This Morning

At the time of writing, Bitcoin was down by 0.78% to $41,115.0. A mixed start to the day saw Bitcoin rise to an early morning high $41,468.9 before falling to a low $41,105.0.

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 1.02% at the start of the day to buck the trend.

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

At the time of writing, Ripple’s XRP was down by 0.40% to lead the way down.

BTCUSD 010821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the 38.2% FIB of $41,592 and the $41,629 pivot to bring the first major resistance level at $42,208 into play.

Support from the broader market would be needed for Bitcoin to break back through to $42,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $42,398.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $43,500 before any pullback. The second major resistance level sits at $42,976.

Failure to move through the 38.2% FIB and the $41,629 pivot would bring the first major support level at $40,861 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$40,000 levels. The second major support level at $40,282 should limit the downside.

The Crypto Daily – Movers and Shakers – July 31st, 2021

Bitcoin, BTC to USD, rallied by 5.43% on Friday. Following a 0.05% gain on Thursday, Bitcoin ended the day at $42,214.5.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $38,343.0 before making a move.

Bitcoin fell through the first major support level at $39,331 before rallying to a final hour intraday high $42,299.2.

Bitcoin broke through the first major resistance level at $40,682 and the second major resistance level at $41,328.

More significantly, Bitcoin also broke through the 38.2% FIB of $41,592 to end the day at $42,000 levels.

The near-term bullish trend remained intact, supported by the latest return to $42,000 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 Friday.

Crypto.com Coin and Polkadot fell by 1.22% and by 1.83% respectively to buck the trend on the day.

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

Chainlink surged by 15.16% to lead the way. Bitcoin Cash SV (+3.99%), Ethereum (+3.37%), and Litecoin (+2.86%) also found strong support.

Binance Coin (+1.73%), Cardano’s ADA (+1.99%), and Ripple’s XRP (+0.38%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,379bn before rising to a Friday high $1,640bn. At the time of writing, the total market cap stood at $1,610bn.

Bitcoin’s dominance fell to a Monday low 47.07% before jumping to a Wednesday high 49.16%. At the time of writing, Bitcoin’s dominance stood at 49.02%.

This Morning

At the time of writing, Bitcoin was down by 0.47% to $42,017.0. A mixed start to the day saw Bitcoin rise to an early morning high $42,398.0 before falling to a low $41,677.5.

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 0.99% to buck the early trend and join Bitcoin in the red.

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

At the time of writing, Crypto.com Coin was up by 4.85% to lead the way.

BTCUSD 310721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the 38.2% FIB of $41,592 and the $40,952 pivot to bring the first major resistance level at $43,562 into play.

Support from the broader market would be needed for Bitcoin to break out from $42,500 levels.

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

In the event of another extended crypto rally, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $44,908.

A fall through the 38.2% FIB and the $40,952 pivot would bring the first major support level at $39,605 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$38,000 levels. The second major support level sits at $36,966.

Are Binance’s Regulatory Struggles Just Starting? Binance Now Banned In Malaysia

The world’s top digital asset exchange Binance has been under heavy regulatory challenges in recent months, and it seems it is just beginning. The exchange has now been banned in Malaysia and given two weeks to cease operations.

Regulators Ban Binance In Malaysia

Binance, the world’s top crypto exchange by trading volume, is facing yet another regulatory challenge. This time, in Malaysia. The Securities Commission Malaysia (SC) announced earlier today that Binance and all related entities are no longer allowed to provide services in Malaysia.

In a press release earlier today, the regulator said the ban applies to Binance Holdings Limited, its CEO Zhao Changpeng, Binance UAB (Registered in Lithuania), Binance Digital Limited (Registered in the UK), and Binance Asia Services Pte Ltd (Registered in Singapore).

Following the ban, the Securities Commission had asked the company to disable the Binance website (www.binance.com) and mobile app in Malaysia over the next two weeks. The exchange should also end all media and marketing activities targeting Malaysian investors and also restrict Malaysian investors from accessing Binance’s Telegram group.

The regulators also advised Malaysian investors to stop dealing with and investing through Binance and other cryptocurrency exchanges.

