Lorenzo Stroe
Independent Analyst
Here is what you need to know on Tuesday, July 7, 2020
BTC/USD is under consolidation after a move towards $9,400 on July 6. Bulls are trying to defend the daily 26-EMA at $9,265.
ETH/USD is doing the same but remains far stronger with both daily EMAs crossing bullishly. The daily MACD has also crossed positively and buyers are still eying up $250 next.
XRP/USD has dropped the most today after having a slightly better move on July 6. The resistance level at $0.19 is still the most crucial for now.
Seele-N is one of the biggest gainers ever with a 46% price surge in less than 24 hours, climbing to rank 142nd. Next is Flexacoin which is up 17% and almost 50% in the past seven days. Cardano takes spot three with a 15% price increase following its recent bull rally.
Chart of the day: SXP/USD daily chart
Market
Crypto exchanges have seen a significant decrease in trading volume in the past month. According to the most recent statistics, spot exchanges have seen a decline of 36% in June just like crypto derivatives, going to a 2020-low of $393 billion. Overall trading volumes have been going down mostly because the market has been flat for the past two months.
After announcing the partnership with Swipe, Binance has actually just acquired the platform for an undisclosed sum of money. The price of Swipe (SXP) exploded once more but hasn’t been able to breach the last high after the initial announcement.
Changpeng Zhao, CEO of Binance commented:
To achieve our mission of making crypto more accessible to the masses, off-ramps are a key component as well. By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone
Industry
Torus has recently announced a new service that allows users to interact with Blockchains through Twitter, AppleID, GitHub, Line, and Linkedin. According to the announcement, users can basically send tokens to any Twitter user even if they don’t have a Torus wallet.
Much of the crypto community resides on Twitter, and we are excited to provide the functionality of using those accounts for various use cases. These include simple sends, but also potentially more complex cases such as sybil resistance/quadratic funding.
Quote of the day
You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust. - John McAfee
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