Cryptocurrencies Weekly Summary (July 12-16) – Top Five Crypto Coins to Watch

Posted Saturday, July 17, 2021 by
Arslan Butt • 6 min read

Bitcoin (BTC/USD) Weekly Review

The BTC/USD coin failed to stop its previous extended declining streak, remaining in a bearish zone around the $31,000 level. The Bitcoin price continued to fall, reaching under $31,500 before recovering to the upside against the US Dollar. After a minor upward correction, the BTC/USD price failed close to $33,000, and then declined to well below the $32,000 support level. Bitcoin even broke the $31,550 down swing settling well below the 100- hourly simple moving average.

The Bitcoin price is trading at $31,821.3 with a 24-hour trading volume of $23,287,145,018. BTC has dropped by 2.30% in the past twenty-four hours. There is a risk of more losses in this crypto if it fails to recover above the $32,200 and $33,000 resistance levels. Initial support to the downside is around the $31,500 mark. The first major support is now around the $31,200 level. A close below $31,200 could trigger a sharp decline in the near term. Thus, the price is expected to test the $30,000 support level.

Bitcoin (BTC) seems to have borne the pressure of the recent price crashes in the market. Meanwhile, the reason for its ongoing declines could also be tied to the regulatory crackdown by the Chinese authorities.

MicroStrategy CEO Michael Saylor’s Report Pressures Bitcoin

The selling bias surrounding Bitcoin could also be associated with the latest report by MicroStrategy CEO, Michael Saylor, suggesting that Bitcoin will never be accepted as a currency in the US.  He talked with host Natalie Brunell on the July 15 edition of the “Coin Stories” podcast.
The host asked if he believed that Bitcoin was a threat to the US currency. Saylor replied: “I would call BTC a digital property, it’s a threat to the property, it’s individually a threat to other forms of property: like real estate is property, gold is property. I believe that the US government was never threatened by real estate or buildings or companies, or gold. He added: “I don’t think that BTC is going to be a currency in the US ever. Nor do I think it should be.” These comments failed to leave any meaningful negative impact on the BTC prices, but traders became more concerned about the future prices of BTC .

It’s ‘Perfectly Fine’ if People Want To Buy Bitcoin – Mnuchin’s Remarks

On the positive side, the downticks in Bitcoin could be temporary or short-lived, as former US Treasury Secretary Mnuchin says: “it’s ‘perfectly fine’ if people want to buy Bitcoin.'” This news tends to leave some positive impact on the BTC investors, which may help to limit any deeper losses in Bitcoin.

During an interview with CNBC on Wednesday, Steven Mnuchin spoke about Bitcoin, cybersecurity, and the US economy when asked about his viewpoint on Bitcoin. He replied, “I think my opinion has changed a little bit, but it is pretty consistent. If somebody wants to buy BTC as a substitute, no different than buying gold or some other asset, it’s fine. I don’t personally want to have it in my portfolio, but if people want to, that’s fine.”

Ethereum (ETH/USD) Weekly Review

The ETH/USD failed to stop its overnight downward rally and extended its decline after it failed to stay above $2,000 against the US dollar. Ethereum is holding the $1,880 support, but it will have to clear $2,000 for a decent increase. After a failed try to settle above $2,000, ETH extended its decline, just like BTC. The ETH price broke the $1,920 support, dropping well below the 100 hourly simple moving average.
The ETH has lost approximately 60% of its value since its peak back in May. However, the scale of the reversal in the price of the second-biggest cryptocurrency (ETH) has invited more interest and support from crypto-users in the market. Ethereum recently lost its support at $2,000 and dropped to $1,844, before recovering moderately.

Ethereum Slips Below 1,900 – What’s Behind it?

The ongoing declines in the Ethereum price could be attributed to several causes. These include an unstable market and regulatory crackdowns by Chinese authorities, and all these factors have undermined the value of Ethereum. On the other hand, the weakness of the broad-based US dollar, triggered by the low safe-haven demand in the market, is helping to limit deeper losses in the ETH price.

On the USD front, the broad-based greenback dropped constantly from the start of the day, as the risk-on market mood tends to undermine the safe-haven assets, including the US dollar. Conversely, the decline in the US dollar could be temporary, as the investor worries about a quicker-than-expected US interest rate hike tend to underpin the American currency. Thus, the downticks in the US dollar were seen as one of the key factors that kept a lid on any additional losses in the ETH.

 

ETH/USD
The ETH prices could continue to move down if they fail to recover above $1,955 and $2,050. Initial support on the downside is around the $1,920 zone. The first major support is around $1,880. If ETH fails to stay above the $1,880 support, it could drop towards the $1,865 support. Further losses could set the pace for a drop towards the $1,750 support level in the near term. Ethereum is trading close to $1,929.40, with a 24-hour trading volume of $15,112,419,573. Ethereum has dropped by 1.58% in the past twenty-four hours.

