The crypto markets extended their decline on Monday due to the broad-based risk-off sentiment across assets, which saw the Dow Jones Industrial Average plummet 725.81 points, its worst fall since last October. The increase in Covid-19 cases in many parts of the world due to the delta variant was touted as one of the several reasons for the flight to safety.
Jeffrey Gundlach, CEO of investment management firm DoubleLine Capital, said in a CNBC interview recently that Bitcoin has formed a head and shoulders pattern that “looks pretty convincing.” Gundlach expects Bitcoin to correct to $23,000.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE
ALOHA DEFI: A COMPREHENSIVE REVIEW OF THE NEXT-GEN ONE-STOP DEFI
MORE STABLE THAN ALL STABLECOINS, WHY GAUGECASH CAN BE THE
GO-TO TOKEN OF THE DEFI WORLD,
ZUMO-THE COMPANY HELPING PEOPLE GET COMFORTABLE WITH CRYPTO
The bulls tried to push the price back above £23,620 on July 18 but failed. This may have attracted further selling and the bears will now try to capitalize on the weak sentiment by pulling the price below £21,000.
If they succeed, the BTC/GBP pair will complete a bearish descending triangle pattern. This negative setup could start the next leg of the downtrend, which may reach £15,000.
The downsloping moving averages and the relative strength index (RSI) in the negative territory indicate the path of least resistance is to the downside.
However, the bulls may not surrender the £21,000 to £20,000 support zone easily and will try to defend it. A strong rebound will indicate accumulation at lower levels. The bulls will have to push the price above the downtrend line to signal a trend change.
As the trend is negative, traders may remain on the sidelines until a bottom is confirmed. Pre-empting a bottom could quickly result in a loss.
Lastly please check out the advancement’s happening in the cryptocurrency world
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– World Mobile Token
– Subme Cash
– Koji Earth
– Aloha DeFi
– Ferrum Network
– The Coop Network
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
Bitcoin Price GBP we had mentioned in our previous analysis that the possibility of a fall is greater and that is what happened. BTC to GBP broke below the £23,620 support on July 15, indicating that the bitcoin to gbp bears have overpowered the bulls.
The bulls tried to push the btc to gbp price back above £23,620 on July 18 but failed. This may have attracted further selling and the bears will now try to capitalize on the weak sentiment by pulling the price below £21,000. Read more
ETHEREUM – ETH/GBP
Ethereum price GBP our assumption of a decline to £1,216.19 in Ether, as enumerated in the previous analysis, has also played out. If the bearish momentum pulls the eth to gbp price below £1,216.19, the descending triangle pattern will complete.
This bearish setup could attract further selling and the ETH/GBP pair may slide down to psychological support at £1,000. If this support also cracks, the decline could extend to £800. Read more
RIPPLE – XRP/GBP
Ripple price GBP has continued its downward march, indicating a lack of buying from bulls. The downsloping moving averages and the RSI near the oversold territory suggest the path of least resistance is to the downside.
If bears sink and sustain the price below the critical support at £0.3668, the XRP/GBP pair could slide to the £0.25 to £0.28 support zone. The deeper the fall, the longer it will take for the pair to stage a recovery. Read more
CARDANO – ADA/GBP
ADA to GBP failure of the bulls to push the price above the 50-day SMA attracted profit-booking from short-term traders. That pulled the price below the 20-day EMA on July 8.
Thereafter, the bears aggressively defended the 20-day EMA, attracting further selling. The ADA/GBP pair is on target to drop to the critical support at £0.71. Read more
BINANCE – BNB/GBP
BNB price GBP we had highlighted in our previous analysis that if bulls fail to push the price above the 50-day SMA soon, short-term traders may dump their positions and that is what happened.
BNB price GBP turned down on July 19 and has started its journey toward critical support at £160. The bears have not been able to pull and sustain the price below this support since March 1, hence the bulls are likely to defend it aggressively. Read more
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KOJI: AN ORIGINAL COMIC SERIES IN NFTS & CHARITY DRIVEN CRYPTO TOKEN
KOJI is a unique project that launched on the 1st June as an ERC-20 token. It is centred around the KOJI character, who is an alien that has come to save the earth. KOJI has 2 main characteristics:
– A brand new comic series depicting KOJI’s journey will be released exclusively as NFTs to KOJI holders!
