Cryptocurrency market summary (BTC, ETH, XRP). 08.07.2022 Overview :: InvestMacro

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The main cryptocurrency maintains its positive momentum on Friday – the asset has been growing for three sessions in a row. At the moment, the instrument is mostly trading around $21,765. The market capitalization of cryptocurrencies is also increasing – it has reached $0.970 trillion. The sector follows US stock indices. Correlation between the S&P 500/NASDAQ and BTC is helping the cryptocurrency rise.

Later today, market players will closely watch the US employment statistics for June. Strong numbers will make capital markets continue to rise, while weak markets will help bears regain control.

From a technical point of view, BTC is currently trying to reach the resistance at $23,500 – the asset needs to fix above this level if it is to continue rising. If that happens, all discussions about crypto winter might subside. Of course, this scenario may come true, but it is highly unlikely.

Top 10: BTC and ETH Gain Lead

In the past 24 hours, all major cryptocurrencies from the top ten have climbed into positive territory. The best of them were BTC and ETH. DOGE, SOL, and ADA gained about 3.5%. Weaker but still positive dynamics are seen in BNB (+1.9%).

Ripple: Closer to Reality

Ripple and the Colombian government launched the National Land Registration Certification System based on the XRP Ledger. The system will allow users to register digital assets on XRPL and validate them using a QRCode.

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The UK wants to tax DeFi

The British government is considering the possibility of imposing a tax on crypto loans, as well as token bets in the context of decentralized finance. As a first step, it is necessary to understand how to reduce the expenditure of taxpayers in the industry, and then determine whether the tax scheme can suit the economics of transactions.

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Forecasts presented in this section only reflect the author’s own opinion and should not be considered guidelines for trading. RoboForex LP does not assume any responsibility for the trading results based on the trading recommendations described in these analytical reviews.

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