After two days of statements in the House of Representatives, the market is cleared of doubts and it dawns reacting to the rise.
The Relative Strength Index indicator has moved from a high of 55.82 to a low of 24.04 that is marked as the oversold territory. The decline indicated an increase in sellouts that sowed cynical investor s sentiment. BTC USD pair is down by 10.9%, having moved from $10753.65 to $9574.99 over the last 24hrs, which is a significant fall.The formation of a descending triangle was encountered today that confirmed the bear market. The RSI indicator started gaining momentum from 02:00, where it moved up from 26.21 to 36.32 that showed the reluctance of investors to go short in anticipation for better price values.
The Cambridge Bitcoin Electricity Consumption Index states that the annual consumption stands at about 60.45 TWh. If Bitcoin were a country, that would place it 41st on the list in terms of energy consumption, ahead of Switzerland, Israel and Bangladesh, and just behind Chile and Austria. REITs
The last week has been a roller coaster ride for the crypto market, which culminated in Tuesday 's downward spiral. Let 's take a look at how the top three coins performed over the last week.
Ethereum Classic (CURRENCY:ETC) traded down 7% against the US dollar during the 24 hour period ending at 19:00 PM Eastern on July 16th. One Ethereum Classic coin can currently be purchased for about $5.40 or 0.00056830 BTC on popular exchanges including EXX, Kraken, CoinTiger and Bithumb. Ethereum Classic has a total market cap of $604.33 million and $648.48 million worth of Ethereum Classic was traded on exchanges in the last day. During the last week, Ethereum Classic has traded down 31.4% against the US dollar. Here 's how related cryptocurrencies have performed during the last day:
Ethereum (CURRENCY:ETH) traded down 13.3% against the U.S. dollar during the 24 hour period ending at 18:00 PM E.T. on July 16th. Ethereum has a market cap of $21.48 billion and approximately $9.00 billion worth of Ethereum was traded on exchanges in the last day. In the last seven days, Ethereum has traded down 35.2% against the U.S. dollar. One Ethereum coin can now be purchased for $200.91 or 0.02109974 BTC on popular cryptocurrency exchanges including Allcoin, Neraex, BCEX and IDCM. Here is how related cryptocurrencies have performed in the last day:
Previously, Ethereum found support at $190 giving way for gains that hit a snag at the 38.2% Fib retracement level taken between the last swing high of $235.90 to a swing low of $190.80. The plunge yesterday embraced the support at $195 and ETH USD recovered above $200.Also Read: LedgerX sets the bar high for retail investors with the new $100,000 Bitcoin call option
Facebook has received pushback from politicians including US President Donald Trump and regulators since announcing its plans to develop libra, a digital asset backed by cash and short term securities, that could be sent between the company s more than two billion customers with the help of blockchain. David Marcus, the Facebook executive leading libra, will appear next week before the US congress. The company has already drawn lawmakers ire for a series of stumbles including major data breaches and allowing Russians to hijack its platform during the 2016 election to push Trump s candidacy.Now the criticism is coming from a leader in the computer science world that s fiercely protective of the structural independence created by bitcoin in 2009 and ethereum in 2015. A key aspect of distributed computing systems that make up a blockchain is the inability of any one party to censor transactions or control who can and can t be a part of the network. No person or corporation owns the underlying systems, similar to how the Internet is free for anyone to use. Facebook threatens these blockchain tenets with libra, said Mihai Alisie, a co founder of Ethereum.
The SEC has approved YouNow s Ethereum token enabling investors to use an alternative investment method to acquire a financial stake in companies through participating in community developing engagements. After cracking the whip on initial coin offerings (ICOs), the U.S. Securities and Exchange Commission (SEC) approved the first two RegA tokens. These tokens provide investors, including the unaccredited ones; with an alternative method to acquire a financial stake in a company. Blockstack got approved for a $28 million digital token sale to raise money on Coinlist. That token sale was officially launched on July 11 despite some earlier technical problems.
The Bitcoin rate has fallen by 2.98% in the last 24 hours. At the time of writing, the Bitcoin exchange rate is $ 11,335.27. If we look at the past 7 days, Bitcoin is in the green. The Bitcoin price has risen by 3.3% in the last 7 years. It remains to be seen whether Bitcoin can still close the week positively.Ethereum is still well above $ 250 at $ 268.15. In the last 24 hours the Ethereum price has fallen by 2.77%. Over the past 7 days, the Ethereum rate has fallen by 6.7%. Last week the exchange rate was well above 300 dollars. It remains to be seen whether Ethereum can rise towards the 300 dollars again or whether the exchange rate falls further to the 250 dollars.
The post continues, describing just how difficult it was to make this decision. "This was a tough decision to make, but ultimately we failed to find a good fit between what we were building and the market as it exists today. We believe that cryptocurrencies and the decentralized web will have profound effects on our future. But today the community of users is small, and we think there are higher impact products and services we can build for the immediate future. "
The ETH USD currency pair has depreciated about 17.22% in value since last week #39;s trading sessions. A breakout occurred through the lower boundary of a descending channel pattern during yesterday #39;s trading session.Given that a breakout has occurred, most likely, the Ethereum cryptocurrency could continue to trade south next week. The potential target for bearish traders will be near the monthly S1 at 237.03.
Ethereum, the second largest cryptocurrency with a market capitalization of $ 29.4 billion, consolidates its losses after a sharp fall on Thursday.ETH USD Market
South Korea 's popular messaging platform Kakao has made some big claims. As reported by the Korean Herald, Kakao says that its Klaytn blockchain is 15 times faster than Ethereum.
Representatives of Kakao, a messaging application from South Korea, said that the newly launched blockchain based network Klaytn is 15 times faster than Ethereum. This was reported at the press conference of Ground X, a subsidiary of Kakao, which is working with blockchains. It is argued that, as a result of fast processing, the Kakao solution delivers a throughput of 300 transactions per second, compared with 20 transactions per second from Ethereum. General Ground X CEO Han JAE SUN commented on the achievement:
There seems to be a blockchain marketing battle happening as South Korean giant Kakao claims that its recently launched permissioned blockchain platform Klaytn is up to 15 times faster than Ethereum, which is a permissionless blockhain. Moreover, the South Korean platform announced today a batch of 8 new initial service partners.Ground X, the Kakao subsidiary charged with conducting Kakao s blockchain operations, said in a press conference in Seoul, that Klaytn s block mining takes a single second to complete, while Ethereum s block mining requires 15 seconds 15 times longer, The Korea Herald reported.