08 Jul

The cryptocurrency market digest (BTC, ETH, XRP). Overview for 08.07.2022

July 8, 2022

Article By RoboForex.com

The major cryptocurrency is keeping its positive momentum on Friday – the asset has been growing for three session sin a row. At the moment, the instrument is mostly trading around $21,765. The crypto market capitalisation is also increasing – it reached $0.970 trillion. The sector is following the US stock indices. The correlation between S&P 500/NASDAQ and the BTC helps the cryptocurrency to rise.

Later today, market players will closely watch the US labour statistics for June. Strong numbers will make capital markets continue rising, while weak ones will help bears regain dominance.

Technically, the BTC is currently trying to reach the resistance at $23,500 – the asset must fix above this level if it wants to continue rising. If it happens, all the discussions about crypto winter may quiet down. Of course, this scenario may come true, but it’s highly unlikely.

Top 10: BTC and ETH gained the lead

In the last 24 hours, all major cryptos from Top 10 have climbed into positive territory. The best of them were the BTC and the ETH. DOGE, SOL, and ADA gained about 3.5%. The weakest but still positive dynamics were seen in BNB (+1.9%).

Ripple: closer to reality

Ripple and the Columbian government launched the national system to Issue land registry certificates based on XRP Ledger. The system will allow users to register digital assets on XRPL and verify their authenticity with a QRCode.

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The UK wants to lay a tax on DeFi

The British government is considering a possibility of laying a tax on crypto loans, as well as token staking in the context of decentralised finance. As a first step, it should be realised how to reduce expenses for industry taxpayers, and then specify whether the taxation scheme can fit to transaction economics.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.


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