Bitcoin Falls Below $30,000 for First Time in Weeks, and Suffers Weekly Loss of 10%

The current price offers little improvement on where Bitcoin started the year.

Bitcoin has fallen below $30,000 for the first time in almost a month.

Tuesday’s painful 24-hour losses of 5.4% have contributed to a seven-day decline of 10.5% — and as is normally the case, the sell-offs are even worse among altcoins. 

BTC’s decline may be linked to Grayscale Bitcoin Trust unlocking a large chunk of shares over the weekend, giving investors their first chance to sell in six months.

Its current performance is little improvement on the price of $29,032 that was seen on Jan. 1.

Other factors that haven’t been helping matters related to the fact that on-chain activity has remained “extremely muted” in the past week, according to Glassnode.

Its latest report suggests “Bitcoin block space and on-chain settlement is low, mined blocks are not full, and the utilization of the network is relatively low.” 

Whereas the BTC network was settling daily volumes of $15.5 billion when activity peaked in May 2021, this has fallen to just $5.3 billion a day at present.

To make matters worse, most of this transaction volume relates to coins that are being sold at a loss, with median losses currently working out at about $353 million per day.

Elon Musk to Attend Bitcoin Conference 

In other developments, it has been confirmed that Elon Musk is going to discuss Bitcoin with Jack Dorsey at a conference on Wednesday — something that could give the markets a little something to cheer about.

“The B Word” is an online panel that has been organized by the Crypto Council for Innovation, and other attendees will include Cathie Wood and Adam Back.

Dogecoin (DOGE) Listed on GokuMarket for BTC, USDT & EUR Trading!

 July 20th, 2021 — We are pleased to announce that DOGE is listed on GokuMarket exchange for BTC, USDT, & EUR trading. GokuMarket is known as the one marketplace for the blockchain economy. GokuMarket provides real-world crypto utilities to their users; buy, sell, earn and shop with cryptocurrencies on GokuMarket using the web or Android / iOS app

Users can now trade Dogecoin (DOGE) effortlessly on GokuMarket. Dogecoin has been a long-standing token in the cryptocurrency community and has withstood the test of time regarding volume and adoption. For this reason, we have chosen to list the fan favorites for our trading community. More DOGE utilities will come soon.

Deposit & withdraw Dogecoin (DOGE) on GokuMarket with ease on one of the safest & leading desktop & mobile wallets. GokuMarket multi-currency wallet is very user-friendly and accessible on the go.

👉 Trade Dogecoin (DOGE) with BTC, USDT & EUR 📈

The GokuMarket cryptocurrency market is constantly expanding and offering many opportunities to online traders. Dogecoin (DOGE) is now listed on the GokuMarket Exchange with the BTC, USDT & EUR trading pairs, which can be accessed from the GokuMarket Android / iOS app or the website.

The GokuMarket community keeps growing stronger and stronger from the new exchange and marketplace crypto project listings. Once listed, the crypto projects can add more real-world use cases for their users on GokuMarket. So if you know of any exciting projects, please ask them to explore and complete the listing application.

Welcome Dogecoin (DOGE) Community 💜

About Dogecoin (DOGE)

Dogecoin (DOGE) was originally created at least in part as a lighthearted joke for crypto enthusiasts, and took its name from a once-popular meme. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience. DOGE was created to support content creators, online communities and artists. In recent times, DOGE has seen a massive adoption and support. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.

About GokuMarket

GokuMarket is a European-licensed crypto wallet, exchange, and marketplace that offers retail cryptocurrency investors and seasoned traders solutions. The platform operates globally, with its primary markets being Poland, Czech Republic, France, Scandinavia, the United Kingdom, Thailand, Japan, Vietnam, Ecuador & Colombia.

Gold Price Forecast: XAU/USD remains on track to test key $1792 support – Confluence Detector

• Gold price remains vulnerable as risk-off flows boost the US dollar.
• ‘Sell everything mode’ engulfs gold price amid Delta covid strain woes.
• Gold Weekly Forecast: Possible correction to $1,800 as key resistance holds.

Gold price is extending its corrective downside on Monday, reversing half the previous week’s gains, as the safe-haven demand for the US dollar remains unabated amid broad risk-aversion. Investors fret about the escalating Delta coronavirus variant cases globally and its impact on the pace of the economic recovery. Markets are in a ‘sell everything mode’ and seem to trust only the ultimate reserve currency, the US dollar, in times of panic and uncertainty. Meanwhile, mixed US Retail Sales and Consumer Sentiment data spurred inflation risks on growth, as the Fed prepares for monetary policy normalization.

lack of healthy support levels.

Gold Price: Key levels to watch

The Technical Confluences Detector shows that gold price has taken out all the key support levels, as the sell-off resumes towards a minor cap at SMA100 four-hour of $1796.

