Bitcoin and Ether Market Update: August 01, 2019

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Total crypto market cap added $11 billion to its value since Monday, July 29 and now stands at $274.9 billion. Top ten coins registered mixed results for the last 24 hours with Litecoin (LTC) being the best performer with 5.9 percent of gains while Bitcoin Cash (BCH) lost 2 percent. At the time of writing bitcoin (BTC) is trading at $9,989 on the Bitstamp daily chart, while ether (ETH) stands at $213 and Ripple’s XRP moved to $0.315.

BTC/USD

Bitcoin almost broke below the $9,000 support line on Sunday, July 28 and was trading as low as $9,115 during some periods of time during the day. It managed, however, to recover and closed the week at $9,530, with 8.9 percent of loses.

(Source: TradingView)

The most popular cryptocurrency started the new trading period with a volatile session on July 29, during which it was moving in the $9,725 – $9,350 zone. It ended the day at $9,496 with an insignificant loss, still remaining above the lower end of the important $10,000 -$9,400 area that we drew last week.

On Tuesday, July 30, the BTC/USD pair formed a green candle on the daily chart and climbed up to $9,594.

The last day of the month came with a solid green candle as bitcoin gained more than 5 percent and moved up to $10,090

The coin closed the month 6 percent lower.

The Bahrain-based cryptocurrency exchange Rain became the first of its kind to receive official approval in the Middle East, the company announced on its blog on July 30. Rain successfully acquired the Crypto-Asset Module (CRA) license from the Central Bank of Bahrain (CBB) after staying in its regulatory sandbox program for almost two years. Additionally, Rain raised $2.5 million in a seed funding round, which was also joined by BitMEX’s Ventures investment arm.

At the same time, one of the largest mining equipment manufacturers in China – Canaan Creative has reportedly filed an application for an Initial Public Offering (IPO). According to a local blog, the company will be seeking to raise up to $200 million in funding from US investors after submitting an application with the US Securities and Exchange Commission (SEC). Canaan already failed to receive an approval once when it could not launch on the Hong Kong Stock Exchange (HKEX) in May 2018.

ETH/USD

The Ethereum Project token ETH formed a green candle to $210 on July 28, still, it erased 5.6 percent from its value during the last seven days.

(Source: TradingView)

The ether opened the new week with a relatively volatile session on Monday, July 29, during which it was trading in the $215 – $205 just to close at $211.

It moved even lower, to $209, on Tuesday, July 30 after touching $204 during intraday. This second consecutive red session brought almost no change in price and confirmed that neither bulls nor bears are able to establish a trend.

On the last day of July, the ETH/USD pair followed the overall market trend and registered a winning session. It gained 4.3 percent and climbed up t $218, closing the 30-day period with the stunning 28 percent of the decline.

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