Cryptocurrency Market News: $1.2 billion in Bitcoin was withdrawn out of exchanges in the past week

Here is what you need to know on Friday 7, August

BTC/USD continues trading below $12,000 although bulls are getting closer to the crucial resistance level.

ETH/USD has stabilized around $400 which is the most important resistance point in the short-term.

XRP/USD has been able to stay above $0.30 in the past 24 hours while the daily 100-EMA and the 200-EMA are getting closer to a bull cross not seen since two years ago.

Chart of the day: BAND/USD daily chart

BANDUSD

Market

According to Genesis, a digital currency broker, and DeFi leader, Q2 marked around $2.2 billion in originations which is a 324% increase over the last year.

In Q2, our lending business added over $2.2B in originations, marking our largest quarter ever with a 324% increase in originations y/y. Active loans outstanding increased 118% from Q1. Find out more in our Q2 report: https://t.co/fJy6xahsuU
— Genesis (@GenesisTrading) August 4, 2020

German police have seized around $30 million in crypto from movie2k.to, a streaming service that used to hold illegal movies. It seems that the revenue of the website was used to buy Bitcoin worth around $30 million today. The report alleges that the site’s programmer has acquired more than 22,000 Bitcoin in total.

Industry

A new crypto derivatives exchange called Alpha5 has raised more than $1.5 million in their initial seed funding round. Announced around December 2019, Alpha intends to become an all-in crypto exchange with many unique features like a late liquidity pool and credit proxy futures.

Quote of the day

What can’t kill Bitcoin, makes it stronger.

– Mark Wittkowski

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