 

Litecoin (LTC/USD) Weekly Review

The LTC/USD crypto pair extended its previous long downward rally, dropping further after it failed to stay above $127.500 against the US Dollar. Litecoin has dropped by 2.19% in the past twenty-four hours and it is holding the $124.313 support. After a failed attempt to settle above $127.500, LTC extended its decline, just like BTC and ETH. The LTC price broke the $125.00 support, falling well below the 100-hourly simple moving average. LTC could continue its decline if it fails to recover above $125.00 and $127.500. Currently, Litecoin is trading at the $125.71 level on the day, with a 24-hour trading volume of $1,446,249,459.
 

LTC/USD
As per the latest report, India’s ICICI Bank recently warned crypto holders not to use its payment services for any form of cryptocurrency transactions. It is worth noting that ICICI is one of India’s largest financial institutions, which has aggressively demonstrated its intentions to stop people from using its services for crypto transactions in its latest iteration of the Retail Outward Remittance Application form. These headlines had a negative impact on cryptocurrencies, including Ethereum, Ripple, Litecoin, Dash, Peercoin, Dogecoin, Primecoin, China coin, Ven, Bitcoin and any other virtual currency. In contrast to this, the broad-based US dollar’s poor performance may help the LTC/USD coin pair to cap any deeper losses. The US dollar is being pressured by the market risk-on mood, which tends to weaken the safe-haven assets like the USD. The greenback may recover its losses, as the mounting investor worries about a quicker-than-expected US interest rate hike tend to underpin the American currency. Meanwhile, the rising numbers of COVID-19 infections have raised doubts over global recovery from the pandemic, which has led to gains in safe-haven assets.

Ripple (XRP/USD) Weekly Review

The XRP/USD crypto coin failed to put a stop to its losing streak of the previous session, even after San-Francisco-based fintech firm, Ripple, achieved another little victory in its battle against the US Securities and Exchange Commission. The XRP is currently trading at $0.602935, with a 24-hour trading volume of $2,086,219,790. Ripple has declined by 1.38% in the past twenty-four hours. After a failed try to settle above $0.61500, XRP extended its declines, heading downwards and even breaking the $0.60000 support level, well below the 100-hourly simple moving average.
Ripple coin could recover its prices in the near term, as US District Court Judge Sarah Netburn has allowed Ripple to depose those SEC officials who decided that ETH is not a security. This was seen as another victory in the ongoing battle with the US Securities and Exchange Commission, which is likely to help limit deeper losses in Ripple. Meanwhile, on Thursday, in a ruling in New York, Judge Netburn, denied the SEC’s motion to suppress the deposition of the former director of the SEC’s Division of Corporation Finance, William Hinman.
It is worth recalling that Hinman said in June 2018 that “current offers and sales of Ether are not securities transactions.” Bill Hinman could be called to testify on his 2018 comments regarding Ethereum’s security status. Ripple’s victory in its ongoing battle with the SEC could lead to a rise in the XRP prices.
In addition to this, the losses were also capped by the weaker greenback. The US dollar is being depressed by the market risk-on mood, which tends to underpin the dollar. The US Dollar Index, that tracks the greenback against a basket of other currencies, dropped by 0.06%, to 92.575, according to figures that came in at 11:45 PM ET (3:46 AM GMT).

SHIB/USD Weekly Review

The SHIB/USD coin pair extended its bearish overnight performance, remaining depressed close to the $0.00000685 level. The Shiba Inu coin has been dropping after the recent market crash, and it seems the coin is unable to shake off the pressure. Apart from this, the reason behind its bearish bias could be tied to the regulatory crackdown by Chinese authorities.

The SHIB/USD failed to stop its downward overnight rally, extending its decline after it failed to stay above $0.00000716 against the US Dollar. The SHIBA INU price is now holding the $0.00000679 support, but it will have to clear $0.00000710 before a hike can happen.

After a failed attempt to settle above $0.00000716, ETH extended its decline, dropping well below the 100-hourly simple moving average. The SHIB is likely to continue facing losses if it fails to recover above the $0.00000710 zone.

 

SHIB/USD
The losses in the US currency have failed to leave any major positive impact on the SHIB/USD coin pair so far. On the USD front, the broad-based US dollar extended its early-day bearish performance, still flashing red signals during the European trading session on the day, as the market risk-on tone tends to weaken the safe-haven currencies, like US Dollar.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
1 1 vote
Article Rating
Subscribe
Notify of
guest
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
A. M. NONA RAHUMANI
A. M. NONA RAHUMANI
3 years ago

GOOD WORK