InvestMacro

The BTC had been falling for four consecutive trading sessions and today is finally trying to rise. Again. The asset is balancing at $19,489.

The current technical picture shows that the global market pressure and tension, which are very difficult to overcome, are pushing the BTC down to support levels at $19,300-$19,400. If bears break them, the asset may drop to $16,000 or even $12,500. What happens next depends on market activity and liquidity: if there is little money and orders, the price will go down fast and deep.

The BTC remains highly correlated with S&P 500 and NASDAQ. The US stock market has been selling week-to-date. Investors aren’t as emotional as they might have been, but they continue to sell. It’s bad for BTC.

Celsius paid off the debts

Celsius Network paid off its debts to the DeFi protocol Aave, $63.5 million. Earlier, Celsius found itself in dire straits and had to make a decision to put all operations with client accounts on hold. It happened amid a global crypto decline and a deterioration in market conditions.

Vauld is short of dough

As for Vauld, a Singapore platform, the situation is quite opposite – the hard times have just started. The crypto platform asked the court to put a debt moratorium. The company is $70 million shy of paying off its debts. Just like Celsius, Vauld has been experiencing difficulties after the BTC, ETH, and UST started falling.

Binance might be slapped with US secondary sanctions

Seven Iranian crypto traders said that they were using Binance until September 2021 despite the ban introduced in 2018. It turned out to be possible because clients could register using only their email addresses. Iranian traders had been working with Binance until the platform started checking users. Now Binance might be slapped with US sanctions, which might cast a shadow over its business reputation.

The BTC is smoothly declining. On Monday, the leading cryptocurrency is going down to $20,510. This is the third day of feeble sales in a row after on Friday, the crypto approached $22,300.

An important resistance level remains at $23,500. It needs to be surpassed so that the price secures above it if the market counts on any bull movements.

With the timid growth of the BTC last week, investors voiced first hopes for a crypto spring that would come if the BTC succeeded. However, we are not that optimistic because the corporate reports season is coming in the US, and it might bring us some surprises. The Nasdaq and S&P 500 indices correlate very noticeably with the BTC. If American markets go down, crypto will dive along.

The US decided upon regulations

The issue of imposing regulations on crypto has been one of the main problems in the sphere of finance in the US. Eventually there has occurred some activity. The US Ministry of Finance presented a document that set the framework for interaction between countries in the sphere of digital assets. The main goal of the document is bringing crypto activities in accordance with US democratic values. Moreover, there are plans to protect consumers in the US and the world by spreading out standards and technologies.

Compass Mining will cut down on the staff

A mining company Compass Mining announced its plans to cut down on the staff members. The company is going to fire about 15% of its employees and to start paying top management 50% less. Compass Mining is correcting its business due to the market situation.

Celsius will have to answer fraud accusations

The Celsius crypto platform was accused of a fraud for a million USD. The claimed is a former business partner who insists on following the agreement on distributing profits. The platform must answer the accusation within 20 days.

Article By RoboForex.com

The BTC continues consolidating at $20,225. It’s a miracle! The major cryptocurrency fixed above $20,000. Frankly speaking, there were serious doubts about it.

Technically, the target of this local recovery might have been $21,500-$21,700; however, a few rising impulses weren’t enough to make a lot of investors open long positions. No matter what, bears are still dominating the sector. It means that they might return to the market at any moment and resume pushing the price down to $17,500.

To break the current local downtrend and get back to growing, the BTC must recover up to $23,000-$23,500.

The Bitcoin Fear & Greed Index is currently 19 points – it’s an Extreme Fear. The data is based on the similar Fear & Greed Index from CNNMoney and takes into account 6 parameters. Extreme Fear might be a signal that the market is really concerned.

ETH: still consolidating

The key altcoin, the ETH, is still consolidating between $994 and $1,280. The current technical signals do not imply a breakout of any of the above-mentioned borders.

Crypto market: highlights of July

This month, STEPN has to delete accounts of Chinese users in accordance with the local legislation. From 19 to 21 July, Ethereum will hold an annual; conference ETHCC in Paris. Cardano is preparing the Vasil hard fork, which is already working in the test network.

Miners are earning on the BTC

The BTC miners’ incomes passed the ETH for the first time this year. In June, they earned $656.5 million, while the ETH miners – just $548.5 million. At the same time, the global profit from the mining of major cryptos continues declining – the digital asset prices are dropping.

