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Bitcoin, Ether, Major Altcoins – Weekly Market Update August 2, 2021

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The total crypto market cap added $71 billion to its value for the last seven-days and now stands at $1,608 billion. The top 10 coins were all in green for the same time period with Polkadot (DOT) and XRP (XRP) leading the pack with 31.9 and 22.4 percent of price increase respectively. Bitcoin (BTC) is currently trading at $39,530 while ether (ETH) is at $2,589.

BTC/USD

Bitcoin closed the trading session on Sunday, July 25 at $35,400 and after five consecutive days in green managed to closed the seven-day period with a 11.4 percent increase and 21 percent up from the $29,300 low registered on July 20.

The coin moved above all short-term EMAs on the daily chart in the aftermath of what was, according to many veteran traders, the final capitulation before the bull run re-start.

On Monday, the BTC/USDT pair went parabolic on the news that the largest e-commerce company in the world Amazon was getting ready to accept bitcoin and other cryptocurrency as a payment method in the coming months as well as to start working on its own digital asset project. Bitcoin jumped 14 percent to $40,500, but retraced 8 percent of the move almost immediately once Amazon denied the rumors. Still, it touched the $40k mark for the first time since June 16.

Buyers, however, were not that quick to capitulate and on Tuesday pushed the price further up to $39,350 or another 5.8 percent. The RSI and Stoch RSI indicators were both on overbought territory while 24-hour trading volumes were declining.

The mid-week session on Wednesday came with another attempt to break above $41,000, but again sellers were there to react. BTC closed at $40,000.

On Thursday, July 29 the coin remained flat in the zone below the 100-day EMA.

The move was followed by another solid price increase on Friday. After falling to $38,270 in the early hours of trading, Bitcoin climbed all the way up to $42,224 and added 5.5 percent or $2,060 to its valuation. It is worth mentioning that the coin broke the bearish market structure and closed above the previous high thus forming a higher high on the daily chart.

The weekend started with a small pullback to $41,500 on Saturday, but still, BTC ended the month of July 17 percent higher, fully engulfing the previous monthly candle.

Then on Sunday, August 1, it dropped further down to $39,870, losing another 3.4 percent.

What we are seeing midday on Monday is a third consecutive day in red.

ETH/USD

The Ethereum Project token ETH closed flat at $2,185 on Sunday, July 15, but that did not stop it from adding 15.3 to its value on a weekly basis. The move helped it surpass the 21-EMA on the weekly timeframe and also break above the falling wedge formation, usually a bullish reversal signal.

On Monday, the ether continued to rise. It climbed up to $2,228 at the daily candle close after hitting $2,430 during intraday on the already-mentioned false Amazon rumor.

The Tuesday session was a good one for bulls as well. The ETH/USDT pair first dropped to $2,150 in the early hours of trading, then recovered in the evening pushing its price further up to $2,300.

The third day of the workweek was when the coin reached the important daily/weekly timeframe resistance right below $2,400. That key zone was one of the most actively traded in the last few months providing support and resistance on multiple occasions, including the last registered peak from early July.

The leading altcoin closed the day flat after trading in the wide $2,240-$2,345 range.

On Thursday, July 29, it made one more step in the upward direction, this time to the zone above the Fibonacci 23.60 level at 2,380.

The Friday session was no different and the ether continued to increase in value forming another green candle to $2,456. The ETH/USDT pair was now forming a bullish W pattern on the daily chart with a breakout line around $2,800 around the June high and the Fibonacci 38.20 level.

The first day of the weekend came with 11th consecutive day in green for the altcoin and a fresh new monthly high – $2,528. The month of July was closed with a 10 percent increase.

On Sunday, August first, the ETH token hit $2,697 but sellers quickly absorbed the buy orders and pushed the price down to $2,550 at the candle close.

As of the time of writing, the coin is trading slightly higher – at $2,585.

Leading Majors

One of the most popular cryptocurrencies from the last bull run, XRP started to grow again in the last few weeks and quickly reached #6 on CoinGecko’s Top 100 list.

