Central Banks Must Love Bitcoin - Mine Digital
Knowledge

Central Banks Must Love Bitcoin

July 31, 2020 • 
Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Spread the word
Share on facebook
Share on twitter
Share on linkedin
Share on reddit
With the USD looking in serious trouble overnight having failed to bounce, we are watching for the inflows to money, especially Bitcoin.

Morning Traders,

That central banks must love bitcoin is the only conclusion we can draw from global policy decisions.

Separately, tech results were some of the good news overnight and it will be interesting to see if tech stocks get dumped from their lofty heights in the aftermath.

Ethereum has been bid and Bitcoin is lagging a little so traders will be watching for a replay of Eth leading. Ethereums obvious target is the 360 level, but if it completed its technical pattern it would trade all the way to 400.

USD is still getting offered gently as per our reading between the lines intepretation of the Powell speech and I don’t keep a close enough eye on it but we have to question if the USD weakness and Euro strength pushed euro stocks lower overnight.

Bitcoin

Everybody is expecting a bid in Bitcoin, where the move that we have already seen is expected to extend far further. This ought to make the asset a little dangerous for a new long position, but any long liquidation move should be aggressively faded.

Bitcoin last traded at $11,126

24 hr high: $ 11,261

24 hr low: $ 10,830

Bitcoin USD Chart

Ethereum

We had thought that Bitcoin might take the lead after recent developments, but it looks like Eth is still leading the market. Eth can’t trade much higher without pulling Bitcoin along, but there is also the possibility of Bitcoin being held up from appreciating with a market structure that is probably too long and leveraged.
So, similar to bitcoin we are watching to be long, but are conscious of the potential squeeze.

24 hr high: $ 342

24 hr low: $ 313

Ethereum USD Chart

Digital Assets

In a mixed bag, we are seeing Maker creeping along, looking like it has some serious potential. Most alts are bid and Aave has staged a significant price recovery

  • Aave: $ 0.334
  • Algorand: $ 0.333
  • Cardano: $ 0.1412
  • Chainlink: $ 7.44
  • Compound: $ 133.22
  • Maker: $ 568.85
  • Ren: $ 0.163
  • Reserve Rights: $ 0.00879
  • Stellar: $ 0.0968
  • Synthetix: $ 3.59
  • Tezos: $ 2.81

Whether you want to simply buy and sell or access advanced features, we have the tools you need. Mine’s order-book exchange lets you trade BTC, ETH, XRP, LTC and BCH against AUD, USD and USDT*. Mine Digital, Australia’s best Cryptocurrency Exchange.

Written By
Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

Before you go...

Never miss a thing! Sign up to
The Knowledge Mine Digital’s newsletter on all things Crypto