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.

Tether’s Controversies Seem Never Ending. Executives Under Investigation For Bank Fraud

The issuers of the USDT stablecoins Tether are embroiled in yet another controversy as the executives are being investigated for possible bank fraud.

Tether Can’t Seem To Catch A Break

Perhaps the most controversial crypto projects in existence is Tether. The project has been embroiled in numerous controversies over the past few years, leading many within the community not to trust it and the USDT tokens it offers.

Tether is in yet another trouble as the United States Department of Justice has launched an investigation into its executives for possible bank frauds. In a report by Bloomberg yesterday, the DOJ said it is currently scrutinizing whether the company concealed from banks that transactions were linked to crypto.

Bloomberg cited three people with knowledge of the Tether matter, despite preferring to stay anonymous. According to the sources, the investigation is focused on conduct that occurred years ago, when the stablecoin issuer was still in its early years.

One of the sources revealed that the DOJ had already sent letters to the executives, notifying them that they are currently under investigation. Bloomberg added that the letter indicates that a decision could soon be reached on whether to bring a case. The senior Justice Department officials will decide if the charges are warranted.

Tether And Its Controversial Past

The stablecoin issuer had faced numerous controversies in the past. In 2018, Tether failed to conduct an audit that would confirm that its USDT tokens were backed by actual fiat currencies in the bank. This was followed by numerous reports suggesting that the company artificially inflated the Bull Run of 2017, leading Bitcoin to reach a then-record high of roughly $20,000.

USDT/USD chart. Source: FXEMPIRE

The New York Attorney General also investigated Tether and its sister company, Bitfinex. According to the New York AG, Tether failed to inform its clients or the general market that certain USDT tokens were not backed by the US Dollar in the bank after Bitfinex received $850 million to cover up some of its losses. Tether and the New York AG’s office ultimately settled.

Tether finally presented an audit report in March this year, showing that its USDT tokens were backed by actual assets. Bitcoin briefly touched $40k yesterday following its rally over the weekend. However, the cryptocurrency is now consolidating, and it is now trading just above $37k per coin.

Marketmind: Great Q2 but What’s Next?

A look at the day ahead from Sujata Rao.

A robust corporate second-quarter is mostly already in market prices. But after Tesla’s record results on Monday and with Alphabet, Apple and Microsoft reporting later on Tuesday, attention turns to what kind of outlook tech bosses will flag for a sector whose share performance has been pressured by economies reopening.

The question from markets seems to be “Companies did great in Q2 but what’s next?” And the U.S. Treasury market isn’t painting a pretty picture — “real” bond yields are near record lows below minus 1%.

Summer blues? COVID fatigue? Wait-and-see before Wednesday’s Federal Reserve statement? Or is something being missed in the economic data?

U.S. home sales figures and Germany’s Ifo disappointed on Monday but there’s a solid 67% profit jump at Chinese industrial companies in June and the biggest quarterly GDP expansion in a decade in Korea on Tuesday. A Reuters poll of 500 economists upped global growth forecasts to 6% this year — the fastest in nearly half a century — and to 4.5% in 2022.

Even on the COVID front, there is a bright spot in Britain’s steadily falling caseloads.

European earnings are seeing some nice beats from staffing group Randstadt, chocolatier Lindt, wealth manager Vontobel. Logitech, which makes computer mice and keyboards, posted a 66% Q2 profit leap and said it continued to see huge demand from stay-at-home workers.

Finally, Bitcoin which rallied to five-week highs on Monday has stumbled again and is back below $40,000.

Key developments that should provide more direction to markets on Tuesday:

– Lysol maker Reckitt Benckiser Group RKT.L missed Q2 sales estimates

-Credit Suisse appointed Goldman Sachs partner David Wildermuth its new chief risk officer

-US monthly house prices July

-Auctions: US 5-year notes, Italy sells a new short-term BTP

-Emerging markets: Nigeria, Hungary central banks

-US earnings: UPS, General Electric, Xerox, Eaton Vance, Invesco, Jetblue, Sirius, Rockwell, Alphabet, Apple, Microsoft, Mattel, Starbucks, Visa, Mondelez

-European earnings: :  ASM. Moncler, Deutsche Boerse, Kering, Telecom Italia, Reckitt Benckiser, Lindt & Sprungli, Logitech

Graphic: FAANG – https://fingfx.thomsonreuters.com/gfx/mkt/myvmnmnxkpr/Pasted%20image%201626886070780.png

(Reporting by Sujata Rao; editing by Dhara Ranasinghe)

Bitcoin’s Adoption Is Growing. Now It’s Amazon’s Time To Accept It

The cryptocurrency market has been gaining adoption from corporate entities in recent years, and it now seems it is time for Amazon to join the list.