The crypto market is selling. In the last 24 hours, the BTC lost 2.85% and dropped below $20,000, which is the psychologically important level. One should take note that the crypto market hasn’t responded in a positive way to any local attempts by the US indices to rise. On the other hand, any slight decline makes the crypto market fall.

The technical picture shows that the BTC has broken the previously specified support area at $19,700 and is currently trading not far from $19,500. The closest target is at $19,400 – after breaking it, the asset may head towards $17,500.

In the nearest future, earnings season will start in the US. Taking into account that the second quarter faced the biggest inflation boost, one shouldn’t expect any significant results. If S&P 500/NASDAQ, which are correlated with the BTC, go down, the crypto market will follow.

Top 10: everything is pretty shaky

DOGE (-3.77%) and ETH (-3.37%) were the worst in the last 24 hours. BNB (+0.12%) and SOL (-0.02%) were more or less stable.

The BTC share in the crypto market is currently estimated at 42.6%, the ETH – at 14.7%. It’s an interesting fact that the share of major cryptos in the market has been reducing, while the share of stablecoins is increasing. The total crypto market capitalisation is $0.870 trillion.

Samsung enters the chip market

Samsung is planning to continue manufacturing new-generation 3 nm chips for mining. They will be compatible with ASIC miners and will allow not only increase the mining speed but also reduce the power consumption.

And once again the BTC is very sensitive to mood swings in the US stock market. There is a correlation between S&P 500/NASDAQ and the BTC, which can be easily seen right now. This week, American exchanges are selling, so the major cryptocurrency has few chances to rebound.

The BTC is falling towards $20,080 on Wednesday, and it’s been the fourth negative trading session in a row.

There is no more upside target at $24,000-$25,000: despite positive conditions, bulls wasted a chance for a rebound. Considering negative forecasts for S&P 500 – some foreign experts believe it may plummet to 3,200 points – the outlook for the major cryptocurrency is rather gloomy.

The closest significant support for the BTC right now is at $19,000 – the decline towards this level is already a very negative vibe. Below it, there is the next support, the low reached in June, $17,622.

The Bitcoin Fear & Greed Index is 13 points today after being 10 points yesterday – it’s an Extreme Fear.

The BTC share in the crypto market is now 42.5%, and the ETH owns 15.3%.

Top 10: DOGE couldn’t stand ground

In the last 24 hours, all major cryptos from the Top 10 dropped in one way or another. The worst of them are SOL (-6.20%) and BNB (-4.53%). DOGE, which has been the strongest of them recently, lost 5.63%. Amid global depression, BTC, ETH, and ADA were better and lost about 2.5% on average.

TON switched to Proof-of-Stake

Yesterday morning, miners mined the last Proof-of-Work TON. The blockchain then switched to Proof-of-Stake to keep the ecosystem decentralisation principle. The token mining is officially over.

The BTC is moderately growing at the beginning of the new week. The leading cryptocurrency is balancing at $21,409. Yesterday buyers were more optimistic, but the level of $21,900 turn out to be firm.

While stock market indices are favourable, there are serious chances for the continuation of this timid growth, as long as it remains cautious and slow. In case the BTC reaches above $21,900, a pathway to $22,800 will open. And if this level will be is also conquered, the next goal will be $24,000-$25,000. The medium-term picture looks bearish. The nearest important support remains at $19,700.

There is a correlation between the S&P 500, Nasdaq, and the BTC. A close eye should be kept on the stock market sentiment.

Mind that the fear index in the crypto market is now 12, though yesterday it was 14. These are extreme levels of stock market fear.

Top 10: DOGE is strong

On the Top 10 list of the most popular cryptocurrencies over the last 24 hours, the worst results were demonstrated by the BTC and ETH, losing about 1.5%, and the SOL (-2.3%). The BNB and ADA demonstrate a neutral position. A burst of optimism was shown by DOGE (+11.4%).

Miners have got into debts

According to Bloomberg, miners have taken $4 billion of loans for buying equipment. Simultaneously, the collateral value of equipment used as a deposit lost half of its price due to the BTC decline. Certain miners in debt had to default payments, while others are selling their businesses.

Ripple will open an office in Toronto

Ripple is planning to open an office in Toronto, Canada, making it the key development centre. For this, the company will have to employ 50 new developers, later increasing their number several times. With all the recent rumours about companies decreasing the number of employees in the crypto sector, Ripple looks like a safe haven.