The most popular cryptocurrency was trading almost flat for the past 24 hours with an average price of $7500. Bitcoin crashed below 7k for a short period of time this night (European time), but recovered fast, successfully defending the $7400 and the major 7k levels. Current price is $7.561 (0.1% down) with 24 hour trading volume of $6,231b as per Coingecko.
We were expecting short correction and profit taking from the recent highs, so these red candles don’t mean end of our bull dreams. Before we prepare for the second wave and attack of the 8k level, however, I would like to see and hear some positive news that can erase the bad feeling ETF left in most of us.
It is summer and no one is fully focused on trading – we have people spending money on holidays instead of putting them in crypto or any other type of high-risk investments. We will most probably see a decline in trading volume for BTC and rest of the Top 100 coins. They are all in red since yesterday, by the way, so alt season is once again postponed.
Coinbase announced British pound (GBP) support for UK-based customers of Coinbase (individuals), Coinbase Pro (active traders) and Coinbase Prime (institutions). Until this moment clients had to go through Euro to transfer their crypto funds on the platform.
Faster payments will benefit all UK customers, enabling almost immediate transfers. This is essential for Coinbase Pro and Coinbase Prime customers in particular who will now be able to transfer funds quickly.
Official statement here: https://blog.coinbase.com/buying-bitcoin-ethereum-and-other-cryptocurrencies-with-british-pounds-gbp-just-got-easier-and-6d808dfa9128
Bloomberg reports significant slowdown in blockchain adoption. Some companies pushing ahead with pilot tests are scaling back their ambitions and timelines including Nasdaq. According to the financial news and media company the main problem is that most blockchain vendors don’t offer compatible software to help fast implementation. Officially recognized certification standards are another problem, alongside the fact the majority of the most popular blockchains also can’t yet handle a large volume of transactions.
On the other hand, the tech giants Microsoft and IBM are still investing large amounts of funds and people in developing blockchain platforms:
You can read more on the topic here: https://www.bloomberg.com/news/articles/2018-07-31/blockchain-once-seen-as-a-corporate-cure-all-suffers-slowdown.
Initial coin offerings, which attracted a record $12 billion in the first half.
That’s up from $7 billion for the whole of 2017 and a more than 50-fold jump from 2016, according to Autonomous Research LLP.
The financial news group Reuters will use CryptoCompare data on their platform to provide insights into cryptocurrency market.
CryptoCompare will now integrate order book and trade data for 50 cryptocurrencies sourced from a wide variety of trusted exchanges into Thomson Reuters financial desktop platform, Eikon. This will provide users with reliable insights into the crypto asset market as a whole, enabling the prediction of price movements with a high degree of probability.
The largest crypto exchange Binance has acquired Trust Wallet, a secure and intuitive mobile wallet. Through this acquisition, Binance aims to provide a better service and to enhance the safety for all of our users reports the company. Trust Wallet (www.trustwalletapp.com ) is a secure, open source, decentralized and anonymous mobile wallet application that supports Ethereum and over 20,000 different Ethereum based tokens (ERC20, ERC223 and ERC721).
Official announcement form Binance here: https://support.binance.com/hc/en-us/articles/360010790652
The EU Blockchain Obsvervatory released their latest “Blockchain innovation in Europe” report.
The European Union Blockchain Observatory and Forum has set as one of its objectives the analysis of and reporting on a wide range of important blockchain themes, driven by the priorities of the European Commission, and based on input from its Working Groups and other stakeholders.
Full report here: https://www.eublockchainforum.eu/sites/default/files/reports/20180727_report_innovation_in_europe_light.pdf
Recently I ran into a quite interesting comparison between GPU and ASIC mining profitability in current market conditions. Looks like a balanced combination of both technologies will guarantee the best results, keeping a close eye on the FPGAs
Take a look: https://1stminingrig.com/asic-vs-gpu-mining-profitability-in-bear-markets/
Before I go, here is a quick summary of all bitcoin ETF requests including those denied by the SEC, awaiting approval or withdrawn.
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