Here’s what you need to know on Monday
Markets:
BTC/USD recovered from the intraday low of $11,595 to trade at $11,750 by press time. The first digital coin has been hovering under $12,000 for the best bart of the previous week amid growing uncertainty on the market. The first digital coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Monday, moving within a short-term bearish trend amid shrinking volatility.
At the time of writing, ETH/USD is changing hands at $394.83. The price has been locked in a tight range under $400 for the best part of the week. ETH/USD has gained over 1% since the start of the day and barely changed on a day-to-day basis. Now it is moving within a short-term bearish trend amid low volatility.
XRP/USD is changing hands at $0.2873, mostly unchanged since the beginning of the day. The price of the third-largest digital asset has gained over 1.7% in the recent 24 hours; however, further recovery may be limited by $0.2900. Now it is moving within the short-term bearish trend amid low volatility.
Among the 100 most important cryptocurrencies ,Aragon (ANT) $7.03 (+32.7%), Swipe (SXP) $3.07 (+16.9%), JUST (JST) $0.0548 (+14.2%) are the most successful. The day’s losers are Augur (REP) $23.37 (-7.0%), Loopring (LRC) $0.1868 (-4.3%), Bytom (BTM) $0.1209 (-3.6%)
Chart of the day:
BTC/USD, 30-min chart
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Market
Cosmos (ATOM) has been defying gravity since the end of the previous week. The coin jumped from $5.43 on August 22 to $8.55 on August 23, which is the highest level on record. At the time of writing, the coin is trading at $7.96, having gained nearly 10% on a day-to-day basis. The trading volumes for the coin more than tripled to hit at $950 million on Sunday. Currently, Cosmos sits at 17th place in the global cryptocurrency rating.
Augur (REP) is another star of the weekend. The coin tested area above $30.00 on Saturday, August 22, before retreating to $23.33 by press time. The coin’s trading volume catapulted to $140 million from the long-term average of $20 million. At the time of writing, REP’s market capitalization is registered at $256 million. The coin has lost nearly 7% of its value in the recent 24 hours.
Industry
Mobile cryptocurrency trading is booming as daily active users and new sigh-ups has been growing steadily, according to the recent research carried out by Apptopia. On August 20, Coinbase and Crypto.com apps hit record highs, at about 969,000 and 576,000 daily active users respectively. Smaller apps are also in the rise as the top 10 crypto wallet apps increased net new installs approximately 81.4% as compared to the previous year in July.
Crypto is seeing its strongest growth on mobile ever– a good sign for the smaller (but fast growing) apps, like @ZenGo, @TronWalletMe, @yellowcardio, @paxful and @zebpay, the researchers wrote.
Scammers used the name of the CEO of budget airline Ryanair, Michael O’Leary, to promote a fake Bitcoin auto-trading scheme. However, O’Leary claimed that he had nothing to do with the fraudulent scheme. Moreover, he compared Bitcoin with a Ponzi scheme.
I have never, and would never, invest one cent in bitcoin, which I believe is equivalent to a Ponzi scheme. I would strongly advise everyone with any shred of common sense to ignore this false story and avoid bitcoin like a plague.
Regulation
Hong Kong’s market regulator has approved a license of cryptocurrency firm OSL Digital Securities. The company applied for a digital asset licence from Hong Kong’s Securities and Futures Commission in November 2019 to comply with the new rules applicable to the cryptocurrency exchanges. Now it may become the first crypto firm licensed by the regulator. OSL Digital Securities is a unit of the Fidelity-backed BC group. According to BC Group CEO Hugh Madden, the company will benefit of being licensed was that regulated institution.
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