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The global cryptocurrency market has struggled to maintain an uptrend from its rebound from a bearish market of several months. After a recent rebound, Ethereum Bitcoin and Litecoin returned to prices below the key support levels.
Chart by CryptoCompare
Bitcoin has fallen by 2.97% in the last 24 hours.
Bitcoin recorded a positive price increase in the last few weeks following news of institutional solutions entering the sector. However, the market underwent a correction, dragging prices below the short-term support levels to $ 7,000.
The Twitter user @NeerajKA stressed the sudden decline in the market in a tweet published today, August 7th.
4 hours away pic.twitter.com/3Y4sgVU76v
– Neeraj K. Agrawal (@NeerajKA) 7 August 2018
Goldman Sachs explores the offer of custody for encrypted funds
At the start of this year, Goldman Sachs confirmed its intention to launch a Bitcoin futures trading platform to meet growing customer demand. On 6 August, the leading business bank announced that it is considering the opportunity to offer custody services for cryptocurrency funds.
Goldman Sachs would become the first major investment bank to support cryptocurrency funds, potentially drawing on an inflow of institutional capital
Bitcoin ETF awaiting SEC approval
On June 26, the SEC received a request from CBOE Futures Exchange to launch the world's first Bitcoin ETF.
If approved, accredited investors will be able to trade a Bitcoin ETF in the form of a bundle of 5 SolidX shares (~ 100 bitcoins) on the CBOE exchange. Previously scheduled for a decision next week, the deadline for applications was recently postponed to September.
Ethereum, currently in second place by market capitalization, is down 6.59% in the last 24 hours. ETH has a market capitalization of $ 38.44 billion with a 24-hour volume of $ 1.83 billion
Chart of CryptoCompare
Ethereum has dropped by 6.59% in the last 24 hours.
Ethereum suffered a similar price drop to the $ 400 key support, which marks a major drawback at the lows of several months. The second largest cryptocurrency faced an increase in selling pressure this week, dropping by more than 14% from the highs at the end of July.
Ethereum Founder, Vitalik Buterin: "We are at the end of a crypt" [19659012Dalsuopicconeldicembre2017ilrecentemercatoribassistadicriptovalutehaallontanatol'investitorealannoel'attentionfarmtheindustryfromtheindustrialindustryofablockchain
On July 31st, Vitalik Buterin replied to a tweet of Post Oak Lab founder Tim Swanson, showing the drop in web traffic on the main Coinbase Digital Asset Exchange site.
Someone is surprised? We are at the end of a cryptographic bubble.
– Vitalik Non-giver of Ether (@VitalikButerin) 31 July 2018
The graph shows the total monthly visits of Coinbase to a peak of ~ 126 million in January 2018 and falling to about 29 million in June 2018, according to SimilarWeb data.
The decrease in Coinbase web traffic seems to strictly correspond to the price trend of the main cryptocurrencies during the same period. Buterin's response, stating that markets have reached the "tail of a crypt," suggests that it might believe that a reversal of the market trend is imminent.
Parity Ethereum Client Receives Main Update
On July 18, Parity Technologies released a blog post illustrating the launch of their new Parity Ethereum Client v2.0. The client update comes with a complete removal of the graphical user interface (GUI), known as "Parity Wallet ."
In the blog post, Parity explained that the new update also removes "all installers and specific operating system packages" to better serve commercial enterprises, such as mining pools and exchanges.
Parity currently supports over a dozen public networks with an Ethereum integrated portfolio and decentralized environment ( dApp ).
Litecoin, currently ranked 7th in the market, is down 7.7% in the last 24 hours. LTC has a market capitalization of $ 3.94 billion with a volume of $ 249 299.39 million.
Chart of CryptoCompare
Litecoin is down 7.7% in the last 24 hours.
Litecoin fell below the nine-month lows to $ 70 on 7 August, following the Bitcoin lead below the $ 7000 key support level. However, the seventh largest cryptocurrency is making giant strides through imminent listing on the Gemini exchange, according to Forbes.
The first Crypto smartphone in the world will support LTC
The founder of Litecoin Charlie Lee has recently announced the native Litecoin and Lightning Network support for the upcoming HTC Exodus smartphone – which is currently touted from HTC as the "first native blockchain in the world".
While adoption is on the rise, Litecoin apparently follows the price action of Bitcoin, which has recently faced a major market correction. The price of Litecoin continues to decline in light of positive developments.
He met the HTC Exodus team last week and was really excited to hear that the phone will support LTC and Lightning Network on Litecoin natively! I'll be a consultant since I need a secure encrypted phone that makes LN simple for mass adoption.
P.S. No, they will not remove BTC. https://t.co/WQcygPVst0
– Charlie Lee [LTC⚡] (@SatoshiLite) 30 July 2018
Conclusion
The global cryptocurrency market is equal to $ 240, 86B with a 24-hour volume of $ 14.37 B . The Coinbase index is currently at 2845.65 . The bitcoin domain is currently at 48.19% .
The recent market downturn indicates that the global cryptocurrency sector is still coming out of the ICO fervor that drove price rallies towards the end of last year and has progressively shifted towards legitimacy. While institutional solutions and regulations continue to make progress, it is clear that institutional capital will probably follow soon. Operators are reminded to be cautious during market crashes and invest only what they can afford to lose.
Cover photo by Alex Wigan on Unsplash
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Disclaimer: The opinions of our writers are exclusively their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate approve any projects that may be mentioned or linked in this article. Buying and exchanging cryptocurrencies should be considered a high-risk activity. Please do your due diligence before taking any action related to the contents of this article. Finally, CryptoSlate assumes no responsibility in case of loss of money by trading cryptocurrencies.
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Author
Jonathan Kim
Jonathan Kim is a student of the University of Washington of finance investors and cryptocurrency with a deep interest in the emerging sector of blockchain applications and cryptocurrency trading. His past experiences relate to the publication of original daily content for blockchain startups and cryptocurrency trading using the principles of technical analysis.
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