Despite an overall reddish day in the market and Bitcoin’s ongoing struggle to confirm a “higher low” support level, there are bullish signs according to some analysts.
At the time of writing, the entire crypto market has fallen 3% in the past 24 hours. Bitcoin (BTC) is negative 4.18% on the day, trying its best to maintain a level of $ 38,000 which is pretty much where it is currently trading.
ether (ETH) also took a long walk from a short pier, lost 5.54% in the last 24 hours, and changed hands for $ 2,492 at press time.
However, while the big two were down, some analysts looked for silver linings with a touch of green, while talking of a “healthy correction” and the occasional murmur of a possible pump for the alts.
In line with an often postulated theory that altcoins tend to make their best moves after a bitcoin pump and a little break, US trader and investor Scott Melker released a positive outlook …
ALT / BTC pairs look strong. This gives me more confidence that this #bitcoin pull is a healthy rollback after the overbought RSI and an initial retest of 42,000.
Bitcoin retrace, alts flourish a bit, Bitcoin pushes again, repeat.
If alts fell too, I’d be worried.
– The wolf of all streets (@scottmelker) August 3, 2021
CryptoBull, a chart watcher with nearly 100,000 followers, also saw the green light. Though to be expected with a Twitter handle like this one.
Healthy correction here for #Bitcoin which creates a falling wedge and sets in a higher low. pic.twitter.com/L8yKndompb
– CryptoBull (@ CryptoBull2020) August 3, 2021
As you can see from the CryptoBull chart, Bitcoin has had 10 “Green Candle Daily Closings” in a row, which is a decent increase for OG crypto over the past week and a little. A cool-off over the last day or so didn’t surprise too many viewers.
A “higher low” level for Bitcoin is something several chartists have been looking for. In other words, a comfortable support area that could perhaps provide more sideways movement and a basis for starting again.
Whether it’s $ 38,000 remains to be seen, of course. Based on his technical analysis, Michaël van de Poppe has discussed the range of $ 34.5,000 to $ 36,000 as a solid and likely rather lower bitcoin pit stop.
News bits: Gary Gensler speaks, HSBC blocks Binance
Some little things from the past 12 hours or so that caught our attention …
• SEC chairman Gary Gensler Had an extensive interview with Bloomberg today, indicating that he believes the adoption of cryptocurrencies can happen, but only with tightened regulatory requirements.
• Gensler was busy and also spoke to the Aspen Security Forum online. He said he agrees with his SEC predecessor Jay Clayton’s view that “every ICO I’ve seen is a security.”
• The CEO of the FTX crypto exchange, Sam Bankman-Fried, meanwhile, told CNBC that he believes regulatory clarity for the crypto industry is three to five years away.
• Binance Still proving to be unpopular with UK banks. HSBC UK has joined the world’s most boring party in preventing customers from making credit card payments on the exchange.
Mooners and Shakers: Cardano lists on the Japanese stock exchange
Cardano (ADA), the popular smart contract platform, Ethereum rival, and # 5 cryptocurrency by market capitalization, finally got listed on a Japanese exchange. And it took a long time, according to some ADA backers, especially considering how popular the project is in Japan, where it found much of its initial financial support in its early days.
The exchange is called BITPoint and Emurgo’s Sebastien Guillemot, a prominent contributor to Cardano’s development, likened the news to its inclusion in US exchange giants Coinbase due to the rarity and rigorous nature of Japanese listings.
Cardano was finally listed in Japan! 🇯🇵 $ ADA
Japan has extremely strict rules for listing crypto exchanges.
Only a small number of tokens can be listed in Japan, and ADA is on that list now! https://t.co/n2oxPHKa36
– Sebastien Guillemot (@SebastienGllmt) August 3, 2021
At the time of writing, Cardano was one of the few top 100 coins with a particularly solid tag. A gain of 2% in the past 24 hours might not look like something to write home about from Camp Crypto, but it isn’t too shabby if you look at the color that the Coin360 chart earlier on this one Article dominates.
At press time, ADA was still up a little further, trading at $ 1.36. Usual caveats, however – by the time you read this things may have changed significantly.
Some other movers on the charts today … Big movers: DeFi and Stablecoin Infrastructure Project Terra (LUNA) is up 20% in the past 24 hours; Crypto brokerage platform Voyager token (VGX) is 19.8% for the better; and decentralized project with open-ended contracts Eternal protocol (PERP) has a day of + 14.9%.
TerraUSD (UST) recent addition to DinoSwap, a Polygon DEX, could have something to do with Terra’s price history. That and a community vote to whitelist bETH as security for the Anchor Protocol, which is based on the Terra blockchain. This brings ETH staking rewards to the anchor ecosystem.
Voyager has acquired Coinify, a crypto trading platform, and launched its web swap 2.0 and staking portal.
Perpetual Protocol’s surge, meanwhile, can be traced back to the release of its v2 efficiency upgrade called Curie.
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