Bitcoin and Ether Market Update: July 25, 2019

The total crypto market cap has lost $9.2 billion of its value since Monday, July 12, and dropped down to $278.2 billion. The top ten coins are all in green for the last 24 hours with Bitcoin SV (BSV) and EOS (EOS) being the biggest gainers with 39 and 19 percent of price increase respectively. At the time of writing bitcoin (BTC) is trading at $10,116 on the Bitstamp daily chart, while ether (ETH) stands at $222 and Ripple’s XRP dropped down to $0.319.

BTC/USD

Bitcoin closed the trading session on Sunday, July 21 at $10,598 with 3.3 percent of weekly increase. The most popular cryptocurrency managed to escape from the danger zone around $9,000 and avoided a break below that level.

It started the new week with a red candle to $10,329 on Monday, July 22 though as bears were still not ready to give up. The BTC/USD pair was trading as low as $10,040 during intraday and almost fell below the $10k support mark.

On Tuesday, July 23, it formed a third consecutive red candle on the daily chart and lost 4.5 percent to stop at $9,840 percent and dropping below the mentioned level. The weak support meant that the zone around $9,000 was still in play for bears who were still in control.

On July 24, we saw the price of BTC dropping even further, to $9,750.

Bakkt announced it has started the testing its futures platform. As per the official tweet from July 22, the subsidiary of the Intercontinental Exchange (ICE) entered the user acceptance testing (UAT) phase for daily and monthly futures contracts and will be looking to roll out its full services for institutional investors in the coming months.

ETH/USD

The Ethereum Project token lost $3 of its value and closed at $225 on the last day of the previous week. It remained flat for the period as bulls were trying to consolidate for an attack of the levels above $230.

The ETH/USD pair opened the new seven-day period with a four percent drop to $217 on July 22 and continued its decline on the next day, July 23 when it stopped at $211. It was of critical importance for buyers to defend the zone above $200 and somehow stabilize around $230 to avoid a freefall.

On Wednesday, July 24, the ether hit the $200 mark during intraday, but successfully rebounded and registered a green session by closing with some gains at $216.

The German Financial Market Supervisory Authority (BaFin) approved the issuance of a 250-million-euro worth of tokenized bonds on the Ethereum blockchain for the first time. Local real estate startup Fundament Group received the confirmation from German regulators that it can offer investors a new financial product in the form of a Real Estate Security Token, which is backed by a portfolio of properties across several German cities.