Weekly Cryptocurrency Market Review & Bitcoin Story To Have Faith
By Rubika Ventures on Altcoin Academy
Hi Rubikators. Before the news is presented, we want to tell you a personal experience.
It is great when it is understood in life that in order to succeed, the most important thing is to keep our faith very firm despite the difficulties.
Then know that we do not want to fill them only with the opportunity to earn money within the market. We want you to be a better person every day. 😉
Main Weekly Summary News
We don’t want to say the media that are spreading the news, but we want to lose Mark Zuckerberg to stop spending money on advertising with his centralized blockchain project and better take that money and buy Bitcoin. Believing it or not, it will be more profitable.
Personally, what we have been doing for a long time in the cryptocurrency market we are tired of so many similar projects or cheap copies of blockchain projects that lead to nothing. Too many people will say no, but Libra is one of them. Sorry, Mark, it’s time to see Web 3.0 as the reason to be free in all of our living areas. Libra is simply one more headache for investors.
Automatic Blockchain Payments Case
Now, what we want to support is how recognized companies are seeing virtual payments as a good and safe alternative to negotiating their products.
Such is the case of major automakers that they are about to hit the road with the first field testing of a blockchain-based vehicle identification network next month in the U.S. as reported coindesk and Nikkei Asian Review.
That report says that BMW, General Motors, Honda, Ford, and Renault are working with the Mobility Open Blockchain Initiative (MOBI) on integrating the system to automatically make payments on typical commuting runs without the need for cash or credit and debit cards.
Cryptocurrency Fund Initiative
In the same way, UNICEF will now be able to receive, hold and disburse donations of cryptocurrencies ether and bitcoin, through its newly-established UNICEF Cryptocurrency Fund as wrote in unicef.org and it was reported in coindesk.
UNICEF said in an announcement on Wednesday that in a first for United Nations organizations, the Cryptocurrency Fund will receive contributions in cryptocurrency and grant out in the same digital currency form as wrote coindesk
Unlimited Markets Adoption
On the other hand, it will not be a big secret that traditional markets will soon be joining the cryptocurrency market. Such is the case of the forex market, which as we are seeing, projects to virtualize state currencies are coming out lately. China apparently is already a fact.
For this case, there are two news items that we want to highlight: (1) Mutual fund giant Vanguard has partnered with Nasdaq Ventures-backed blockchain startup Symbiont to develop a trading platform for the $ 6 trillion currency market as wrote coindesk; (2) Foreign exchange trading platform FXCM Group has launched a basket of five cryptocurrencies aimed at retail investors as reported the same time coindesk.
Great Interest From Institutions & Freedom
In a recent interview with The Block, a Grayscale executive noted that investment in the firm’s trust products has doubled in Q2 and institutional investors have been “investing with us all the time.”
Grayscale’s director of sales and business development Rayhaneh Sharif-Askary said the firm has raised a total of around $85 million from investors in Q2, 84% of which came from institutional investors as reported The Block.
What is curious and referring to another case, in a recent blog, Gabor Gurbacs, Asset Strategist at VanEck, listed out a number of facts, making a considerable case for Bitcoin from the financial perspective as related ambcrypto.
From what we see, we are perceiving that institutions are seeing cryptocurrencies, and especially Bitcoin, as an alternative of good returns for their investors. That is the case of Russia, it remains with one of the countries that do more active crypto negotiations as it reveals cryptoslate and CoinDance. With all this, we want to present the market perspective to have a lot of faith this week.
Total Market Capitalization & Sentiment Frame
The crypto markets were quiet over the weekend, as we saw total market capitalization staying within a tight range of ~$223.4 billion and ~$232.7 billion as related coinmarketcap.
In that time, 24-hour volume registered ~$54 billion, on average. Total market capitalization currently stands at ~$226.3 billion.
Sentimentally the communities remain in a neutral state but we see that from one week to the next there was a considerable increase in activity. That is, most of the investors, fans, and nods of the market maintained constant communication between their communities, as revealed alternative.me and app.santiment.net.
Bitcoin And Dominance
Bitcoin is currently trading around ~$8,460, down ~1.9% over the weekend.
On the daily chart and after the formation of Evening Star, Bitcoin failed to break to the upside of its 100-day EMA line of resistance on Friday and thus continues to be trading below that level. RSI is at ~40, indicative of slight bearish momentum.
On the weekly chart, BTC and is still trading between its 21 and 50-EMA lines. And from what we see, since weeks ago it has remained in this support.
In both the weekly chart and the daily chart, the dominance of Bitcoin remains in a low channel indicating a sufficient correction. 68% is already a good number so that most crypto addicts can dive into the altcoins.
We wanted to tell you more things, but we leave that for another occasion. For now, we can tell you that in these last days we have had excellent results. Apparently, a neutral trend in the market is something positive. The less fear, we can hunt more whales.
See you in the next. With Love 💛, Rubikators Team.
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