Lorenzo Stroe
Independent Analyst
Here is what you need to know on Saturday 1, August
BTC/USD had a small breakout above $11,394, hitting $11,444 for the first time since 2019 and remains trading at around $11,305.
ETH/USD is doing better with a 3% price increment and hitting a new 2020-high. The next barrier for ETH is located at $366.
XRP/USD is the winner with a 5% move towards $0.256 but remains weaker overall as it is one of the few major coins that hasn’t broken its 2020-high.
Ocean Protocol, one of the best performing altcoins in 2020 has surged again with a 25% price appreciation hitting a new all-time high at $0.211. Ampleforth also bounced getting close to $1, both coins have been rumored to be on Coinbase’s possible next listing options.
Chart of the day: XRP/USD daily chart
-637318221103349763.png)
Market
According to Russian media Putin just signed a law on the regulation of cryptocurrencies. From 2021, digital assets can be used as collateral, and exchange of one type of digital asset for another.
The legislator is the one that defines cryptocurrencies as a means of payment, savings, or investment but is still prohibited to pay for goods and services in Russia, stated Anatoly Aksakov, head of the State Duma Committee on the Financial Market.
At the same time, the Indian Government just confirmed that a crypto bill is currently awaiting approval. India has been fighting against cryptocurrencies for a long time, the bill was created in 2019 but there has been no real progress until now.
Industry
Celsius Network, a crypto platform providing financial services like staking and savings has announced the offer of 26 different cryptos as loan collaterals. The platform offers amazing returns like the 11.9% APY on Binance’s BUSD.
Quote of the day
Those who believe in Bitcoin also believe in cleverness.
― Arif Naseem
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 wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?