The total crypto market cap added $11.1 billion to its value for the last seven days and now stands at $274.4 billion. The top 10 currencies were all green for the same period with ChainLink (LINK) and Cardano (ADA) leading the pack with 66.8 and 37 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $9,281 while ether (ETH) moved up to $242. Ripple’s XRP reached $0.20.
Bitcoin closed the trading session on Sunday, July 5 with a loss to $9,073 and remained flat for the seven-day period. The coin was still trading above the uptrend line coming from the last time it touched $8,600 on May 11.
The BTC/USD pair formed a huge green candle to $9,350 on Monday and added 3 percent to its value for the day. The leading cryptocurrency successfully moved out of the $9,000-$9,300 range and peaked near the 50-day EMA.
On Tuesday, July 7, bitcoin made a pullback down to $9,250 but avoided further losses suggesting the move was just a minor price correction.
The mid-week session on Wednesday was once again positive for bulls and BTC added another 4 percent climbing up to $9,441.
Trading volumes were once again near $21-$22 billion, slightly higher than the average values for the last two weeks.
On Thursday, July 9 BTC experienced a sharp drop to $9,232, which resulted in a 2.2 percent correction.
The last trading day of the workweek came with a rebound to $9,276. Bitcoin dropped to $9,052 or right below the mid-term uptrend line during intraday but managed to partially recover in the evening.
The first day of the weekend brought some red to the charts and the biggest cryptocurrency fell down to $9,236. Then on Sunday, July 12, it once again hit the $9,300 resistance line and closed near that mark. The BTC/USD pair was 2.5 percent up on a weekly basis.
The Ethereum Project token ETH was gravitating around the 50-day EMA ever since it touched $220 on June 27. The coin formed a short red candle to $227 on Sunday, July 5, and closed the week flat.
The ether opened the new trading period on Monday by following the example of bitcoin and initiating a solid uptrend movement. It climbed up to $241 and added 6 percent to its value. What is more important, the ETH token closed above the mid-term downtrend line for the first time.
On Tuesday, July 7, it dropped down to $235 during intraday but found stability near that level and recovered to $239 in the evening hours of the session.
The third day of the workweek came with more solid gains as the coin climbed up to $247. The price of ETH closed above $245 for the first time in more than a month. The move resulted in a 3.3 percent increase.
On Thursday, July 9, the ETH/USD pair initiated a correction and dropped down to $242 after hitting $238 during intraday.
The coin made another leg down on Friday and reached $241. Bears were even able to push the price all the way down to the $235 support line at some point during the day.
The weekend of July 11-12 started with a third-straight losing session on the daily chart. The ether stopped at $239, which corresponded to a 2.4 percent decrease for the last three days.
On Sunday though, bulls managed to end the streak and formed a green candle to $242. The coin was 6.6 percent down on a weekly basis.
The Ripple company token XRP fell as low as $0.173 in the early hours of trading on Sunday, July 5, but managed to recover to $0.177 later in the evening, ending the week flat.
The XRP/USD pair started the new seven-day period on Monday by moving up to $0.188. The coin moved out of the downtrend and successfully re-entered the $0.18-$0.19 S/R zone after staying near the $0.175 support line more than a week.
On Tuesday, July 7, it made a short pullback down to $0.184 or near the fast 26-day EMA.
The mid-week session on Wednesday saw a continuation of the bull trend. The “ripple” formed a solid green candle to $0.205 in its best day since April 28. The move resulted in a 11.5 percent of price increase and a breakthrough into the $0.20-$0.21 resistance area.
On Thursday, July 9, the major altcoin closed with a small loss to $0.202 after buyers were rejected at the 200-day EMA in the morning. The session was quite volatile with XRP trading in the $0.212 – $0.197 range.
The last day of the workweek came with another losing session, this time to $0.198. The coin dropped as low as $0.192 during intraday.
The weekend of July 11-12 started with yet another move into the $0.20-$0.215 zone. The XRP/USD pair partially recovered from its losses in the previous session and closed at $0.201.
The trading day on Sunday was marked by low volatility and the price of XRP remained flat, closing the week with 14.2 percent increase.
Altcoin of the Week
Our Altcoin of the week is Elrond (ERD). This little-known cryptocurrency project promises to significantly increase the transaction speed on the blockchain and resolve scalability issues by combining all three sharding types: State, Transactions & Network in a new process called “Adaptive State Sharding”.
ERD added 117 percent to its value for the last seven days and its 164 percent up for the two-week period. It peaked at $0.0134 on Sunday, July 12 and is currently ranked at #56 on CoinGecko’s Top 100 list with a market capitalization of approximately $178 million.
The recent surge is most probably caused by the upcoming Mainnet launch which is scheduled to happen in 17 days.
As of the time of writing ERD is trading at 0.0136 against USDT on the Binance platform.
Crypto.com Integrates PayID Offering 5M Users an Easy and Unique Way to Send & Receive Crypto
HONG KONG, October 19, 2020 — Crypto.com today announced PayID, a universal payment identity developed by the Open Payments Coalition, is now available on the Crypto.com App.
