Daily Market Brief O@N Crypto Friday 23RD JULY Caps an | O&N Crypto ® Official - News, Analysis and...

Daily Market Brief
O@N Crypto
Friday 23RD JULY


Caps and sentiment
Market capitalisation: $ 1.33 Trillion(↑ 1.32%) increase over past day
Bitcoin’s dominance: 45.38% (↓ 0.26%) decrease over past day
Fear Index: 23 ( from 20)

Top 10 coin prices
1. Bitcoin: $32,400
2. Ethereum: $2,050
3. Binance Coin: $289
4. Cardano: $1.18
5. XRP: $0.59
6. Dogecoin: $0.19
7. Polkadot: $12.92
8. Uniswap: $17.70
9. Bitcoin Cash: $445
10. Litecoin: $120


Brief analysis of the market

The fear and greed index has risen once again to 23 from its previous value of 20 yesterday. This shows a slight increase in positive market sentiment however we still remain in the extreme fear category which we have been in since last month, that being said following the B money conference, Bitcoin is now hovering at the 32K region having found support at the 32.4k region.

As we spoke about yesterday, Bitcoin still remains in a deadzone whereby there is no clear cut direction of whether were in a bullish or bearish price scenario. In this context we expect further consolidation of bitcoin around the 32K region. In a bearish scenario can we expect price to fall to the 30k region which has acted as a high level resistance. Conversely, in a bullish scenario we can expect to rally to the 34k region where price was before the grayscale FUD.

Due to the increased popularity of trading RUNE in the group, we would just like to talk about the price action. The recent price action has been driven by the security breach of the chaos net platform whereby an unconfirmed 4000ETH as well as bitcoin LYC ,BNB and other BEP-20 based tokens have also experienced critical exploits.

There is further fear over the vulnerable nature of the THORChain router despite upgrades dealing with ERC / Triple 7 tokens on July 9th. Although the Ethereum exploit has been fixed, the sophisticated attack on the ETH router is casting out amongst THORchain users. The THORchain actively working to rectify the issue amidst fears that ERC-20 Token pools can be the next target on the platform.