Amazon To Start Accepting Bitcoin Soon

Online retail giant Amazon is reportedly ready to start accepting Bitcoin payments before the end of the year. This is according to a report by London’s City A.M outlet, citing an insider. According to the report, Amazon will start accepting Bitcoin as a means of payment soon.

The retail giant recently posted saying that it wants to hire a cryptocurrency and blockchain lead. Amazon is looking to explore areas such as blockchain technology, cryptocurrency, central bank digital currencies (CBDCs) and distributed ledger.

The source told City A.M that the job post is a sign of bigger things from Amazon. She stated that the company is getting ready to set up cryptocurrency payment solutions at some point in the future. It is something the company is committed to achieving, she added.

The insider revealed that it starts with Bitcoin as it is the key first stage of the cryptocurrency project. The directive is apparently coming from Jeff Bezos himself. After establishing a strong Bitcoin payment option, Amazon will look to integrate other cryptocurrencies. “Ethereum (ETH), Cardano (ADA) and Bitcoin Cash (BCH) will be next in line before they bring about eight of the most popular cryptocurrencies online,” the insider added. Amazon has been working on the functionality since 2019, and it could soon come to fruition, she added.

Amazon To Develop Its Native Token

The second stage of the project is for Amazon to develop its own native token. The source stated that the company is planning to start developing its native token next year after establishing its cryptocurrency payment gateway.

She added that after a year of experiencing cryptocurrency payments, it is looking increasingly possible that the company is heading towards tokenization. The token will allow people to buy goods on Amazon and pay for other services. It will also come with a loyalty scheme to boost adoption.

BTC/USD chart. Source: FXEMPIRE

Bitcoin has been performing excellently over the past few days. BTC is currently up by 12% over the past 24 hours and is now trading above the $38k mark for the first time in weeks. The rally has extended to other cryptocurrencies, with Ether also closing in on the $2,500 resistance point.

The Crypto Daily – Movers and Shakers – July 26th, 2021

Bitcoin, BTC to USD, rose by 3.29% on Sunday. Following a 1.87% gain on Saturday, Bitcoin ended the week up by 11.30% to $35,415.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $33,886.0 before making a move.

Steering clear of the first major support level at $33,625, Bitcoin rallied to a final hour intraday high $35,444.0.

Bitcoin broke through the first major resistance level at $34,730 and the second major resistance level at $35,181 to end the day at $35,400 levels.

The near-term bullish trend remained intact, in spite of the latest return to $29,000 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 Sunday.

Polkadot slid by 3.32%, with Cardano’s ADA (-0.32%) and Ripple’s XRP (-0.48%) also seeing red to buck the trend.

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

Chainlink and Litecoin rose by 1.26% and by 1.32% respectively to lead the way.

Binance Coin (+0.37%), Bitcoin Cash SV (+0.77%), Crypto.com Coin (+0.53%), and Ethereum (+0.29%) saw modest gains, however.

In the week, the crypto total market fell to a Tuesday low $1,154bn before rising to a Sunday high $1,430bn. At the time of writing, the total market cap stood at $1,426bn.

Bitcoin’s dominance rose to a Tuesday high 47.63% before falling to a Thursday low 45.91%. At the time of writing, Bitcoin’s dominance stood at 47.03%.

This Morning

At the time of writing, Bitcoin was up by 0.93% to $35,745.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,233.0 before rising to a high $35,886.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot was down by 0.04% early on to buck the trend.

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

At the time of writing, Bitcoin Cash SV was up by 3.82% to lead the way.

