The US Securities and Exchanges Commission [SEC] yet again postponed the approval of a Bitcoin [BTC] ETF and pushed the final decision to October. With approval uncertain and people anxious, BTC seemed to have taken a hit. Bitcoin [BTC] was priced at $7,859, with a market cap of $139 billion. The 24-hour trade volume came up to $23 billion, out of which, BitMEX contributed 11.55% via the XBT/USD pair. BTC recorded a gain of 3.77% over the past 24 hours, at press time.
Litecoin, ranked fifth on CoinMarketCap, was priced at $89.26, with a market cap of $5.5 billion. The 24-hour trade volume came up to $3.1 billion, out of which Coineal contributed 9.88% via the LTC/BTC pair. LTC recorded a gain of 8.14% over the last 24 hours, at press time.
1 day – BTC
The one-day chart for BTC showed an uptrend from $5,560 to $8,203.32. The support points stood at $3,157.69 and $5,027.01. The resistance point was seen at $8,197.28.
The Parabolic SAR showed a bearish trend as the dotted markers were over the candlesticks.
The MACD indicator showed a bearish crossover as the MACD line reached a peak and then, fell below the signal line.
The Awesome Oscillator showcased a decrease in momentum, indicating a bearish trend in the offing.
1 day – LTC
The one-day chart for LTC showed an uptrend from $55.82 to $102.04. The support point stood at $22.64. The resistance points were seen at $95.27 and $102.04.
The MACD indicator showed a bearish crossover as the MACD line was below the signal line.
The Chaikin Money Flow was on zero, indicating an equilibrium between money inflow and outflow.
The Klinger Oscillator showed a bearish trend as the KO fell below the zero-mark.
The one-day charts for BTC and LTC showed bearish trends.
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Gemini outperforms Tether; stablecoins struggle as Libra’s shadow looms, finds Fundstrat report
Last week might have been the last phase of the ‘Gemini’ as Zodiac signs go. However, the twin-heads have surprisingly outperformed their stablecoin equivalent, Tether [USDT] as Libra scaled the market. With bullish sentiment emanating from Menlo Park, pushing Bitcoin [BTC] into fifth-heaven, stablecoins on the whole faltered.
According to a recent Weekly Performance Analysis by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC. Further, the same index was over the past month, down by over 35 percent and in the past 3 months, the stablecoin index fell by 175 percent.
Fundstrat, with reference to the nature of the FS CryptoFX Stable Index, stated,
“The FS CryptoFX Stable index is designed to track the performance of cryptocurrencies which are designed to be “stable.”
The Winklevoss twins’ Gemini Dollar [GUSD], which many expect to be eaten up in the Libra storm of 2020, overtook USDT on both the 1-week and the 2-week percentage price chart, a surprise to many.
USDT, despite accounting for a percentage weight of 74 percent, saw neutral movement over the past week, while GUSD inclined by a notable 1 percent. The only stablecoins that moved backwards on the seven-day change chart were the crypto-collateralized stablecoin DAI and Paxos Standard.
A similar trend was seen in the 14-day stablecoin price chart, relative to their weight, with GUSD outperforming USDT.
On the eve of the Libra announcement, the Winklevoss twins had both predicted that other FAANG companies could come out with their own coins to rival Facebook, a slightly tongue-in-cheek remark that presumably emanated out of spite over Zuckerberg once again overshadowing the Gemini founders.
Despite numerous reports on Libra’s apparent lack of one-for-one backing of USDT and the complexities around the Bitfinex-iFinex-Tether matrix surfacing in April with the New York Attorney General’s report, Tether has been performing well.
A recent Longhash report scored the top stablecoin 90 out of a possible 100, calling it “Extremely Healthy.” To add to this, a study by Binance Research stated that USDT found maximum usage among its institutional and VIP clients, operating in the books of 80 percent of the clients queried, while the next most dominant stablecoin was Circle and Coinbase-propelled USD Coin [USDC], raking in 45 percent usage.
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