Binance’s Regulatory Challenges Continue To Pile Up

The Ban in Malaysia is the latest in a series of tough regulatory challenges for the cryptocurrency exchange. The cryptocurrency exchange was banned in the United Kingdom after the Financial Conduct Authority (FCA) gave the order a few weeks ago. This led several financial institutions like Santander, Barclays and Clear Junction to block Binance transactions from their platforms.

Italian regulators also issued a warning against Binance, asking it to stop operating in the country. According to the regulators, Binance doesn’t have the regulatory license to operate in the European country.

BNB/USD chart. Source: FXEMPIRE

Binance had taken certain actions, such as halting the trading of tokenized stocks and hiring ex-regulators to ensure the company complies with regulatory demands. However, that hasn’t been enough to stop regulators from coming after it.

The Binance Coin (BNB) is down by less than 1% over the past 24 hours. BNB is trading at $310 per coin, down from its all-time high of close to $700 recorded in May.

The Crypto Daily – Movers and Shakers – July 30th, 2021

Bitcoin, BTC to USD, rose by 0.05% on Thursday. Following a 1.33% gain from Wednesday, Bitcoin ended the day at $40,036.1.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $39,272.0 before making a move.

Steering clear of the first major support level at $38,913, Bitcoin rose to a late morning intraday high $40,623.0.

Falling short the first major resistance level at $41,010, however, Bitcoin fell back to sub-$39,500 levels before finding support. A late move back through to $40,000 reversed losses from the day.

The near-term bullish trend remained intact, supported by the latest return to $40,000 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 slipped by 0.15% to buck the trend.

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

Polkadot rallied by 4.94% to lead the way, with Crypto.com Coin (+2.33%), Ethereum (+3.59%), and Ripple’s XRP (+2.39%) also finding strong support.

Binance Coin (+1.00%), Bitcoin Cash SV (+0.41%), Chainlink (+1.36%), and Litecoin (+0.74%) saw modest gains, however.

In the current the week, the crypto total market fell to a Monday low $1,379bn before rising to a Monday high $1,606bn. At the time of writing, the total market cap stood at $1,553bn.

Bitcoin’s dominance fell to a Monday low 47.07% before jumping to a Wednesday high 49.16%. At the time of writing, Bitcoin’s dominance stood at 48.44%.

This Morning

At the time of writing, Bitcoin was up by 0.09% to $40,071.0. A mixed start to the day saw Bitcoin fall to an early morning low $39,779.0 before rising to a high $40,122.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.15%), Chainlink (-0.06%), Polkadot (-0.50%), and Ripple’s XRP (-0.33%) saw early red.

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

At the time of writing, Crypto.com Coin was up by 0.81% to lead the way.

BTCUSD 300721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $39,977 pivot to bring the first major resistance level at $40,682 into play.

Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $40,623.0.

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

In the event of another extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,328.

Failure to avoid a fall back through the $39,977 pivot would bring the first major support level at $39,331 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $38,626.

Chinese Miners Move Overseas. Bitcoin And Ether Hashrates Begin To Recover

The hashrates of the two largest cryptocurrencies are recovering as Chinese miners move their operations to other parts of the world.

BTC And ETH Hashrates Are Rising Again

The hashing powers securing the Bitcoin and Ethereum networks are rising again. This comes as Chinese miners begin moving their operations to other parts of the world. The hashing power of Bitcoin and Ethereum suffered a major blow in recent months as the Chinese authorities cracked down on cryptocurrency mining activities.

The governments of the Sichuan and Anhui provinces in China recently banned cryptocurrency mining activities in the regions. This led to the closure of several Bitcoin mining farms, and smaller crypto miners went out of business.

Due to the bans, some of the miners are moving to other favorable destinations, such as Kazakhstan, Russia and the United States. According to recent data, the seven-day moving average of BTC’s hashrate has gradually climbed up above the 100 exahashes per second (EH/s) level. The hashrate has remained above this level for the past three weeks.

BTC/USD chart. Source: FXEMPIRE

The Bitcoin hashrate dropped below 90 EH/s following the various bans in China, and that was the first time it stood at that level since January 2020. Thanks to the slow recovery, Bitcoin’s mining difficulty is estimated to grow by 4% in its next adjustment.

Ethereum’s hashrate plunged by 20% following the crackdown in China. However, it is also recovering and has stayed above 500 terahashes per second for the past few weeks.