BTCUSD 260721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $34,915 pivot to bring the first major resistance level at $35,944 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s high $35,886.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $36,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $37,500 before any pullback. The second major resistance level sits at $36,473.

A fall through the $34,915 pivot would bring the first major support level at $34,386 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$33,000 levels. The second major support level at $33,357 should limit the downside.

The Crypto Daily – Movers and Shakers – July 25th, 2021

Bitcoin, BTC to USD, rose by 1.87% on Saturday. Following a 4.11% rally on Friday, Bitcoin ended the day at $34,279.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $33,422.0 before making a move.

Steering clear of the first major support level at $32,572, Bitcoin rallied to a late afternoon intraday high $34,527.0.

Bitcoin broke through the first major resistance level at $34,177 before a pullback to $33,700 levels.

Late in the day, however, Bitcoin broke back through the first major resistance level to end the day at $ $34,200 levels.

The near-term bullish trend remained intact, in spite of the latest return to $29,000 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 Saturday.

Ethereum rose by 2.83% to lead the way, with Cardano’s ADA (+2.11%) and Crypto.com Coin (+2.54%) close behind.

Binance Coin (+0.78%), Chainlink (+1.26%), Litecoin (+1.46%), Polkadot (+0.83%), and  Ripple’s XRP (+0.01%) trailed the front runners, however, with modest gains.

Bitcoin Cash SV ended the day flat.

In the current week, the crypto total market fell to a Tuesday low $1,154bn before rising to a Saturday high $1,410bn. At the time of writing, the total market cap stood at $1,371bn.

Bitcoin’s dominance rose to a Tuesday high 47.63% before falling to a Thursday low 45.91%. At the time of writing, Bitcoin’s dominance stood at 46.48%.

This Morning

At the time of writing, Bitcoin was down by 0.91% to $33,966.0. A mixed start to the day saw Bitcoin rise to an early morning high $34,486.0 before falling to a low $33,951.0.

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, rising by 0.18%.

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

At the time of writing, Chainlink was down by 2.43% to lead the way down.

BTCUSD 250721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $34,076 pivot to bring the first major resistance level at $34,730 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $34,527.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $35,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $36,000 before any pullback. The second major resistance level sits at $35,181.

Failure to move back through the $34,076 pivot would bring the first major support level at $33,625 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$32,000 levels. The second major support level at $32,971 should limit the downside.

The Crypto Daily – Movers and Shakers – July 24th, 2021

Bitcoin, BTC to USD, rallied by 4.11% on Friday. Following a 0.52% gain on Thursday, Bitcoin ended the day at $33,650.0.

After a mixed start to the day, Bitcoin fell to a late afternoon intraday low $32,020.0 before making a move.

Steering clear of the first major support level at $30,168, Bitcoin rallied to a late intraday high $33,625.3.

Bitcoin broke through the first major resistance level at $32,698 and the second major resistance level at $33,097 to end the day at $33,650 levels.

The near-term bullish trend remained intact, in spite of the latest return to $29,000 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 1.34% and by 2.22% respectively to buck the trend on the day.

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

Ethereum rallied by 4.99% to lead the way.

Chainlink (+2.91%), Litecoin (+2.93%), and Ripple’s XRP (+2.62%) also made solid gains.

Binance Coin (+2.06%), Bitcoin Cash SV (+1.96%), and Cardano’s ADA (+1.89%) trailed the front runners, however.

In the current week, the crypto total market fell to a Tuesday low $1,154bn before rising to a Friday high $1,375bn. At the time of writing, the total market cap stood at $1,358bn.

Bitcoin’s dominance rose to a Tuesday high 47.62% before falling to a Thursday low 45.91%. At the time of writing, Bitcoin’s dominance stood at 46.34%.

This Morning

At the time of writing, Bitcoin was down by 0.35% to $33,532.0. A mixed start to the day saw Bitcoin rise to an early morning high $33,783.0 before falling to a low $33,456.9.

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 3.27% to lead the way, with Chainlink (+0.28%) and Litecoin (+0.20%) also in the green.

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

At the time of writing, Binance Coin was down by 0.73% to lead the way.

BTCUSD 240721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $33,098 pivot to bring the first major resistance level at $34,177 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s high $33,783.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $34,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 before any pullback. The second major resistance level sits at $34,704.

