Here is what you need to know on Wednesday 22 July
BTC/USD had a nice boost thanks to the European stimulus package and touched $9,437 on Binance blasting through several resistance levels and climbing above daily EMAs.
ETH/USD remains the strongest crypto among the top 5 with a significant 4% surge getting close to the crucial $250 level again.
XRP/USD also had a nice pump but got rejected from $0.20, which means it is the weakest cryptocurrency among the giants.
Elrond is back and it’s getting close to a new all-time high after a huge announcement with Visa and Swipe. Augur saw a 16% price surge towards $22.3 followed by Nervos Network with a 13% increase.
Chart of the day: ERD/USD daily chart
Market
European Union leaders have finally agreed to release a stimulus package worth €750 billion to help the economies of many countries like Spain and others. Even though this does not directly affect Bitcoin or cryptos, it is beneficial because it means the European economy will likely survive.
Bitcoin has been heavily correlated with the stock market during the pandemic, especially when there are significant fears about countries closing down again.
Russia hasn’t been too supportive of cryptos and has just changed its draft bill regulation again. According to the bill, a digital asset will be considered a set of data that is used as a payment method “except for the operator and (or) the nodes of such systems, which are only responsible for maintaining the issuance of the digital data and upending such a system.”
Russia seems to be treating cryptocurrencies as taxable property. The bill already passed the second hearing of three and it’s basically final.
Industry
Africa continues being one of the main focus of cryptocurrency adoption recently. BitMEX, one of the biggest crypto-derivatives exchanges in the world, has led a $3.4 million Series A for a South African exchange called VALR. Bittrex also participated in the seed round of the exchange back in 2018.
The exchange was launched in March 2019 and sees around $7 million in daily trading volume, mostly coming from Bitcoin but it has many coins listed already.
Quote of the day
One must acknowledge with cryptography no amount of violence will ever solve a math problem.
– Jacob Appelbaum
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.