Market Cap: $272,980,602,705
24h Vol: $16,028,501,689
BTC Dominance: 41.6%
From yesterday’s high at around $270B, the cryptocurrency market capitalisation has increase by 2 billion in evaluation.
The market is in green with an average percentage of change among top 100 coins ranging from 5-8%. Biggest gainers are Syscoin 24%, Loom Network 22%, Wax 46%, Ethos 21.89%.
Crypto Coins News
There aren’t any fundamental reasons for the green day we are seeing as there is no major news that is changing the market’s sentiment, so the recovery is based on the price action and the perceived relative value of the cryptocurrencies.
There is news regarding blockchain adoption and utilisation, as well as governmental relation to crypto.
For instance, Bank of Finland released a paper titled “The Great Illusion of Cryptocurrencies,” written by Aleksi Grym, Adviser on Digitalisation and Head of the Digital Central Bank process in the Financial Stability and Statistics Department. The main point of the paper is to explain how cryptocurrencies fundamental nature “shows how poorly understood the concept of money itself still is today” and how the Internet and social media have “muddled our sense of fact and fiction”.
Meanwhile, Japanese financial regulator the Financial Services Agency (FSA) is considering to change the legal basis for how it regulates cryptocurrency exchanges, as reported by cointelegraph.
The FSA is reportedly considering to regulate crypto exchanges by the Financial Instruments and Exchange Act (FIEA), instead of its current legal foundation, the Payment Services Act. According to Senkai, this means that the exchanges will have stronger customer protections. The FIEA obliges securities companies to manage customer funds and securities, such as stocks, separately from corporate assets.
The Association of Thai Securities Companies (ASCO) is considering establishing a joint cryptocurrency exchange, with plans for several firms to apply together for a crypto exchange license, local news outlet Bangkok Post reports July 2.
Pattera Dilokrungthirapop, ASCO chairperson, told the Bangkok Post that several Thai securities firms will apply for a joint crypto operating license with the Thai Securities and Exchange Commission (Thai SEC) in order to reduce costs and share technologies.
While we are on the topic of exchanges, a major headline that was anticipated for quite some time now is that Coinbase Custody – digital assets custodian solution for institutional investors is now launched, according to an official blog post. They have already been storing over 20 billion dollars worth of crypto for their clients, but the new service will notably be secured through an SEC-compliant and FINRA-member independent broker-dealer, Electronic Transaction Clearing (ETC).
From yesterday’s open at 6376$, the price of Bitcoin has increased by 3.15% and is currently sitting at 6556$. The price went further to 6684$ but has retraced since from the spike.
Looking at the hourly chart we can see that the price found resistance at the 6647$ level from which it has retraced. I am expecting the price to fall back to the 0 Fibonacci retracement levels where it will find the support needed to propel the price higher.
Hourly chart signals a sell.
Oscillators are on neutral and moving averages on sell.
S3 5712.2 S2 6118.4 S1 6368.0 P 6524.6 R1 6774.2 R2 6930.8 R3 7337.0
From yesterday’s open at 452$, the price of Ethereum has increased by 3.5% and is currently sitting at 467,9$. The price went higher to 487$ but has retraced since.
As you can see from the hourly chart, the price found resistance at the 482$ level, which pushed the price lower. Currently, the price is looking for support, and it looks like the first support has been found. If this support doesn’t hold the next one should be around the levels of yesterday’s open at 456$.
Ethereum is in the sell zone.
S3 388.00 S2 427.80 S1 452.30 P 467.60 R1 492.10 R2 507.40 R3 547.20
From yesterday’s open at 8.14$ the price of Eos has increased by 9.23% as the price is currently 8.91$. The price spiked higher to the 9.4$ level but has retraced since.
Looking at the hourly chart we can see that the price found resistance at the 9.27$ level which pushed the price lower. The price is looking like it has found support on the current levels, but if this support doesn’t hold, the next level I would be expecting to serve as strong support is around 8.2$.
EOS is in the buy zone.
S3 6.1 S2 7.4 S1 8.19 P 8.69 R1 9.4 R2 9.97 R3 11.2
Crypto Coins News: After yesterday’s pop in the market cap evaluation, we are seeing a first small retracement, as the prices have suddenly and quickly increased. Today we are going to see the prices find the support of the retracement and continue to go upward.