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July Opens With Dull BTC Price Action Despite Stocks ATH: The Crypto Weekly Market Update

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It’s safe to say that July has been relatively dull for Bitcoin when it comes to price action. The major cryptocurrency spent the last week trading in a range between $9,100 and $9,400 without any major fluctuations.

It’s also worth noting that legacy markets and Bitcoin’s price remain aggressively correlated. In fact, a lot of analysts on Twitter are now saying that currently, the futures on stock markets are a valuable indicator of where Bitcoin will head next.

The most recent example came yesterday when BTC price dropped to $9,050 just as global stock markets tumbled at their opening hours. Yet, one of the major indices, the Nasdaq Composite, continues to chart new highs daily, despite the ongoing crisis with the COVID-19 outbreak.

And while Bitcoin failed to provide any thrilling actions this week, the same can’t be said for alternative cryptocurrencies. A lot of them exploded in price as the march was led by the well-known and popular meme coin – Dogecoin. Largely induced by TikTok influencers prompting their followers to buy it, DOGE surged by more than 100% in less than a couple of days.

Another altcoin that marked notable gains and even painted fresh all-time high values was Chainlink (LINK). This happened right after China’s Blockchain Service Network launched, having integrated Chainlink’s price oracles into its ecosystem. Today, the spotlight was stolen by Elrond (ERD), as the altcoin popped by about 50% in the last 24 hours.

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It goes without saying that DeFi was again at the forefront as related cryptocurrencies were soaring all along.

In any case, Bitcoin’s total market share measured through the dominance index declined by almost 2%. This means that altcoins are breaking new grounds, and there might be an altcoin season in the making.

Market Data

Market Cap: $270B | 24H Vol: $60B | BTC Dominance: 62.8%

BTC: $9,228.64 (-0.25%) | ETH: $239,70(-0.56%) | XRP: $0.198 (-1.07%)

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Leading US Exchange Coinbase Prepares For a Stock Market Listing. According to a new report, the leading US-based cryptocurrency exchange, Coinbase, has initiated preparations for a public listing on the stock market. The document informs that this might happen as soon as this year.

If 2020 is The Year of DeFi When Will Ethereum Benefit? There is absolutely no doubt that the hottest trend in the cryptocurrency industry at the moment is decentralized finance. Yet, Ethereum, despite being its foundation, still hasn’t caught up. It’s necessary for the network’s scaling solutions to be rolled out in order for ETH to start catching up.

S&P 500 To Hit 4,000 In 12 Months, Veteran Strategist Predicts: Bullish For Bitcoin? Despite the fact that the COVID-19 outbreak continues and the daily number of cases is rocketing, the veteran market strategist Jeff Saut believes that the S&P 500 will reach 4,000 basis points in the next 12 months. The question is if this is bullish for Bitcoin as well.

Binance Officially Acquires Swipe, Enters Crypto Visa Debit Card Segment. The world’s leading cryptocurrency exchange, Binance, finalized the acquisition of the Visa debit card platform Swipe. It has also listed the native cryptocurrency SXP which marked an expected and yet impressive daily increase.

Brock Pierce Announces He Will Run In The 2020 US Presidential Elections. Brock Pierce, a figure well-known within the cryptocurrency community for his involvement in the biggest ICO – EOS, and the largest stablecoin issuer Tether, has announced his intentions to run in the 2020 US Presidential Elections. He will be running as an independent candidate according to the official release.

Bitfinex to Face New York Courts Over Missing $850 Million in Cryptocurrency Funds. One of the largest cryptocurrency exchanges, Bitfinex, will have to face New York courts in a case filed last year by the New York Attorney General – Letitia James. It’s alleged that the company hid a loss of more than $850 million in client and corporate funds.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano, and Dogecoin – click here for the full price analysis.

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/july-opens-with-dull-btc-price-action-despite-stocks-ath-the-crypto-weekly-market-update/

Blockchain

Billionaire Mike Novogratz Builds Bitcoin Position on Prescience

The sentiment in the crypto community has shifted now that the bulls are back in charge. With the bitcoin price trading within striking distance of $12,000, investors know from experience that this could be just the beginning of another major rally. Billionaire investor Mike Novogratz seems to think so. The Galaxy Digital chief tweeted to […]

The post Billionaire Mike Novogratz Builds Bitcoin Position on Prescience appeared first on BeInCrypto.

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The sentiment in the crypto community has shifted now that the bulls are back in charge. With the bitcoin price trading within striking distance of $12,000, investors know from experience that this could be just the beginning of another major rally.

Billionaire investor Mike Novogratz seems to think so. The Galaxy Digital chief tweeted to BeInCrypto that he added to his bitcoin position on Oct. 19, a decision made on prescience leading into a rally on Oct. 20.

And it’s what he had to say about where the BTC price is headed that could give investors a chance to capitalize on the momentum.

Novogratz expects that once bitcoin takes out $12K, not only does it move higher from there but it will do so quickly. He points to the fundamentals, including “too much demand from new participants,” as the catalyst. Novogratz told BeInCrypto,

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Bitcoin’s Rough Resistance

The $12K level is an important threshold for several reasons. Many consider it tough resistance and the BTC price has not been able to overcome it of late. Recent sessions have seen it remain stuck between the $10,000 and $11,000 area.

