Here is what you need to know on Wednesday, July 29, 2020.
Markets:
Bitcoin price is struggling to hold above the short term support at $10,900. The rush to defend this support comes after Bitcoin lost the ground above $11,000 even after trading yearly highs at $11,400. On the downside, support was established at $10,800. At the moment, BTC/USD is exchanging hands at $10,964. All the attention and effort in the bullish camp is directed towards redeeming the position above $11,000.
The second-largest cryptocurrency, Ether like Bitcoin is trying to save investors from a trip downstream that could be disastrous. ETH/USD recently hit a yearly high at $334 but retreated, stepping below the support at $320. As reported earlier, Ethereum embraced support at $312 and is currently nurturing a bullish momentum. As discussed a triangle breakout could eventually catapult Ether beyond $340.
Ripple, on the other hand, is at the helm of recovery in the market. As Bitcoin and Ethereum retreat to take a breather, XRP scaled levels above $0.23 as well as $0.24. Meanwhile, over 4.61% of gains have been posted on the day. XRP/USD is trading at $0.2414, supported by a strong bullish bias and high volume.
Among the 100 coins, some cryptoassets are performing incredibly well. They include Aave (10.61%), Elrond (11.11%), Algorand (9.55%), Nexo (9.93%), and iExec RLC (11.13%).
Chart Of The Day: ETH/USD 1-hour
 (70)-637315996925374323.png)
Market:
Bakkt, the physically-settled futures trading platform and a subsidiary of the Intercontinental Exchange has in the past couple of days recorded massive volumes for BTC futures contracts. The surge is taking place amid the spike in Bitcoin (BTC) price. Bitcoin recently hit a new high for the year while Bakkt futures on July 28 hit 11,506 contracts; representing an 85% increase from the last record high. The futures contracts are settled in Bitcoin and not in cash.
In just 14 days, Grayscale, a fund management firm based in New York has recorded an additional $1 billion in assets. The company confirmed on Twitter on Tuesday that assets under its management have now hit $5.1 billion. The lion’s share of the fund is held in Grayscale Bitcoin Trust while Grayscale Ethereum Trust comes in the second spot.
Industry:
According to the most recent data by Messari, a cryptoanalysis platform, DeFi only represents 1.5% of the entire cryptocurrency market capitalization. The sum of all DeFi projects as per the data by Messari is $4.1 billion (less than Bitcoin Cash’s market cap). Messari’s analyst Watkins rubbishes the claim that the ecosystem is overvalued. Instead, he believes that DeFi has massive room for growth as it benefits from “the reallocation” of funds from some of the top 30 cryptocurrencies that are rather “useless first-gen cryptocurrencies, ghost town ‘ETH killers,’ and dead projects.”
On the other hand, Vitalik Buterin, the co-founder of Ethereum (ETH) is advising DeFi users not to ignore the smart contracts' risk. He also warned that users should not “risk their life savings” in the ecosystem.
Quote of the day:
DeFi is still fine, but don't act like it's a place where you should advocate for a lot of regular people to put their life savings into. @Vitali Buterin
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off
Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration
In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.
Bitcoin dives 3% from its recent all-time high, is this the cycle top?
Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.