The XRPUSDT pair added 18 percent to its value for the last seven days and is now 44 percent up from its July bottom, currently trading around $0.75.

The $0.75-$0.80 area is a solid resistance that is visible on the weekly timeframe. It is where the altcoin peaked back in November, 2020 and again in February, 2021. It is also where the price of XRP found stability during the May market crash.

Next target in front of bulls, even the above zone is surpassed, will be $1.1.

Potential support at $0.65.

Altcoin of the Week

Our Altcoin of the week is Ankr (ANKR). The blockchain node hosting provider jumped with 61 percent during the last week and is now trading near the important $0.1-$0.11 support/resistance level.

The ANKR coin re-entered the Top 100 list and is now situated at #97 with a total market cap of $744 million. It peaked at $0.107 on Sunday, August 1.

The most probable reason for the recent surge is the recent listing on Binance US as well as the announced improvements in the Ankr’s Developer API, which is now also available on the Polygon ecosystem.

As of the time of writing, the ANKR/USDT pair is trading at $0.95.

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Source: https://btcmanager.com/bitcoin-ether-major-altcoins-weekly-market-update-august-2-2021/

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Ripple CEO Reveals the “Only” Condition Under Which They Would Settle With SEC

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The Ripple vs SEC lawsuit is nearing an end and with settlement speculations still quite high, Ripple CEO Brad Garlinghouse cleared the only condition that would make them settle with the SEC. Garlinghouse appeared on the Fox network to talk about the need for clarity on Security laws from the SEC and also made it clear that only if SEC agrees that XRP is not security quite similar to Ether, they would go for the settlement. He explained,

“To the extent, we can find a constructive path forward with the SEC, we, of course, want to find that. There is no scenario though when we going to settle unless there is absolute certainty about what is XRP on a go-forward basis. We have a clear vision of how XRP can be an extremely powerful tool…There’s a lot of other people in the crypto community and the XRP community doing amazing things with XRP. “

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The XRP lawsuit is currently at a critical stage where Ripple’s legal counsel is betting on former SEC director William Hinman’s speech from 2018. Ripple has accused SEC of giving Ether, the second-largest cryptocurrency, a free pass which is quite similar to XRP conducted an ICO as well. On the other hand, SEC claims Hinman gave that speech in his personal capacity and it cannot be used as a defence against the agency.

XRP Community Certain Ripple Would Win the Case

XRP community is considered one of the strongest crypto communities out there and they have unearthed a number of documents and speeches made by SEC executives during 2018 after Hinman’s speech to prove that SEC did give Ethereum a free pass. XRP community also accused SEC of personal gains from the decision.

In the latest development of the XRP lawsuit, Ripple has filed a motion to examine three additional documents for in-camera review based on a privilege log provided by the SEC after the August 31, 2021 telephone conference, including an email chain. The email chain in question reportedly shows that SEC asked third parties to use Hinman’s speech to analyze digital assets. This is quite a big revelation given SEC has claimed Hinman’s speech was made in his personal capacity.

XRP community are quite certain that Ripple would win the case given the glaring evidence and number of lies that the SEC has told during the ongoing lawsuit.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/ripple-ceo-reveals-the-only-condition-under-which-they-would-settle-with-sec/

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XRP, Chainlink and This Crypto Project Launching Bitcoin Smart Contracts Are ‘About To Go Crazy’, Says Altcoin Daily

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Altcoin Daily host Austin Arnold is listing three altcoins that he says are “about to go crazy”.

In a new video, Austin tells his one million YouTube subscribers that the altcoins in question are Dfinity Foundation’s Internet Computer (ICP), the bridge currency XRP, and blockchain oracle network Chainlink (LINK).

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Kicking off the list with Internet Computer, Austin says that the crypto project focused on becoming a decentralized global computing platform, is planning to introduce smart contract functionality to Bitcoin.

Internet Computer smart contracts will gain access to Bitcoin liquidity and Bitcoin will gain powerful new smart contract functionality without the need for insecure and cumbersome trusted bridging services.