Crypto.com’s 5M+ users can register for a PayID from the Crypto.com app, consolidating complex wallet addresses and accounts into a simple ID that works across any payment network and currency. Users who register for their unique PayID will get an exclusive Crypto.com-branded, easy-to-read ID — such as “yourname$payid.crypto.com — that enables users to send/receive crypto payments from other compatible wallets with just a single ID, easing their ability to connect to 100M+ crypto users worldwide.
PayID solves a key pain point in the crypto payments world, which consists of many closed and complex networks. Participants must manage multiple long and random wallet addresses, increasing the likelihood of erroneous transactions. PayID creates a free, open and common protocol that allows for interoperability between any payment network or currency.
Starting today, Crypto.com is offering early access for select customers to register their unique Crypto.com PayID. To be eligible:
- Stake 10,000 CRO or more in Crypto.com Exchange; or
- Stake 10,000 CRO or more in Crypto.com App
On 2 November 2020 all Crypto.com App users can register their own Crypto.com PayID within the Crypto.com App.
Once registered, users can send crypto from other compatible wallets to the Crypto.com App with just their PayID, instead of a full-length crypto address. At launch, supported cryptocurrencies include CRO, ETH, BTC, XRP and many more ERC20 tokens. Users can also send crypto to other compatible wallets using PayID hosted by other members in the Open Payments Coalition.
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. Crypto.com serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card, the Crypto.com Exchange and Crypto.com DeFi Wallet. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 600+ strong team. Find out more by visiting https://crypto.com
Crypto More Popular Than Gold Among Russian Investors: Report
A survey among over 2,000 Russian investors has placed cryptocurrency next to gold in terms of popularity. Moreover, younger investors aged below 30 have displayed significant favoritism towards digital assets.
Crypto Ranks Above Gold Among Russian Investors
According to the study published by the World Gold Council, investors from the world’s largest country by landmass have allocated the most funds into generally accepted as safer instruments such as savings accounts, foreign currencies, real estate, and life insurance.
When asked what sorts of investment tools they had invested in the past 12 months, they placed cryptocurrencies as the fifth most popular asset with 17%. Interestingly, gold came next with 16%.
World Gold Council Director of Central Banks and Public Policy, Dr. Tatiana Fic, commented that gold had been a valuable part of Russia’s history. She explained that the development of the gold mining industry began in 1745 with the discovery of gold in the Urals. In the next 100 years, more than half of the global gold production came from Siberia.
However, she noted that the investment market has declined in interest lately. Dr. Fic reasoned that there’s an evident lack of education, resulting in people steering clear from the bullion. She also claimed that investors fear buying fake or counterfeit gold products.
It’s worth noting that Russia seized purchasing gold earlier this year following half of decade of increased accumulation.
Younger Generations Keen To Experiment With Crypto
WGC’s report confirmed previous narratives that younger generations prefer allocating funds into riskier investment instruments such as digital assets.
“18-to-24-year-olds are much more willing to take risks to get exponential growth, rather than take a long-term view. For example, they are the least likely to have invested in a savings account but are the most likely to have invested in collectibles – and around two-thirds are considering investing in cryptocurrencies.” – the report reads.
The paper highlighted that the growing role of mobile apps linked to investment accounts have made it easier for tech-savvy youth to purchase their preferred assets. Cryptocurrencies lead the way “with nearly 80% being bought exclusively online.”
Although physical gold has been bought mostly offline, the report noted that online investments in gold-backed ETFs and vaulted gold have jumped in the past few years as well.
Swiss Government Starts Discussions on Local Blockchain Regulations
A new consultation process on blockchain laws is set to begin in Switzerland. Initiated by the country’s Federal Department of Finance, the operation is focused on initiating a blanket ordinance in the local blockchain and distributed ledger technology environment.
For Better Laws In Blockchain Industry
A number of parties, individuals, and other interested groups are set to be included in the upcoming consultations in the blockchain spectrum. The project is planned to go on for three months, ending on February 2 next year.
As per a recent report by Switzerland’s Federal Department of Finance, the blanket ordinance is set to help legislative amendments, recently voted by Parliament, turn into law at the federal ordinance level. The grand plan is that the Federal Council will bring amendments to the acts and ordinates into force on August 1, 2021.
The news appears a month after the Swiss Parliament unanimously adopted a Federal Act on the Adaptation of Federal Law do Developments in Distributed Ledger Technology (DLT). With it, the government amended several active finance and corporate laws, re-shaping them with additions in favor of blockchain technology and DLT.
According to the report, the act has improved the framework conditions for the country to turn into a significant, innovative, and sustainable place for blockchain and DLT firms to settle.
A Further Leap Into The Crypto Means Of Payment
The recent news comes shortly after the Swiss government announced that soon cryptocurrency would be operable for tax payments. As CryptoPotato recently reported, Bitcoin and Ethereum will become acceptable assets for the purpose, as Zug, a canton in Switzerland, announced its partnership with cryptocurrency broker Bitcoin Suisse. Both sides declared their readiness to realize the acceptance of cryptocurrency for tax payments, starting from February 2021.
Individuals using the crypto option for tax payments would be able to notify authorities and, thereafter, get a QR code through email.
According to the announcement, Bitcoin Suisse will assist in converting crypto to francs, this way avoiding state incurring losses due to price volatility.
The option will give taxpayers, both individuals, and companies the opportunity to pay their taxes with cryptocurrency up to about CHF 100,000 ($110,000).
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