Bitcoin has been respecting its range for quite some time now. In the daily, price is currently around 9,180 and still hovering below 50 MA. Not much can be deduced from the structure as price continues to move sideways with little volatility. The key levels also remain the same with key resistance around 10,000 and key support around 8,600 - 8,500. A break above 9,600 - 9,700 could trigger potential upside while a strong break below key support level (8,600 - 8,500) could be an initial sign for potential dips. It remains to be seen which side would pull the plug first - Is it going to be the Bulls or the Bears?
Global market cap is at $273B, while BTC's market cap is at $169B.
The Ethereum blockchain's five-year anniversary is coming in less than two weeks time and it's worth looking at how the space has been faring. According to crypto analytics firm Messari, the market cap of all ERC-20 tokens has gone up to roughly $25.6 billion, while total assets on the Ethereum blockchain (ETH) is around $52.6 billion which means that ERC-20 tokens now account to 49% of the total assets in the ETH blockchain and 51% for Ether.
CoinTelegraph has also reported on July 14 that the market cap of stablecoins has increased from $2.2 billion to $11 billion, while Bitcoin's (BTC) market cap has decreased 12% from $195 billion to 171 billion, implying that the buying power of stablecoins has significantly increased in 2020.
Top cryptocurrency exchange Binance was added to Malaysia's Securities Commission's list of unauthorized entities last week. According to the regulator, the trading platform is "operating a recognized market without authorization from the SC." Malaysian law requires crypto exchanges to register as Digital Assets Exchanges with the SC, and so far, only three cryptocurrency platforms - Luno, Sinegy, and Tokenize - have had full approval.
Canada's Ontario Securities Commission (OSC) has accused crypto exchange Coinsquare of market manipulation and misleading clients about trading volumes. The OSC alleged Coinsquare had "engaged in conduct contrary to Ontario security laws," by inflating trading volumes via wash trading - by executing large market trades into their own orders so it seems like large transactions occurred but no assets changed hands. Between July 17, 2018 and Dec. 4, 2019, Coinsquare did about 840,000 wash trades with an aggregate value of around 590,000 BTC, which represented over 90% of trading volume on the exchange.
The OSC named founder Virgile Rostand, CEO Cole Diamond, and chief compliance officer Felix Mazer as respondents, with a hearing set for July 21.
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