So this could be big – a DeFi [Decentralized Finance] ecosystem for Bitcoin is a major industry initiative. It would mean the world’s most popular cryptocurrency, Bitcoin, could be used for lending, yield farming, derivatives, liquidity pools and more.”

Turning to XRP, Austin says the developer Ripple Labs has encountered a setback in the lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC).

“…Ripple filed a motion back in August 27th requesting information about whether SEC employees had purchased and traded Bitcoin, Ethereum and XRP. The United States Magistrate Judge Sarah Netburn rejected this motion on Tuesday…

…so what this means to you as a potential XRP holder is that Ripple will have to find another way to prove to the SEC that XRP is not a security. That’s of course the SEC’s point of view. They’re the ones that are suing Ripple and the case is heating up.”

In the case of Chainlink, Austin says that the blockchain oracle network’s recent integration with decentralized cold storage aggregator Coldstack is bullish.

“…big green flag for LINK holders. Here’s the reason Chainlink was chosen – because in their [Coldstack] words ‘Chainlink is the industry standard in blockchain oracles’.”

Austin also quotes Coldstack’s CEO Alexander Shishow showering praise on Chainlink.

“In a direct quote from Coldstack CEO… ’There really isn’t any substitute for Chainlink – if we want to provide the best data storage solutions for our users, then it makes sense to use the best oracle service provider in the industry.’”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2021/09/25/xrp-chainlink-and-this-crypto-project-launching-bitcoin-smart-contracts-are-about-to-go-crazy-says-altcoin-daily/

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Bhutan Partners With Ripple to Pilot Digital Ngultrum on a Private Ledger

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The Central Bank of Bhutan, the Royal Monetary Authority (RMA), has partnered with Ripple to start testing a model of its central bank digital currency (CBDC) using Ripple’s technology. The test will be using Ripple’s own CBDC private ledger, to support similar use cases. The pilot test will include retail, cross-border and wholesale payments for the proposed CBDC.

Bhutan Involves Ripple in CBDC Pilot Test

Bhutan, a small country located in the south of Asia, is working on the issuance of a central bank digital currency of its fiat currency, known as the Ngultrum. The nation will be partnering with Ripple, the cryptocurrency and payments company, to pilot test the digital currency in different use cases. The Royal Monetary Authority (RMA), Bhutan’s central bank, will use Ripple’s technology for the tests.

This pilot provides yet another example of a country approaching the digital currency world as a way of improving access for citizens to financial services. In this regard, Bhutan expects these actions to increase the accessibility of its citizenship to the financial market by 85% by 2023.

Yangchen Tshogyel, deputy governor of the Royal Monetary Authority of Bhutan, stated they chose Ripple because it may allow them to use their existing infrastructure. Tshogyel stated:

Ripple’s groundbreaking technology will allow for the experimentation of a CBDC with our existing payments infrastructure — while ensuring efficient and cost-effective cross-border transfers.

Ripple and CBDCs

While Ripple has been touted as the go-to platform for remittances and bank-related applications — and even as a SWIFT replacement of sorts — this is the first time it has been involved in a test of a CBDC. However, this test is not using Ripple’s public ledger. The test is taking advantage of another Ripple technology called CBDC private ledger, which was introduced by the company in March.

The private ledger is powered by Ripple’s own consensus, which is based on proof-of-stake, and according to the company supports tens of thousands of operations per second with negligible fees, suitable for massive payment operations. James Wallis, VP of Central Bank Engagements at Ripple, stated:

We couldn’t be more thrilled to partner with the RMA on its CBDC agenda and foster our shared values in creating a more sustainable, accessible, and financially inclusive reality.

Bhutan now joins other geopolitical regions like China and the EU in actively researching central bank digital currencies for implementation.

What do you think about Bhutan testing a central bank digital currency? Tell us in the comments section below.

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Source: https://news.bitcoin.com/bhutan-partners-with-ripple-to-pilot-digital-ngultrum-on-a-private-ledger/

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