Crypto newsletter: Cryptocurrency market remains directionless

• Major coins trading sideways
• ETH user pays $5.2M in fees for 2 mysterious transfers
• Ripple joins Open Payments Coalition

 

We haven’t seen notable price changes across cryptocurrencies this week.  Most of the major cryptocurrencies were trading sideways and it seems that investors are looking for a catalyst for a bigger move. Today major coins launched the session lower and if the current sentiment prevails then declines could deepen over the weekend. The total market capitalization currently stands at $263.5 billion. Bitcoin maintains a dominant market position of  65.0%.

Bitcoin is testing key support level

Bitcoin has been trading in a tight range since mid-May as the cryptocurrency market struggles to find the direction amid rising global uncertainty.

This week Bitcoin price has struggled to overcome resistance at $9,600 and  is currently testing a strong support level at $9 270. If Bitcoin price drops below it a downside movement towards $9 000 could be launched. Source: xStation5

 

Potential sender of $5 million Ethereum transaction fees has been revealed

Last week, two mystery high-fee Ethereum transactions took place in which the sender paid a $5.2 million fee in Ethereum (ETH). The community was more intrigued by the low amounts of transfers, the first sent a total of 0.55 ETH and the second 350 ETH. At the begining it was considered as a mistake or a technical problem. However later on blockchain analytics and security firm PeckShield announced that a small South Korean peer-to-peer crypto exchange Good Cycle was behind those transactions. PeckShield said Good Cycle appears to be a Ponzi project and could be easily hacked because of its security flaws: the exchange's website uses HTTP protocol instead of HTTPS. Good Cycle did not comment or report the theft of its funds or a possible blackmail. On the contrary, researcher Alex Manuskin says that the theory of robbery or blackmail is unlikely. If this was the case then the system would have put an immediate defensive stop to all operations in the exchange. Operations would have been resumed once the security problems had been resolved. However, the address continued with its operations, Manuskin said.

Ethereum has been oscillating in a tight range since the start of the week amid slow trading activity across the board. Currently the price is testing support at $225.00. If sellers manage to break below it, an downward impulse towards $211.17 could be launched. On the other hand, once buyers regain control, the resiistance at $250.00 may be at risk. Source:xStation5

 

Open Payments Coalition Launches Payment ID

Ripple, Brave, and Huobi alongside other 40 leading technology, finance, and nonprofit companies entered into a coalition referred to as the Open Payment Coalition. The organization is expected to develop and release an instant payment network PayID across the world to simplify the process of sending and receiving money globally across any payment network and any currency. It is expected that the new payment platform will reach over 100 million consumers.
Similar to PayPal, only an email address or  a phone number that has been linked to users bank account will be required in order to send and receive money instantly.  Userw will no longer have to use bank account numbers, fund transfer codes, and SWIFT IDs. According to Caroline Bowler, the CEO of BTC Markets: "PayID is a crucial next-step in infrastructure that will bring ease of payments to an international audience."

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