Crypto market highlights and BTC price update August 5th

BTC/USD

Bitcoin is down 6% since yesterday and 14.5% for the week. The biggest cryptocurrency did not stop at the $7200 minor support line and is currently holding the 7k (going down as low as $6900 and then up to $7100). If the freefall continues we can expect further decline below 6700-6760 and then eye 6k psychological barrier.
A trend reversal might suggest short run to $7800 level and another attack of the 8k line. This, however, is quite unrealistic given the current circumstances and the enormous pressure the whole market is under.

ETH/USD

Now, this is the daily graph for ETH/USD pair on Bitfinex. The biggest altcoin is eyeing to brake the $400 major line and looks like nothing will stop it from doing exactly this come Monday. ETH is currently standing at $406, down 12.7% for the week.
Next support is critical - it is the $360 April and if broken we are in big trouble…rest of the altcoins as well. Trend reversal will require a move above $415, then $480 and $500 respectively.

Global crypto market cap is down 13% for the week. The industry is now worth $250b with BTC market cap representing almost a half of that - 120b.

News

The biggest story of the week, without a doubt, is the announcement that the Intercontinental Exchange’s U.S.-based futures exchange and clearing house plans to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018. Still subject to CFTC review and approval.

• Kelly Loeffler, CEO of BAKKT, shared more details in a Medium post:

Bakkt will work with companies that include BCG, Starbucks, Microsoft and others, to create an open ecosystem that supports growing needs in the ~$270 billion digital asset marketplace. Bakkt is expected to include federally regulated markets and warehousing along with merchant and consumer applications. Initially, we’ll focus on the trading and conversion of Bitcoin versus fiat currencies, given Bitcoin is currently the most liquid digital currency.

These news did not help market recovery. What’s more – they actually opened the door for even bigger selloff.
You can read the full story here: https://www.ccn.com/breaking-worlds-biggest-stock-exchange-operator-is-launching-a-bitcoin-market/

• On the opposite side were Goldman Sachs analytics who said Bitcoin is never coming back to previous highs and cryptocurrencies do not meets any of the three definitions of usable money.

We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency: they are neither a medium of exchange, nor a unit of measurement, nor a store of value.>

Full story here: https://markets.businessinsider.com/currencies/news/bitcoin-price-never-coming-back-goldman-sachs-says-2018-8-1027429844

• Coinbase announced on Friday, it will open inbound transfers of ETC (Ethereum Classic) on Tuesday, August 7.
Final tests are being performed before adding the new asset to the company portfolio.
The “classic Ethereum” is only the 5th cryptocurrency to be added to Coinbase. The U.S. based exchange already offers Bitcoin, Bitcoin Cash, Ethereum and Litecoin to its clients.
ETC went up 2$ on the news and peaked at $16.8, successfully replacing Dash as the 10th most valuable digital currency (1.75b market cap).

Full announcement here: https://blog.coinbase.com/final-testing-for-etc-support-on-coinbase-cdccaedb2ae3

• The tech giant Sony filled a patent application for "Electronic Node and Method for Maintaining a Distributed Ledger" and "Device and System".

According to Coindesk this opens the door for Sony to create its own blockchain and even crypto mining hardware production.
The first application includes two elements: a hardware node and a method for maintaining the blockchain, which it repeatedly describes as a "mining process." In the second application, "Device and System," Sony hones in on the security risks in a network that only has a small number of nodes.

Full report here: https://www.coindesk.com/sony-patent-filings-hint-at-work-on-crypto-mining-hardware/

• CoinMarketCap (CMC) launched a new API that will help developers and cryptocurrency-related businesses to integrate the CoinMarketCap’s data into their applications.

According to Brandon Chez, the founder of CoinMarketCap the new product will help the real world adoption of cryptocurrencies.
Packet prices can be viewed on the official website and range from 0$ for standard services to $700 for professional services and even more for enterprise clients: https://pro.coinmarketcap.com/pricing

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