Further south, powerful support at $1792 will test the bearish commitments. That level is the confluence of the SMA100 one-day, pivot point one-week S1 and the previous week low.

The last line of defense for gold bulls is seen at the Fibonacci 23.6% one-month at $1790.

On the flip side, immediate resistance is aligned around $1809, where the SMA10 one-day, Fibonacci 61.8% one-week and the previous day low converge.

Gold buyers need to find a strong foothold above $1813 to unleash further recovery gains. At that point, SMA50 four-hour, SMA200 one-hour and Bollinger Band one-hour Middle merge.

Up next the bulls will target the intersection of the Fibonacci 38.2% one-week and Fibonacci 23.6% one-day at $1815.

Here is how it looks on the tool   

About Technical Confluences Detector

The TCD (Technical Confluences Detector) is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc.  If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time. If you are a medium-to-long-term trader, this tool will allow you to know in advance the price levels where a medium-to-long-term trend may stop and rest, where to unwind positions, or where to increase your position size.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled

SYGNUM BANK TOKENIZES A PICASSO ARTWORK ON THE BLOCKCHAIN IN CHALLENGE TO NFT

Sygnum Bank, which offers digital and regulated banking for DeFi assets and tokens, has announced that it has partnered with Artemundi to tokenized Picasso’s Fillete Au béret painting.

This is a radical new addition to the blockchain ecosystem with the introduction of what is called Art Security Tokens (ASTs) which are tokens that can be purchased and traded like shares and they mark ownership to artwork and it is broadcast onto the blockchain. This works differently from NFTs in this way and it remains to be seen whether ASTs and NFTs can co-exist in the blockchain artwork industry.

Mathias Imbach, Co-Founder and Group CEO of Sygnum Bank, says, “It has been Sygnum’s mission from the start to empower investors with more direct access to ownership and value. The tokenization of the Fillette au béret exemplifies how we bring our mission to reality, unlocking a universe of unique investment opportunities that can be made accessible to many.”

The painting is valued at 4 million banks and retail and institutional investors would be able to buy ownership of the painting by subscribing to the tokens exclusively through the Sygnum Bank through its e-banking platform and the minimum subscription is 5000 francs. The tokens can be traded on SygnEx which is a digital exchange launched by the bank and the bank also have a CHF stablecoin which can be used for the purchase of the tokens.

The bank believes that the tokenization of the artwork on the blockchain would help to open up the artwork market to a much larger network of users and democratize the whole process. This would also help to connect the buyers and sellers directly without the need for intermediaries and this would help to save costs as well.

This development marks an interesting period for the artwork market which has been an exclusive domain of large investors for many decades. It was ripe for being opened up so that more users would be able to gain access to precious artwork but the fact that blockchain has been the medium that has made it possible would be a surprise to many. Blockchain was connected to the finance industry a lot more than the artwork industry and it is indeed an innovative approach to tokenize the artwork industry and make it accessible for all and the fact that it is being done by a FINMA regulated financial institution would only help to bring in more trust into this new approach.

RIPPLE AND SEC REACH A DEAL AHEAD OF DEPOSITION ABOUT SPEECH ON ETH

On Friday, both parties announced they made progress in regard to the privilege issues and planned to further narrow and resolve those issues relating to Mr. Hinman’s deposition.

With one week to go before the deposition of William Hinman takes place, the plaintiff and defendants have jointly sent a letter to Judge Sarah Netburn announcing they have reached a deal so that the testimony goes smoothly.

“We have reached an understanding, reflecting a compromise by all parties, pursuant to which the Defendants may examine Mr. Hinman on various issues without triggering a privilege objection from the SEC”.

Last week, the Judge ordered the deposition to go forward despite the immense resistance from the SEC – “desperate”, according to attorney Jeremy Hogan.

On Friday, both parties announced they made progress in regard to the privilege issues and planned to further narrow and resolve the issues relating to Mr. Hinman’s deposition.

Despite the understanding reached between the SEC and Ripple, some remain skeptical about the progress made. “I will be surprised if the parties do not come to her after the deposition to get a ruling on the privilege “deliberative process” issue”, said XRP Holders’ attorney John Deaton.

“They may have agreed to ask certain questions and allow him to answer those questions under seal and then get a ruling after the fact”.

Deaton has previously suggested ten basic questions for the deposition that don’t fall under the privilege argument, but a Special Master may still be required to rule on the potential stream of objections.

At the center of the deposition of the ex-SEC Director of Corporation Finance will be his speech in 2018 about Ether as he said it is not to be considered a security. That triggered an intense market reaction and many deals were made at the time and after that, but also many questions have arisen.

Ripple Labs intends to raise some of those questions, in a move that could both expose the SEC for its missteps and put pressure on ETH as its nature as a non-security could be revisited.