As we wrote yesterday in the Market Update, the pronounced sales started all around the charts, the market lost 8 billion in capitalization and we expect a negative week in most of the cryptos, only 4 coins of the top 100 are in positive today: Kucoin Shares, Bitcoin Diamond, Bitcoin Gold and Tezos; the others have losses of up to two digits being Walton chain with -17.2% the top loser in the last 24-H.
General Overview
Market Cap: $254.246.070.665
24h Vol: $14.234.158.046
BTC Dominance: 43.2%
Top 100 Gainers of the day
Matryx MTX 72.92%
Hurify HUR 39.98%
TokenDesk TDS 38.21%
United Traders Token UTT 29.67%
United Bitcoin UBTC 27.48%
Top 100 Losers of the day
Thrive Token THRT -35.93%
SalPay SAL -35.75%
DAEX DAX -32.44%
Transcodium TNS -31.35%
EJOY EJOY -28.71%
News
FCoin Manipulation Of Ethereum Network Spurs Threat Of Legal Action
Activity on the Ethereum network spiked at the end of last week causing transaction fees to hit all-time highs and now fingers are pointing to an obscure Chinese trading platform called FCoin. Accusations are being made against founder Zhang Jian, formerly of Huobi, of orchestrating a series of Sybil attacks in order to drive up traffic, crippling the Ethereum Network and gaining publicity for itself.
Source: newsbtc.com
Study Finds That Over Half Of ICOs Die In First Four Months
A new study out of Boston University has found that at over half of crypto startups that complete fundraising through an ICO is dead within four months of their coin launch.
As the ICO has become the preferred method for emerging tech companies to raise funding the space. Is has become overpopulated with coins that are never going to make it to an exchange. The first ICO was launched only 5 years ago, but most probably never heard the term until 2017, when the strategy took off along with the rising price of cryptocurrency.
Source: newsbtc.com
Decentralized Exchange Bancor Falls Victim To $24 Million Security Breach
A popular decentralized exchange platform, Bancor, recently took to Twitter to announce that the platform fell victim to a security breach, giving further details about the apparent hack.
On July 9th at 8 AM (UTC), Bancor released a Tweet noting that its web service would be closed down for maintenance. This announcement, which came out of nowhere, got some users worried, as they wondered what had occurred.
Source: newsbtc.com
Analysis
LTC/USD
LTC/USD as with the other cryptos is under heavy pressure, Litecoin has lost -7.54% in the last 24-H and -12.2% in 2 days; as the currency correlates with the BTC, further losses are expected this week.
Earlier, Litecoin touched $74.40 and now is moving around $75.80 trying to cross the Pivot S3 upwards, probably the price will bounce here and will make a movement towards $73.00.
Market sentiment
4-H chart technicals signal a strongly bearish sentiment.
Oscillators are showing sell signals and pointing down.
Pivot points
R3 85.4058 R2 84.2418 R1 82.3481 PP 81.1841 S1 79.2904 S2 78.1264 S3 76.2328
NEO/USD
NEO has crossed below the 100 EMA and the Pivots S1 and S2 in this 4H chart showing the buying pressure is here.
The price touched $32.82 this morning and now is trying to retrace a little but the market has turned even more bearish in the last hours.
NEO has dropped -11.40% in the last 24H and if the Pivot S2 can’t be crossed upwards, the price could possibly visit $32.13 in the short term.
Market sentiment
4-H chart technicals signal a Bullish sentiment.
Oscillators are showing buy signals and pointing up.
Pivot points
R3 41.38 R2 40.32 R1 38.29 PP 37.23 S1 35.21 S2 34.19 S3 32.13
EOS/USD
EOS continues the big drop initiated yesterday from $8.62 and is now sitting in the $7.24 area, trying to find support in the Pivot S1. The indicators are in the oversold zone but nothing seems to stop the drop.
Market sentiment
4-H chart technicals signal a Strongly Bullish sentiment.
Oscillators are showing sell signals and pointing down.
Pivot points
R3 9.76 R2 9.25 R1 8.46 PP 7.95 S1 7.16 S2 6.64 S3 5.85
Conclusion
The bears remain in control of the market and it will most likely continue as well because pronounced sales continue. BTC is dragging most of the alt coins decidedly.