– A comprehensive charity strategy designed to make a real difference on earth
We are really excited about our upcoming roadmap! Read more
‘VAST MAJORITY’ OF INSTITUTIONS WILL OWN CRYPTO BY 2026: FIDELITY
The crypto industry got a dose of good news in the form of a new Fidelity survey suggesting mass institutional adoption is coming. A survey from Fidelity Digital Assets found 90% of institutional investors planned to own crypto by 2026 Interest is strongest in Asia, but investors in Europe and the U.S. are becoming more bullish as well The number of institutional investors—wealth managers, foundations and so on—that own crypto assets has grown dramatically, and will continue to do so in the future, according to a new survey from Fidelity Digital Assets. Read more
ALIBABA-OWNED NEWSPAPER CREATING NFTS CALLED ARTIFACT TO ARCHIVE NEWS; TENCENT SETS UP BLOCKCHAIN HQ
SCMP also aims to create a DAO and develop its marketplace platform in the last phase of the roadmap, according to their litepaper. China’s tech giant Tencent is planning to set up a blockchain headquarters, reported The Economic Daily, a CCP newspaper directly under the Central Committee sponsored by the State Council. Blockchain-focused VC firm, Sino Global noted, “It is an important public opinion position for the Party Central Committee and the State Council to guide national economic work.” Read more
DEFI PROJECT AAVE TO RELEASE ETHEREUM-BASED TWITTER ALTERNATIVE THIS YEAR
Aave’s founder told Decrypt that its new social media platform will launch this year. DeFi project Aave’s founder has said he will build an alternative to Twitter. The project will run on Ethereum, he told Decrypt. There are plenty of decentralized Twitter alternatives out there—will this one work? Decentralized finance giant Aave will launch an alternative to Twitter using Ethereum this year, the protocol’s founder told Decrypt. Read more
BITCOIN DROPS BELOW $30K FOR FIRST TIME IN 4 WEEKS
Wall Street is seeing “too much froth” and current virus jitters are triggering widespread panic selling of every top performing asset, including bitcoin, said one analyst. Bitcoin dropped below $30,000, breaking below a trading range that had held for the past four weeks and potentially setting up the largest cryptocurrency for deeper price declines. The cryptocurrency was trading around $29,998 at press time and is down about 5% over the past week. Read more
TECH MOGUL JACK DORSEY UNVEILS PLANS TO BUILD DECENTRALIZED FINANCE SERVICES ON BITCOIN
Square CEO and tech mogul Jack Dorsey says that the payments company is establishing a new business that aims to create decentralized finance (DeFi) services focused on Bitcoin. Although most DeFi applications are built on the Ethereum blockchain, Dorsey says that Square plans to bring Bitcoin to the emerging crypto subsector. Read more
FORMER HEAVYWEIGHT BOXING CHAMPION MIKE TYSON ASKS FANS IF THEY PREFER BITCOIN OR ETHEREUM
On Saturday, former heavyweight boxing champion, Mike Tyson, asked his 5.6 million followers on Twitter which crypto asset they prefer: bitcoin or ethereum. Tyson is no stranger to the world of crypto and just recently stepped into the realm of non-fungible token (NFT) collectibles. Read more
OVER 1,000 BITCOIN MINERS CRUSHED BY POLICE IN WARNING TO ELECTRICITY THIEVES
Malaysian authorities destroy Bitcoin mining rigs by steamroller in show of force. Authorities in Miri, Malaysia, seized and destroyed 1,069 Bitcoin mining rigs by steamroller after cracking a mining operation that was using stolen electricity. Recently, U.K police followed up a rewiring tip-off, expecting to bust a cannabis farm, only to discover an illegal Bitcoin mining operation. Read more
ZUMO-THE COMPANY HELPING PEOPLE GET COMFORTABLE WITH CRYPTO
THE RISE OF CRYPTOCURRENCY
The cryptocurrency investment market has matured and evolved significantly in the past decade or more. As a result, investing in digital currencies or virtual currencies has become easier than ever. Indeed, according to the Financial Conduct Authority’s latest consumer research, 78% of UK adults have now heard of cryptocurrency, and 2.3 million of us hold some form of crypto asset. Not only has the crypto industry evolved, it is also gradually finding its place within the mainstream market. Read more
ALOHA DEFI: A COMPREHENSIVE REVIEW OF THE NEXT-GEN ONE-STOP DEFI ECOSYSTEM
Would you be interested in earning extra income by sharing your mobile hotspot? If so, the Aloha ecosystem is for you. Using the Aloha App (DApp), users can share WiFi hotspots. Users get loyalty tokens when sharing their WiFi on the Aloha network. Customers can use Aloha loyalty tokens at a variety of world-leading brands or online retailers. Read more
MORE STABLE THAN ALL STABLECOINS, WHY GAUGECASH CAN BE THE GO-TO TOKEN OF THE DEFI WORLD
Extreme market volatility remains the single biggest problem facing cryptocurrency investors and traders. It is not uncommon for even the top cryptocurrencies by market size to plummet by over 50% in value – all in a matter of days, sometimes hours. In the recent episode, after Tesla Ceo Elon Musk backtracked on this decision to accept Bitcoin as payment, followed by China’s indiscriminate crackdown on Bitcoin mining, the price of the leading tokens tumbled. We saw how Bitcoin rallying around the $60,000 mark in April, was struggling to hold above $30,000 by the last week of May. The other top tokens mirrored Bitcoin’s price movement. Read more