Once bitcoin manages to reattain this milestone, the last time of which was August 2020, pundits argue it could be off to the races again.

Bitcoin bull Ivan on Tech, who posts daily videos on YouTube where he has more than 260,000 subscribers, has been giving the play-by-play. He pointed out on Oct. 20 that the bitcoin price actually went straight to $12,000 but got rejected there, which according to him is “all according to plan.”

Once the bitcoin price successfully breaks this level, Ivan on Tech is expecting big things, exclaiming in a tweet,

“Bitcoin will break $20,000 like a massive BOSS.”

The entire crypto community is likely glued to their screens to see if history repeats and the bitcoin price rallies to the moon.

Source: https://beincrypto.com/billionaire-mike-novogratz-builds-bitcoin-position-on-prescience/

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Blockchain

Latvian Financial Watchdog Issues Crypto Fraud Warnings

Latvia’s  Financial and Capital Market Commission (FCMC) has issued a notice to investors to refrain from indulging in malicious digital currency platforms and fake opportunities. The regulator also listed some “signs of fraud” to help individuals identify these deceptive practices. In an official statement published by the FCMC, investors were urged to stay vigilant against […]

The post Latvian Financial Watchdog Issues Crypto Fraud Warnings appeared first on BeInCrypto.

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Latvia’s  Financial and Capital Market Commission (FCMC) has issued a notice to investors to refrain from indulging in malicious digital currency platforms and fake opportunities.

The regulator also listed some “signs of fraud” to help individuals identify these deceptive practices.

In an official statement published by the FCMC, investors were urged to stay vigilant against the growing number of investment opportunities that target individuals across different channels.

According to the FCMC, cryptocurrencies, and associated platforms within Latvia function with a lower degree of regulation when compared to many other financial markets. It claims this makes attacks more prevalent in the country.

The regulators also mentioned that these attacks might be difficult to detect at first because they oftentimes use “the names and images of renowned companies.”

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Uptick in Fraud

Many online advertisements used for fraud purposes lead unsuspecting victims to fancy websites that give them a false sense of security.

The FCMC noted that online fraudsters are constantly on the watch for new ways to extort money from potential victims and that they will often contact investors via email or other popular social media platforms, and even sometimes by phone.

The scammers normally try to mislead investors into buying currencies that don’t exist, refuse withdrawals, or demand that they pay exorbitant amounts for transfers of funds.

The FCMC has welcomed residents to check with the watchdog in order to verify the legitimacy of any platforms or services before actually investing any money. The regulator also listed verified financial service providers on its website.

Source: https://beincrypto.com/latvian-financial-watchdog-issues-crypto-fraud-warnings/

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Blockchain

Upgraded XMR Becomes Best Performer Among Top 15 Coins: Analysis

The upgraded XMR coin becomes the best performer among the top 15 coins by market capitalization as we are reading more in our latest monero news. The privacy-focused cryptocurrency became the best performing coin among the top 15 tokens by market cap after it launched the network update over the past week. The upgraded XMR […]

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The upgraded XMR coin becomes the best performer among the top 15 coins by market capitalization as we are reading more in our latest monero news.

The privacy-focused cryptocurrency became the best performing coin among the top 15 tokens by market cap after it launched the network update over the past week. The upgraded XMR ranked 14th by market cap and trades at $127, increasing by 5% in the day, trimming the weekly losses to less than 4%. At the same time, other major coins from the top 15 which are less than 3% in a day. XMR increased today after a slight reaction to the expected update which was launched on Saturday.

Initially announced in August 2020, Monero’s latest Oxygen Orion update brings some more important improvements to the network at a time when the regulators are getting increasingly worried about the privacy coins. The latest update brings the so-called compact linkable spontaneous anonymous group feature.

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Source coinpaprika.com

As per the Monero blog, the CLSAG update allowed smaller and tighter transactions and will also reduce the transaction size by about 25%. This will also improve the transaction times by 10% and will bolster privacy with Dandelion ++ which is a feature that aims to protect users’ IP addresses. The latest update release comes not too long after another speed and security-centric upgrade named Nitrogen Nebula was launched which was one of the many upgrades that went live in the past few months.

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Right before the release, Monero enjoyed an increase in price and moved up by about 35% in a month and 125% in a year while the US Department of Justice released a new report that explains the risks of end-to-end encryption along with the US Internal Revenue Service which declared war on privacy coins, offering a bounty of about $625,000 to crack Monero’s privacy code.

Monero approaches key resistance, xmr, privacy

Now, Monero scales up to 20 times while compared to the other upgrades, there will be no change to Monero’s mining algorithm was frequently modified to disadvantage the ASIC miners. The project’s upgrade from 2019 included RandomX which means that the network no longer needs changing to its mining algorithm for ASIC resistance. Though not directly related to the upgrade the development of the community project is progressing. The community developers have been working on the atomic swap which allows users to exchange Monero for other coins. The proposal for the project has reached full funding as of late.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/monero-news/upgraded-xmr-becomes-best-performer-among-top-15-coins-analysis/

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