Here is what you need to know on Tuesday, July 28, 2020.
The market is turning bearish and fast, especially for the largest cryptocurrencies in the market. Bitcoin majestically took down the resistance at $10,500 and $11,000 and even ascended to highs above $11,200. An intraday high was traded at $11,261 on Tuesday during the Asian hours before a gust of selling waves swept through the market, pulling Bitcoin under $11,000 (the dip could be temporary). At the time of writing, BTC/USD is trading at $10,950 after losing 0.88% of its value on the day.
Ethereum, just like Bitcoin is trading in the red with losses amounting to 1.08% on the day. Recently, the crypto hit a one-year high at $334. This followed a breakout above a symmetrical triangle pattern as discussed earlier. At the moment, ETH/USD is teetering at $318 amid a building bullish momentum.
Ripple, on the other hand, is the least affected by the selling pressure on the day. However, the rally Bitcoin and Ethereum experienced in the last few days mainly left XRP in the dust. After taking down the resistance at $0.22, bulls have not been able to sustain gains towards $0.23. Instead, an increase in selling pressure is having them struggle to defend the support at $0.22.
It is apparent that volatility has surged in the market since last week. Some of the best-performing cryptocurrencies in the last 24 hours include Bitcoin (7.02%), Bitcoin Cash (8.62%), Litecoin (9.70%), FTX Token (7.29%), Ren (11.57%), Loopring (11.05%), KAVA (19.24%), Band Protocol (15.82%) and THORChain (11.66%).
Chart of the day: ETH/USD weekly
The legendary Bitcoin bull investor, Max Keiser quickly dismissed crypto critic Peter Schiff’s comments in regards to Bitcoin price rally above $10,000. Schiff said that most of the time Bitcoin has crossed above the $10,000 mark, it has ended up in massive declines. He suggested that that the current spike is setting the stage for another reversal.
Two of the last three times #Bitcoin rose above $10,000 in Oct. of 2019 and in Feb. of 2020 it soon fell by 38% and 63% respectively. The last time Bitcoin rose above $10,000 was in May, and it only fell by 15%. It’s above $10,000 again today. How big will the next drop be?
However, Keiser told his followers on Twitter that “for the 500th time in ten years, Peter Schiff is wrong *AGAIN* on BTC.” In his opinion, Bitcoin has “a clear path to $28,000.” Keiser even added that Schiff is the “worst money manager in history.”
Stellar Lumens (XLM) has been added to the list of supported digital assets by the UK-based fintech bank Revolut. The announcement was made via a press release sent to CoinDesk highlighting that users of XLM now have the opportunity to buy and sell the token on the bank’s platform. The decision to added Stellar was incited by an “overwhelming demand” from the users. At the moment, Revolut has support for six cryptoassets including Bitcoin, Ethereum, Ripple and Bitcoin Cash.
The CEO of Coinbase, Brian Armstrong has said that the exchange has no immediate plans to list privacy-oriented tokens such as Monero solely because it would not sit well with regulators in the United States. According to Armstrong, Monero and other privacy coins are still unexplored by regulators. Speaking to Peter McCormack on the podcast “What Bitcoin Did” the CEO explained:
I think with enough time and education, people will get comfortable enough with it. Privacy coins will become more mainstream over time I hope, and maybe more privacy solutions on Bitcoin too.