Crypto Market Update (25 July 2018)

Bitcoin Global News (BGN)

July 25, 2018 -- ADVFN Crypto NewsWire

General Market Outlook

The market is now consolidating for the most part, with some altcoins showing continued strong uptrends. Trading volume saw a major spike to over $30 Billion earlier today but has now settled to about $17 Billion in 24 hours. IOST (IOST) the major stand outs of the top 100 coins by market cap, up almost +30% in the past 24 hours. ZenCash (ZEN) and Polymath (POLY) are up considerably as well - +16% and +14% respectively in the past 24 hours. Bitcoin (BTC) is right around $8,000 For -1% and a total market dominance of about 47%, and Ethereum (ETH) is right at $470 for -1.5% change in the past 24 hours. Market cap for the overall cryptocurrency market has dropped around $4 billion doin to $295 billion total.

Major Headlines

Was that the bottom for Bitcoin again?

Bitcoin bounced back up over $8,300 after dropping to lows for this year again last week. Historically, Bitcoin is less volatile than most altcoins, which will rise higher and fall farther than BTC. Recently, the overall cryptocurrency market cap has been rising with Bitcoin, however Bitcoin’s market dominance has been rising significantly as well. Many of the top 100 market cap coins are rising higher as they traditionally do, but some others are holding steady or even dropping in market cap. 2018 has brought sweeping changes in cryptocurrency law reform, with many investing platforms opening up more user-friendly avenues for investors to get into cryptocurrencies, such as Coinbase institutional Suite or Robinhood’s cryptocurrency additions.

SEC To Review First Crypto Index Fund ETF

In October 2017, Bitwise Investments launched the world’s first cryptocurrency index fund, but that doesn’t always translate into what is a lasting product. The Bitwise index fund “HOLD 10” is a mix of BTC, ETH, XRP, BCH, LTC, DASH, NEO, ZEC, XMR and ETC, weighted by a 5-year-diluted market cap. Coinbase launched a similar index fund as of March 2018, but only contains BTC, LTC, BCH and ETH. However, Bitwise has taken it one step further by applying to the U.S. Securities and Exchange Commission to register “HOLD 10” as an ETF. The first attempt at a Bitcoin related ETF was shot down by the SEC in March of 2017, applied for by Gemini exchange of the Winklevoss twins.

Coinbase Adds Giftcards

As of Wednesday July 25th, Coinbase offers their customers in the EU and Australia instant e-gift card purchases from their cryptocurrency wallet on the platform. This makes Coinbase the first trading platform to offer direct withdrawals to gift cards. The new functionality was developed in a partnership with WeGift. The gift card platform has most of the highlight purchased brands and services such as Nike, Tesco, Uber, Google Play, Ticketmaster and Zalando. Customers purchasing an e-gift card do not receive withdrawal fees and there are currently bonuses on select e-gifts. The service is currently available in the UK, Spain, France, Italy, Netherlands and Australia, but more retailers and markets are coming over the next three months.

Top 5 Gainers

Flash (FLASH) +77.15% at $0.012885

Refereum (RFR) +57.50% at $0.006062

Vertcoin (VTC) +51.82% at $1.57

NKN (NKN) +36.96% at $0.221681

AWARE (AT) +33.45% at $0.011177

Top 5 Losers

Experience Points (XP) -30.30% at $0.000040

SoPay (SOP) -28.11% at $0.016294

AMLT (AMLT) -23.34% at $0.012211

Peercoin (PPC) -21.59% at $1.65

AC3 (AC3) -21.50% at $0.231314