Latest Market News
Bitcoin is down 3.5% today as the bulls attempt to defend a short-term .618 Fib Retracement support at $32,650. The cryptocurrency has been trending beneath the 20-day MA at $34,000 for the past week and has been unable to close a daily candle above it. It's also trading inside a short-term symmetrical triangle pattern as the lower angle of the triangle is currently being tested.
Nifty’s, an NFT platform backed by billionaire investor Mark Cuban, has announced a $10 million seed round that included investors such as Coinbase Ventures, Dapper Labs, Topps and several others. Existing investors such as Polychain Capital and Draper Dragon Fund increased their investments in the project.
Financial services firm Square is going to create a hardware Bitcoin wallet, according to the company’s hardware lead Jesse Dorogusker. Dorogusker said that Square’s aim with the product is to help make Bitcoin custody a more mainstream option and added that the product will be focused on Bitcoin and will support multisig functionality.
Blockchain technology is one of the most significant technological revolutions of the modern era. Popularized by cryptocurrencies such as Bitcoin, the technology can serve many needs and use cases. The next step is to decentralize this concept further and lower the entry barriers as much as possible.
As we move through Q3, a number of projects are moving ahead with continued development, and this week’s choices are set to benefit from significant updates and announcements that should strengthen their market positions and benefit their communities. The news should also result in increased amounts of attention to each respective currency over the coming weeks.
Bitcoin is down a small 1.3% on the week as it returns back to around $32,800. The cryptocurrency was trading inside the confines of a symmetrical triangle pattern throughout the week but eventually broke beneath the lower boundary yesterday and headed into $32K support.
Timothy Massad, who headed the U.S. Commodity Futures Trading Commission (CFTC) between 2014 and 2017, says a Bitcoin ETF could be used to improve transparency in the cryptocurrency industry.
Following yesterday’s announcement of signing a historic sponsorship deal with UFC, Crypto.com is again in the news, this time as the first cryptocurrency company to receive Electronic Money Institution (EMI) license from Malta Financial Services Authority (MFSA).
The crypto industry has been leading a long and difficult battle over the past twelve years. It fought to attract people, to be recognized, and even to be used. Now, it would seem like we are closer than ever to using cryptocurrencies for everyday payments. Countries like El Salvador are even talking about making Bitcoin a legal tender.
This week, ICON is up 20% after rebounding from support at $0.8 to break the 20-day MA at $0.88 and hit the 50-day MA near $1.00. The cryptocurrency had been trending lower through June but managed to find solid support at $0.7, provided by the early February lows.
