The crypto market does not like to rest… significant events occur very often lately, most of them are unexpected. These events affect the whole crypto market. We must consider that this is still a very young developing market.
Bitcoin has passed a very high volatility week, carrying a significant correction. Ethereum stands very close to support zones. And the hackers are celebrating… In the short term, most of the crypto markets seem to be suffering from the uncertainty surrounding the recent events, and uncertainty creates panic. On the subject of Segwit adoption, it seems like most of the pools support and progress towards the August 1st.
If the miners adopt Segwit, it will take about 60 hours to insert the code into the chain, and two weeks later Segwit will be activated on Bitcoin. Link to Scaling Timeline
In the last two days we saw a major uptrend correction in the BTC price, in response to the intentions to adopt Segwit. This brings further interest in Bitcoin which is very positive.
Bitcoin – from technical aspect
The BTC value has been declining over the past week, it seems to have come across a double bottom and then turned up. At the lowest point of the past week, we reached $ 1,833 (!), 35% from the all-time high around $3000 from last month. The events of recent days aims there will not be any quiet in short term.
Coindash’s ICO began not as expected – the ICO site was hacked, the deposit address was changed to the hacker’s address, and $ 7 million was sent directly and smoothly to the hacker. The company had already prepared Plan B to deal with the breakthrough, very interesting what the future holds for this promising project. In addition, a few hours ago, hackers found out a security hole in the Parity wallet, among the multi-sig wallet contract. Tens of millions of USD have been stolen, it is still not clear the extent of the damage and the consequences for Ethereum project. The ETH value, which has already visited $ 260 at the 24H high, is now suffering from these events. At the low of last week, ETH visited even under $ 140.
It seems that we have returned to the support levels around 0.015 BTC. We might see a turn over here.
The graph below shows the trend line that has been descending since the all-time high. Ripple has already lost about three quarters of its value since the highs of 0.0002 BTC. There might be support level around here.
STOX – A very strong player joins the prediction market field, featuring Augur and GNOSIS. With the main difference being that behind Stox project stands Invest.com. a 200 employees company with an annual revenues of $ 50 million. The date of the ICO has yet to be published, but rumors say begin very shortly. Additional details can be found on the project’s website.