A fall through the $33,098 pivot would bring the first major support level at $32,572 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$31,000 levels. The second major support level at $31,493 should limit the downside.

JPMorgan Joins The Club. Wealthy Clients Can Now Gain Access To Cryptos

JPMorgan Chase has become the latest US investment bank to allow its wealthy clients to gain exposure to cryptocurrencies via investment funds.

JPMorgan’s Wealthy Clients Can Now Buy And Sell Crypto Funds

JPMorgan Chase, one of the leading banks in the United States, has reportedly allowed its wealthy clients to gain access to Bitcoin and a host of other cryptocurrencies. This is according to sources familiar with the matter who told Business Insider.

According to the report, the bank has given its nod of approval to its financial advisors, allowing them to grant wealthy clients access to cryptocurrencies via crypto funds. The report added that JPMorgan is eager to grow its wealth management business and has approved the access to cryptocurrency funds.

Per the report, wealthy clients can gain access to cryptocurrencies via funds such as Osprey Funds’ Bitcoin Trust, Grayscale’s Bitcoin Trust GBTC, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic vehicles. The sources stated that the financial advisors had been advised to start taking buy and sell orders from their wealthy clients starting July 19.

Investment Banks Are Opening Up To Cryptocurrencies

The cryptocurrency market has gained massive institutional investors over the past year. The interest from wealthy clients and institutional investors convinced some of the major banks such as JPMorgan, Morgan Stanley, Goldman Sachs and Citigroup to look at cryptocurrencies in a positive light.

The investment bank announced in April this year that it is working on allowing its wealthy clients to access cryptocurrencies. Spokespersons for both Grayscale and Osprey Funds told Business Insider that their funds are available to JPMorgan’s clients.

BTC/USD chart. Source: FXEMPIRE

By making this move, JPMorgan joins the likes of Morgan Stanley and Goldman Sachs in offering access to cryptocurrencies. Morgan Stanley partnered with Galaxy Digital in April to offer wealthy clients access to bitcoin funds. The wealthy clients are those with at least $2 million in invested assets.

Bitcoin’s price is up by over 1% over the past 24 hours as it slowly climbs towards the $32k region. The rally comes after Bitcoin fell below the $30k mark last week.

The Crypto Daily – Movers and Shakers – July 23rd, 2021

Bitcoin, BTC to USD, rose by 0.52% on Thursday. Following a 7.85% rally on Wednesday, Bitcoin ended the day at $32,320.0.

A range-bound start to the day saw Bitcoin fall to a late morning intraday low $31,735.0 before making a move.

Steering clear of the first major support level at $30,168, Bitcoin rallied to a late afternoon intraday high $32,610.0.

Falling short of the first major resistance level at $33,495, Bitcoin fell back to sub-$32,100 levels and into the red.

Steering clear of sub-$32,000 levels, however, moved back through to $32,300 levels to deliver the upside on the day.

The near-term bullish trend remained intact, in spite of the latest return to $29,000 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.

Bitcoin Cash SV fell by 0.39% to buck the trend on the day.

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

Polkadot rallied by 6.13% to lead the way, with Chainlink (+4.91%), Crypto.com Coin (+3.04%), and Ripple’s XRP (+4.17%) also making solid gains.

Binance Coin (+0.09%), Cardano’s ADA (+1.34%), Ethereum (+1.43%), and Litecoin (+2.44%) trailed the front runners, however.

In the current week, the crypto total market fell to a Tuesday low $1,154bn before rising to a Wednesday high $1,337bn. At the time of writing, the total market cap stood at $1,310bn.

Bitcoin’s dominance rose to a Tuesday high 47.62% before falling to a Thursday low 45.91%. At the time of writing, Bitcoin’s dominance stood at 46.22%.

This Morning

At the time of writing, Bitcoin was down by 0.11% to $32,283.0. A mixed start to the day saw Bitcoin rise to an early morning high $32,449.4 before falling to a low $32,282.4.

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 0.63% to lead the way down.

BTCUSD 230721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $32,222 pivot to bring the first major resistance level at $32,708 into play.

Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $32,610.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $33,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $33,500 before any pullback. The second major resistance level sits at $33,097.

A fall through the $32,222 pivot would bring the first major support level at $31,833 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$31,000 levels. The second major support level at $31,347 should limit the downside.

Elon Musk Says SpaceX Holds Bitcoin And Tesla Might Start Accepting It Again

Elon Musk talked about cryptocurrencies in-depth during The B Word conference, revealing that he personally holds Bitcoin, Ether and Dogecoin.

Tesla And SpaceX Hold Bitcoins

The CEO of Tesla and SpaceX, Elon, Musk has revealed that the companies hold bitcoins. Musk made this known in a discussion with Twitter CEO Jack Dorsey and ARK Invest CEO Cathie Wood at the ongoing The B Word conference.

Tesla purchased $1.5 billion worth of bitcoins in February, with the investment rising to $2.5 billion before the bear cycle began. However, Musk never disclosed that SpaceX also owned bitcoins until the event yesterday.

The CEO admitted that he is a huge fan of Bitcoin despite his recent skepticism towards proof of work concepts. He admitted that he only holds the Tesla stocks and three other valuable assets; Bitcoin, Dogecoin and Ethereum.

Elon Musk stated that he never dumped Bitcoin and doesn’t intend to part ways with his cryptocurrency investments soon. He stated that he owns more bitcoins than ether and Dogecoin. He believes that Bitcoin cannot be the monetary system of the world at the base layer. However, if implemented properly, it can serve that function at the second layer.

Musk revealed that SpaceX is playing a role in Bitcoin’s future. However, he didn’t clarify how the space company intends to shape the future of the cryptocurrency market.

Tesla will likely start accepting Bitcoin again

Tesla suspended Bitcoin as a payment option for its electric vehicles due to the energy concerns. However, Elon Musk stated that the company is planning to start accepting it again soon. He said, “It looks like bitcoin is shifting a lot more toward renewables, and a bunch of the heavy-duty coal plants that were being used has been shut down, especially in China.”

BTC/USD chart. Source: FXEMPIRE

With Bitcoin mining shifting to renewable energy, Elon Musk said Tesla would likely start accepting the cryptocurrency again as payment for its electric cars. The cryptocurrency market has been rallying for the past few hours, with Bitcoin surging by over 4% to cross the $32k mark again. Ether and Dogecoin are also rallying at the time of this report.

Sam Bankman-Fried Is Changing The Game After FTX Raises A Record $900 Million

Sam Bankman-Fried is making waves in the cryptocurrency space after his FTX exchange raised a record-breaking $900 million in a private equity round.

FTX Raises $900 Million In Series B Funding

Digital currency exchange FTX has raised $900 million in a private equity round, resulting in the company having a valuation of roughly $18 billion. This latest development is astonishing as it is the highest amount ever raised in a private equity round in the history of the crypto sector.

According to a Forbes report, the investment round was led by popular investors such as Coinbase Ventures, Alan Howard, Sequoia Capital Circle, the Paul Tudor Jones family, VanEck and more.

The feat is amazing, considering the fact that FTX was valued at just $1.2 billion a year ago. It is one of the biggest winners of the recent bull market, with this funding event an indication of that point.

According to the FTX CEO, Sam Bankman-Fried, the cryptocurrency exchange would use the funds primarily for acquisition purposes. The exchange looks to acquire entities that would allow it to grow its brand and become a more valuable company. FTX is also looking to enter other markets such as trading shops, nonfungible token (NFT) platforms and non-crypto native firms.

FTT Token Up By 6% Despite Bear Market

Following this announcement, the FTX’s native coin, FTT, has been rallying. FTT is now up by over 6% despite the cryptocurrency market being in a bearish cycle at the moment. FTT is trading at $25.70 per coin, up by over 300% year-to-date.

FTT/USD chart. Source: FXEMPIRE

As one of the leading crypto exchanges globally, FTX now has over one million registered users. Its users are diverse, ranging from retail investors to sophisticated day traders, family offices and experienced institutional traders.

FTX has also been making a name for itself, especially in the sporting world. A few weeks ago, it partnered with the Major League Baseball and esports organization TSM. FTX also bought the naming rights to the home arena of NBA team Miami Heat for $135 million. The deal will see FTX handle the naming for the arena for the next 19 years.

