This Week In Crypto: July 20, 2018

this week in crypto july 20th, 2018

Steady As She Goes

The market has closed out our Friday-to-Friday stretch in the green. Recovering from the dip the market took last week, currencies around the board are up on their 7-day charts. Crypto’s total market cap gained a healthy 11% over the course of the week, climbing to $284 bln at the time of writing.

As always, time will tell if this rally has legs. If and when we continue to climb, keep an eye on Bitcoin’s key resistance levels ($7,600, $7,800, $8,000, etc.) to see if the market can surpass and stay ahead of these numbers. For the time being, being above $7,000 has been a blessing and a half; for the future, we’ll have to see if buy volume can keep up with this welcomed rise.

Bitcoin: At $7470, Bitcoin gained 17% on the week, the largest weekly gain we’ve seen in a while for any of our three top assets.

Ethereum: Ethereum was doing better in the middle of the week when it poked its head above $500. Still, it’s up 6% this week with a price of $462.

XRP: Positive but nearly insignificant, XRP rose 2% on the week to $0.45

market7_20_18

Cryptocurrency Market Stats (7/20/18)

Domestic News 

Report: US Ranked as Most ICO-Friendly Country in the World: The United States government has been relatively quiet regarding crypto regulations, and the looming threat of a security classification has been the fear of many an ICO and cryptocurrency startup. Even so, research conducted by analysts in league with the Crypto Finance Conference found that the US is the most ICO-friendly of any nation in the world. The report sifted through 100 of the most-funded ICOs to date, finding that 30 of them were launched in the United States, with Switzerland (15) and Singapore (11) coming in second and third, respectively.

NY Department of Financial Services Awards BitLicense to BitPay: Cryptocurrency payment processor Bitpay has received a coveted BitLicense from New York State regulators. The license will allow the company to provide its services to businesses and individuals within the state, and it will also make it legal for businesses to use BitPay’s platform to accept cryptocurrencies from their customers. “New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay,” BitPay CEO Stephen Pair said in a statement.

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