Bitcoin And Ether Rally In Recent Days

The cryptocurrency market has slightly recovered from a slump that affected its price over the past two months. Bitcoin finally surpassed the $35k resistance level and rallied past $40k before retreating to the $39k region earlier today.

ETH/USD chart. Source: FXEMPIRE

Ether, on the other hand, is up by 15% over the past week, surpassing the $2,000 resistance level and currently trading above $2,200. Some experts are optimistic that prices could soar higher in the coming months with the market slowly recovering.

Ripple Continues Its Asian Expansion Despite Ongoing SEC Case

Blockchain technology firm Ripple is expanding its services in Asia despite its ongoing legal battle in the United States with regulators.

Ripple To Deploy RippleNet In Japan For Remittance Services

Ripple announced earlier today that it would be deploying its RippleNet technology to ease cross-border remittance between Japan and the Philippines. The move would make it easier for people to send money to the Philippines from Japan, with the market worth roughly $2 billion annually.

In its blog post, the blockchain firm said this is the first time it will be deploying its On-Demand Liquidity (ODL) service in Japan. Ripple hopes it would open the door for more cryptocurrency adoption in the Asian country.

The move was made possible thanks to the partnership between SBI Remit Co., Ltd, the largest money transfer provider in Japan, and mobile payments service Coins.ph. “By leveraging the digital asset XRP to eliminate pre-funding, the two companies can also free up capital and accelerate the expansion of their own payments businesses,” Ripple added. According to Ripple, using the ODL will allow these companies to provide faster, more affordable remittance options to their customers.

SBI remains one of the leading Ripple partners, with the Japanese financial institution staying with the blockchain firm while it battles against the United States Securities and Exchange Commission (SEC).

This latest development marks another achievement for Ripple in the larger Asia-Pacific (APAC) region. Ripple is becoming a key player in a region that is currently witnessing a growing e-commerce market, increasingly mobile populations and more clarity towards cryptocurrencies. Ripple’s growing dominance in the region has seen its transaction volume surge by over 130% in the past year.

XRP Up By 12% Today

XRP has performed excellently since the start of the year. The cryptocurrency lost more than 70% of its value towards the end of last year after the US SEC accused Ripple of issuing XRP as unregistered securities. This led several exchanges to delist the coin from their platforms.

XRP/USD chart. Source: FXEMPIRE

XRP began the year trading just above $0.2. However, its value has grown significantly, and it is now up by over 300%. At the time of this writing, XRP is trading just above the $0.70 level.

The Crypto Daily – Movers and Shakers – July 28th, 2021

Bitcoin, BTC to USD, rallied by 6.00% on Tuesday. Following a 5.24% gain on Monday, Bitcoin ended the day at $39,500.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $36,418.0 before making a move.

Steering clear of the first major support level at $34,804, Bitcoin rallied to a late intraday high $39,589.0.

In spite of the late rally, Bitcoin fell short of the first major resistance level at $40,166.

The near-term bullish trend remained intact, supported by the latest return to $40,000 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.

Polkadot slid by 2.64%, with Crypto.com Coin falling by 0.50% to buck the trend on the day.

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

Chainlink rallied by 7.74% to lead the way once more.

Binance Coin (+3.21%), Bitcoin Cash SV (+4.06%), Ethereum (+3.23%), Litecoin (+2.78%), and Ripple’s XRP (+3.44%) also found strong support.

Cardano’s ADA (+2.00%) and trailed the front runners, however.

Early in the week, the crypto total market fell to a Monday low $1,379bn before rising to a Monday high $1,605bn. At the time of writing, the total market cap stood at $1,517bn.

Bitcoin’s dominance fell to a Monday low 47.07% before jumping to an early Wednesday high 48.79%. At the time of writing, Bitcoin’s dominance stood at 48.77%.

This Morning

At the time of writing, Bitcoin was down by 0.54% to $39,285.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,590.4 before falling to a low $39,095.6.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (+2.51%), Polkadot (+0.44%), and Ripple’s XRP (+0.21%) found early support.

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

At the time of writing, Chainlink was down by 0.71% to lead the way down.

BTCUSD 280721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $38,502 pivot to bring the first major resistance level at $40,587 into play.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

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

In the event of another extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,673.

A fall through the $38,502 pivot would bring the first major support level at $37,416 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $35,331.