Crypto newsletter: Bitcoin trading range is getting tighter

1:25 PM 3 July 2020
• Major Cryptocurrencies continue to trade in sideways move
• Weaker correlation between Bitcoin and traditional markets
• Lithuanian central bank  issues digital coin
The crypto market remains trading in a sideways trend, however this week the ranges has narrowed even further. After signs of a possible upward shift on Wednesday, the market was once again disappointed to see major coins returning to their local support levels. The capitalization of all digital assets in circulation reached $259 billion, while an average daily trading volume is registered at $55 billion. Bitcoin's market dominance decreased to 64.5%.
Bitcoin and stock market correlation is weakening

Bitcoin and other altcoins continue decoupling from the stock market as the major US indexes jumped on Thursday after better than expected NFP report, while Bitcoin price little changed. At present it cannot be clearly stated that BTC is fully uncorrelated with traditional markets, but many experts consider this as a positive signal for the crypto market.

Bitcoin continues to swing within a $8900 support and $9275 range. In case of a daily close below $8900 level, bearish signal would be generated with a $8600  being a level to watch. However, in case we finally see a break above 9275, the upward move may accelerate. The MACD continues to reflect the lack of volatility and shows an extremely flat profile. Source: xStation5

Ethereum waiting for a catalyst for a bigger move

The Ethereum wallet MetaMask has launched an update to its Web3 with the key focus on privacy features. MetaMask users can store ETH and other ERC-20 tokens and access them via browser extension. Developers announced the release of the Version 8 that features new interface and enhanced privacy control.
In MetaMask V8, when users connect to a website,  they receive an  option to select one or more accounts to associate with that website or create a new account just for that site. It is up to the users what each site has access to.
Ethereum is trading in the middle of this week’s range at $222.89 The positive movement of Ethereum needs to go above the $230.74 level to confirm the new bullish scenario for the short term. However breaking below $218.75 declines could deepen towards 211.56 support. Meantime MACD is completely flat with no clear direction. This type of structure usually has a violent resolution of uncertain course. Source: xStation5
Central Bank of Lithuania to become first eurozone bank to issue digital coin

The Central Bank of Lithuania  launched  first digital currency issued by a national banking institution. At the moment, its usefulness is minimal, but the information and experience it will bring to the issuing bank will be of very-high value.
 "No one in the central bank community was thinking seriously about the digital currency before we realized that there is a legitimate threat of someone else taking our space", said Marius Jurgilas, Deputy Governor of the Central Bank of Lithuania.
Xtb logo

Join over 1 000 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
userBranchSymbol cc 2 March 2024
test_cookie cc 25 January 2024
adobe_unique_id cc 1 March 2025
__hssc cc 8 September 2022
SESSID cc 2 March 2024
__cf_bm cc 8 September 2022
intercom-id-iojaybix cc 26 November 2024
intercom-session-iojaybix cc 8 March 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
_gid cc 9 September 2022
_gat_UA-98728395-1 cc 8 September 2022
_gat_UA-121192761-1 cc 8 September 2022
_gcl_au cc 30 May 2024
_ga_CBPL72L2EC cc 1 March 2026
_ga cc 1 March 2026
__hstc cc 7 March 2023

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
MUID cc 26 March 2025
_omappvp cc 11 February 2035
_omappvs cc 1 March 2024
_uetsid cc 2 March 2024
_uetvid cc 26 March 2025
_fbp cc 30 May 2024
fr cc 7 December 2022
_ttp cc 26 March 2025
_tt_enable_cookie cc 26 March 2025
_ttp cc 26 March 2025
hubspotutk cc 7 March 2023

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence