Here is what you need to know on Thursday, July 16, 2020.

Markets:

Bitcoin is teetering slightly under $9,200 after correcting from $9,214.27 (intraday high). For several weeks, BTC/USD has stayed in consolidation. Analysts across the board believe that Bitcoin is on verge of a breakdown following the consolidation period. The price is trading above the 50-day EMA and is likely to lose ground, testing $8,500. BTC/USD could even extend the lower leg to $7,200 before a bounce occurs.

The Ethereum market is just as lethargic as the Bitcoin market. The price has even lost ground under $240 and is now trading at $237. As reported earlier, ETH/USD is facing strong resistance at $239. A breakout is expected to bring a rally into the picture owing to the positive sentiments within the Ethereum network.
Ripple continues to lose ground under the former pivotal level at $0.20. Support at $0.1950 has already been tested. The longer Ripple stays under $0.20, the stronger the bears become. On the downside, $0.19 is the rendezvous for the bears in the near term.

Although the market is gloomy and mainly painted in red, some cryptocurrencies are choosing to remain in the green such as Elrond as reported during the Asian session. SwissBorg has also corrected upwards by 12.48% in the last 24 hours. Another crypto among the top 100 doing relatively well is Reserve Rights.

Chart of the day: ETH/USD daily

ETH/USD price chart

Market:

Bitcoin price is likely to have decoupled from the stock market as its price continues to trade sideways. One factor that is becoming a topic of great interest is the emerging decentralized finance (DeFi) ecosystem. The ecosystem includes assets such as derivatives, payments as well as lending services. Over the last three months, prices of tokens in DeFi have rallied massively highlighting the possibility of traders shifting their attention from Bitcoin to the emerging market.

According to the correlation level between Bitcoin and S&P 500 in the last thirty days, the largest cryptocurrency is returning to its default nature (as a hedging asset). The chart below by the crypto analytic platform Skew shows the correlation tanking from 78.8% to 56.8%.

Skew chart

Industry:

A recent release from Samsung, one of the leading smartphone manufacturers, says that Stellar (XLM) would soon be part of its Blockchain Keystore. The Stellar Development Foundation confirmed the announcement. The users of Samsung Galaxy devices will now be able to store their Stellar wallet private keys on their phones. Moreover, developers within the Stellar network will be able to come up with applications designed for Galaxy users. According to the CEO of SDF, Denelle Dixon:

Stellar’s integration into the Samsung Blockchain Keystore is a significant step for our network and the incredible ecosystem of applications built on this platform. Samsung provides a key management solution that is user-friendly and drives greater adoption of blockchain technology. With this integration, we’ve opened up to a new network of users that can benefit from the combined innovation of Stellar and Samsung.

Regulation:

The Bank of Japan (BoJ), according to a local newspaper, Nikkei is seriously considering the adoption of a central bank digital currency (CBDC). The government is likely to include the CBDC in its 2020’s policy framework. Once included, the CBDC will become official government policy. The move comes after the BoJ decided it’s time to respond to the growing domestic need for electronic payments.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why XTZ traders need to be glued to the screen for next 48 hours

Why XTZ traders need to be glued to the screen for next 48 hours

Tezos (XTZ) price action has seen its winnings evaporate in late hours trading on Wednesday after the Fed minutes came out.

More Tezos News

Polygon’s MATIC forfeits on key-level and must go in search of ammunition

Polygon’s MATIC forfeits on key-level and must go in search of ammunition

Polygon (MATIC) is trading like one of the more popular first-person shooter games this week, such as Medal of Honor or Quake – and personally my own favorite.

More Polygon News

COIN bleeds as Coinbase slammed with insider trading allegations on 25% of new listings

COIN bleeds as Coinbase slammed with insider trading allegations on 25% of new listings

Australian researchers have gathered evidence of systematic insider trading on Coinbase.

More Cryptocurrencies News

Shiba Inu price to provide another opportunity before a 50% upswing

Shiba Inu price to provide another opportunity before a 50% upswing

Shiba Inu price is on the verge of triggering another run-up, but it needs to allow investors who partook in the previous rally to book profits.

More Shiba Inu News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP