The Leading Cryptocurrency Stories for 23rd July 2018

The Leading Cryptocurrency Stories for 23rd July 2018
July 23, 2018

The solid rise of Bitcoin from around $5,800 to over $7,500 has turned skeptics silent. In fact, the rise was so sharp that $180 million worth of short positions were forcibly closed due to lack of margin within an hour last week. Most of the dilution happened in BitMEX exchange which offers high leverage to trade in Bitcoin and other cryptocurrencies based derivative products.

The rally in the price of Bitcoin has increased the trading volumes in several cryptocurrency exchanges and also in Chicago Mercantile Exchange (CME), which offers Bitcoin (BTC) futures contracts. The average daily volume has increased by 93% in the second quarter, compared with the first quarter of 2018. CME revealed the information regarding the increase in traded volumes through a tweet. CME further stated that the number of open contracts on Bitcoin futures has increased to more than 2,400 in the second quarter, representing a 58% rise on a sequential basis.

To further push cryptocurrencies into main stream, political backing is necessary. Realising this, Coinbase, the largest crypto broker in the US has formed a Political Action Committee (PAC). The Committee will accept donations and spend it during the US elections. The formation of PAC was revealed by Federal Election Commission, which made the filing public. Coinbase has been allotted with ID: C00680355, with “NON-QUALIFIED UNAUTHORISED” status. This indicates that Coinbase committee is not qualified for multi-candidate status. So, as of now, the firm does not face restrictions in donating to any candidate.

The industrial conglomerate General Electric is planning to use blockchain technology to validate 3D-printed parts in the supply chain management process. The patent filing published by the U.S. Patent and Trademark Office (USPTO) on June 21st explains a unique method for integrating distributed ledger technology to 3D printing. The ultimate aim of creating the system is to build a database that tracks the manufacturing process without any error margin. Blockchain technology is best suited to establish a manufacturing history that assists in validating and authenticating 3D printed objects.

South Korean electronics giant has officially started accepting cryptocurrencies as payment for its products in the Baltic States. Presently, one official store each in Tallinn (Estonia), Riga (Latvia), Vilnius and Kaunas (Lithuania), accept cryptocurrencies. Clients will be able to purchase, Samsung phones, TVs, Tablets, and other electronic gadgets by paying in crypto. The cryptocurrency payments are processed by CopPay, which is primarily focused on Baltic countries. CoPay has partnered with more than 50 big names in business, including United Colors of Benetton and Rex/Max.


Cardano (ADA)

After the recent meeting with Google executives in the UK, Cardano is making waves. The CEO of Cardano, Charles Hoskinson, has revealed two dreams he has for the project while participating in an event focused on EMURGO, an incubator project based on Cardano’s blockchain. Firstly, Hoskinson hopes that Cardano’s ADA token becomes the first crypto to reach the trillion dollar market capitalisation. Secondly, he wants to see ADA widely accepted and used by general public, in everyday life. Read more here. 


Ethereum (ETH)

Ethereum Truffle, a developer environment, has seen more than 700,000 downloads since its launch in November.  The popularity of the software has increased 32% on m-o-m basis in June. The software has a “built-in smart contract compilation, linking, deployment and binary management.” Furthermore, Truffle includes a tool named Ganache, which enables a developer to float own side chain, instead of using testnet or mainnet for testing purposes. Another notable tool is Drizzle, which facilitates building DApp. Read more here. 


Our Forex Trading Plan

Bitcoin. Bitcoin (BTC) has bounced off the support at 5800 levels, leaving bears trapped in a big loss. The stochastic oscillator is still in the bullish zone, indicating the possibility of further appreciation in the price. The next major resistance is only at 8700. So, a long position is the best possible option at this point in time.

Based on the above analysis, we may open a long position in the BTCUSD pair near 7400, with a stop loss order below 6800. After establishing the long position, we may place a sell order near 8700 to book profit. The trade will be established in one of our reliable Forex broker’s platform.

Bitcoin - Technical Analysis - 23rd July 2018

Our Binary Options Trading Plan

Ripple. Ripple (XRP) is facing two unique problems. It is not as decentralised as other cryptocurrencies. Furthermore, it is considered to be a security by skeptics. The San Francisco company is facing three lawsuits from investors who believe that Ripple should be declared as a security. Technically, the cryptocurrency is struggling to break above 0.48 levels. The money flow index reading is below 50, while the volume is extremely low. Therefore, it is our favourite choice of asset to trade in the binary market.

We are planning to gain from the downtrend by investing in a put option contract. The contract offered by a binary broker should be valid for at least seven trading days. Furthermore, the price of XRP token should be near 0.45 in the cryptocurrency market.

Ripple - Technical Analysis - 23rd July 2018

Disclaimer: The trading analysis offered here is our opinion. It is not provided as trading advice, merely an indication of our trading plan. We cannot guarantee success and we encourage traders to incorporate a strong money management strategy to limit losses. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins

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