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

Bitcoin, BTC to USD, slid by 3.42% on Tuesday. Following a 3.00% decline on Monday, Bitcoin ended the day at $29,809.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $31,079.0 before hitting reverse.

Falling short of the first major resistance level at $31,695, Bitcoin slid to an early afternoon intraday low $29,313.0.

Bitcoin fell through the first major support level at $30,267 and the second major support level at $29,670.

Steering clear of sub-$29,000 levels, however, Bitcoin revisited $30,000 levels before falling back.

The partial recovery saw Bitcoin move back through the second major support level to end the day at $29,800 levels.

The near-term bullish trend remained intact, in spite of the latest return to $29,000 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.

Bitcoin Cash SV tumbled by 10.75% to lead the way down.

Binance Coin (-5.71%), Cardano’s ADA (-6.02%), Chainlink (-5.13%), Crypto.com Coin (-3.31%), Litecoin (-5.21%), and Ripple’s XRP (-5.22%) also ended the day in the deep red.

Ethereum (-1.76%) and Polkadot (-0.98%) saw relatively modest losses on the day.

Early in the week, the crypto total market rose to an early Monday high $1,299bn before falling to a Tuesday low $1,154bn. At the time of writing, the total market cap stood at $1,193bn.

Bitcoin’s dominance fell to a Monday low 46.06% before rising to a Tuesday high 47.62%. At the time of writing, Bitcoin’s dominance stood at 46.76%.

This Morning

At the time of writing, Bitcoin was down 0.17% to $29,757.0. A mixed start to the day saw Bitcoin rise to an early morning high $29,867.0 before falling to a low $29,734.0.

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, Crypto.com Coin was down by 0.98% to lead the way down.

BTCUSD 210721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $30,067 pivot to bring the first major resistance level at $30,821 into play.

Support from the broader market would be needed for Bitcoin to break out from $30,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $31,079.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $32,000 before any pullback. The second major resistance level sits at $31,833.

Failure to move through the $30,067 pivot would bring the first major support level at $29,055 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$28,000 levels. The second major support level at $28,301 should limit the downside.

Is Interest In DeFi Rising? Grayscale And Square’s Latest Moves Suggests So

The decentralized finance (DeFi) market has experienced massive growth over the past few years, and now institutional investors are becoming interested in the sector.

Grayscale Launches Its DeFi Fund

The world’s largest digital asset manager Grayscale announced yesterday that it had launched its Grayscale Decentralized Finance (DeFi) Fund. According to its press release, the Grayscale DeFi Fund is a diversified investment product that grants investors exposure to a wide range of industry-leading DeFi protocols.

The Grayscale DeFi Fund is the fifteenth investment product launched by the digital asset management firm and its second diversified fund offering. The company’s CEO Michael Sonnenshein said they had launched the DeFi Fund due to the demand for decentralized protocols from institutional investors.

The Grayscale DeFi Fund will include protocols such as Uniswap, Aave, Compound, Curve, MakerDAO, Sushiswap, Yearn Finance, Bancor Network, Synthetix and UMA protocol.

Square To Enter The DeFi Sector

Another big name to enter the decentralized finance sector is payment company Square. Last week, the payment company owned by Jack Dorsey announced that it is building a decentralized business around Bitcoin.

Most of the DeFi protocols are built on the Ethereum network or other smart contract platforms. However, Jack Dorsey has always been a fan of Bitcoin and has maintained that he would only be investing in it and no other cryptocurrency.

Dorsey said the Square DeFi platform would make it easy to create non-custodial, permissionless, and decentralized financial services. It will also include the Seller, Cash App and recently acquired Tidal businesses.

The cryptocurrency market has been in a bearish mode in recent weeks. However, the adoption continues to grow. The broader crypto market has been experiencing losses over the past few weeks.

BTC/USD chart. Source: FXEMPIRE

Bitcoin dropped below the $30k region for the first time since June. If the bearish trend in the market continues, then the price could drop to its 30-day low of $28,800. Some analysts expect the price to stay around the $30k level for the next few weeks.