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Bitcoin Breaks Through $6,700, Downtrend More Likely Than Rally

The crypto markets have been getting mixed signals lately. However, over the past 24 hours, Bitcoin managed to push through $6,700 and record new gains. Most of the other altcoins followed, except from one in the top ten list that didn’t saw any major fluctuations.

The spotlight has been Bitcoin and the challenging $6,600 that it managed to break through. Right now, Bitcoin is trading at $6,732 which is above the $6,400 to $6,400 resistant level which has been described by Fundstrat as crucial for reversing the existing downtrend.

Ethereum (ETH), on the other hand, is up over 2% over the past 24 hours and is now trading at $470 at press time. The cryptocurrency is also holding the gains made during the market uptick on June 30th which made it rise up from near $400.

Meanwhile, Tether’s daily volume has increased 10% to $2 billion, signifying that traders on exchanges like Binance have started to hedge the value of major digital assets against the value of the US dollar through stablecoins.

Even though since July 2nd, we are seeing Bitcoin over the $6,000 region and constantly climbing, the leading cryptocurrency has also struggled to initiate a major movement on both the upside and downside, mainly because of the low daily volume of BTC.

So, in the short-term, it is likely for Bitcoin to fall to the lower end of $6,000 than to rise above $7,000 mark. In the mid-term, however, a major break could be recorded – and a large rally can be expected.

In the end, the volume is the main concern for the market. As of right now, the volume of BTC is struggling to remain above $4 billion, demonstrating a volume that is similar to that of Tether *USDT).

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Altcoin News

EOS Surges 15% In 48 Hours, Followed By Other Altcoins In A New Market Recovery

It seems like the cryptocurrency market is in a recovery this week, after a slight rally that pushed most of the coins to new heights.

The greatest increase was led by EOS, which rose 10% to trade and went over the $7.90 level after dropping to as low as $6.50 last week. Still, the increase was not limited to EOS exclusively.

Other coins also surged, including Stellar Lumens (XLM) which pushed forward over the $.22 mark in the past 24 hours. Cardano (ADA) also rose by 5%, trading at the $0.145 level and showing significant momentum after dropping below $.13 a couple of days ago.

EOS had an excellent 48 hours, rising more than 15% in 2 days. Ripple also showed a positive movement – after dipping close to the $0.40 level, it rose and touched $0.47.

Ethereum is also up by around 7% in the past two days and is currently trading at $474. Bitcoin Cash maintained a price between $780 and $795 and is now moving closer to another milestone which is the $800 mark. NEO showed a positive movement forward too, this time rising by about 8% and trading around $36 at press time.

DASH was among the coins that measured a slow recovery, followed by IOTA. Both of the coins measured 3% and 5% growth, leading DASH to a current price of $248 and IOTA to $1.07 respectively.

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Messaging Giant LINE Launches A Global Cryptocurrency Exchange

LINE, which is one of the biggest messaging platforms in Japan, recently launched a cryptocurrency exchange. Named BITBOX, the exchange will offer support for 30 cryptocurrencies including Bitcoin.

The announcement came this Tuesday, with LINE confirming the exchange and stating that it will only support crypto-exclusive trading pairs with no trading offered between cryptocurrencies and fiat currencies.

Currently, around 30 coins are being traded – including Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin. All of them went through “a very rigorous evaluation process” by the screening communities within the exchange.

The CEO of LINE stated the following:

“LINE has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BITBOX exchange.”

Right now, LINE sees more than 600 million registered users and 200 million monthly active users worldwide. As such, the exclusion of Japan will definitely have an impact on BITBOX’s growth since the country has the most influential market.

Meanwhile, LINE filed a crypto exchange application within the Financial Services Agency (FSA) in Japan earlier this year – all in order to conduct domestic operations. However, the application is still under review.

“The BitGo wallet is the only institutional-grade, multi-signature, multi-coin hot wallet.” LINE said.

The exchange (BITBOX) will offer zero trading fees for all listed coins in the first month of operations post-launch, welcoming more than 2 million registered customers with a ‘reward equivalent to US$10 in August’ which can be traded on the exchange.

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70% Of Premier League Football Teams Are In Discussions Over Crypto Sponsorships

After the advertising crackdown which stopped cryptocurrency-related companies from advertising on platforms like Google and Facebook, many companies have been eyeing alternative methods to promote their businesses.

Football, on the other hand, is one of the most popular sports with a global appeal – and the English Premier League is one of the targets for crypto companies. According to statistics, the Premier League is broadcast in 212 countries, reaching a potential audience of 4.7 billion people.

This, according to many, is why crypto companies are already discussing potential sponsorships with around 70% of the Premier League football teams. Aside from discussions, two companies managed to strike a deal and place their logos on the jerseys of two prestigious English Premier League teams.

One of them is the club popularly known as “Wolves” – or Wolverhampton Wanderers, which has signed a sponsorship with the Polish cryptocurrency platform CoinDeal. After raising millions of dollars over the past years, CoinDeal wants to further promote its crypto platform and reach mass appeal.

The Premier League club Arsenal has also signed a similar crypto deal in January 2018 – followed by big players like James Rodriguez, Eden Hazard, and Lionel Messi, all of which promoting various ventures.

According to experts, there are discussions taking place behind the scenes and we will definitely see more of such advertising in the near future. Just like any new market, it will take time.

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LocalBitcoins Trader Sentenced After Selling Narcotics On The Exchange

Theresa Lynn Tetley, also known by her alias “Bitcoin Maven” has been sentenced to 1 year and a day in prison, as well as a $20,000 fine and three years supervision after release for laundering Bitcoin. According to the US Attorney’s Office for the Central District of California, Tetley sold narcotics in an illegal bitcoin-for-cash exchange.

Tetley was also ordered to give up all of her illegal cash and crypto which summed up to $292,264 in cash, 25 gold bars, and 40 Bitcoins. The US District Judge Manual Real sentenced the 50-year old “Bitcoin Maven” for engaging in illegal Bitcoin transactions. The one-time real estate investor pleaded guilty to one count of money laundering and one count of operating a money transmitting business without a license.

After failing to register as a money service business with the Financial Crimes Enforcement Network (FinCEN), Tetley did not follow any anti-money laundering practices and customer due diligence. According to the reports, she used the peer-to-peer trading platform LocalBitcoins to exchange a total of $6 million to $9.5 million for customers nationwide.

Her unregistered company also gave a tip to the police that something fishy is going on, and that is how they pinpointed the illegal activities that Tetley had already set up. After exchanging BTC for cash with an undercover agent, the IRS led by Puneet Kakkar, prosecuted the case and sentenced her to 1 year in prison.

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