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Crypto Keeps Crawling Higher, Will It Last?

Seriously, can things keep going up, or are we just getting positioned for another emotional roller coaster before another big flush occurs? From a technical analysis viewpoint, the cryptocurrency market has performed spectacularly over the past several weeks. As a result, Bitcoin ($BTC.X), Ethereum ($ETH.X), and the broader altcoin market have experienced a comfortable and gradual rise. 

But how long can it last? Will it keep going? It’s early in the week, so it’s too early to tell. However, the weekly charts suggest higher prices may be difficult to achieve without a pullback. 

But before we get into that, we’ll review some major cryptocurrency exchange news affecting multiple exchanges around the globe. 

Here’s how the market looked at the end of the normal trading day:

Cardano (ADA)
$0.535
1.33%
Binance Coin (BNB)
$327.01
1.33%
Bitcoin (BTC) $23,989 3.30%
Dogecoin (DOGE)
$0.072
1.59%
Ethereum (ETH)
$1,784
4.94%
Polkadot (DOT) $9.28 7.28%
Solana (SOL)
$42.43
4.46%
XRP (XRP)
$0.385
2.44%
Altcoin Market Cap
$649 Billion
2.72%
Total Market Cap
$1.11 Trillion
2.97%

Crypto Exchanges Experience Bullish and Bearish Events Featured Image

There’s been a big chunk of news lately regarding various cryptocurrency exchanges, with a strong mix of bullish to bearish sentiment. 

Crypto.com ($CRO.X) continues to act aggressively during the market downturn and has its eyes on South Korea. South Korea has some of the strictest reporting requirements, so Crypto.com’s targeting of that market sends a clear message to competitors. However, it remains to be seen whether it can faceoff against Upbit, Bithumb, Coinone, and Korbit. 

Despite the legal woes and low investor sentiment, Robinhood’s ($HOOD) cryptocurrency business continues to expand its offering. Today, Robinhood announced the addition of Stellar ($XLM.X) and Avalance ($AVAX.X) to its platform. Stellar and Avax have hit intraday highs in the +10% range but have given up a good chunk of those gains. 

Surprisingly (or maybe not surprisingly), crypto exchanges FTX ($FTT.X) and Bybit have recorded large gains in traffic while other big names have seen major drops. YoY traffic increases have seen FTX traffic spike +123% YoY, WhiteBit +244%, Bybit +160%, and KuCoin +50%. However, two of the world’s biggest cryptocurrency exchange firms have recorded YoY traffic losses. Coinbase ($COIN) is down -46%, while Binance is down by -40%.


If you think that the Technically Speaking articles are popping up with increased frequency, you’d be right. And as long as the crypto market continues to push towards critical support and resistance levels, we’ll highlight the technicals in detail. 

Also – if you want to see a bigger image, right-click on the chart images below and select open in a new tab

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Links

Links That Don’t Suck:

⛑️ Celsius wanted to re-hire its old CFO for $90k+ a month to help with its bankruptcy proceedings. They’ve had a change of heart. Probably not a good idea to bring back the guy who said he’s really confident about Celsius’s position just before it collapses. Full story on bitcoinist

👆 Market sentiment remains steady but a little timider around the critical $24,000 level for Bitcoin. More details from newsbtc

🤣 Well, here’s a surprise: a Bloomberg analyst says Bitcoin is likely to transition to a risk-off asset in the second half of 2022. However, that is predicated on a severe global recession. Cointelegraph has the full story

👆 One of the big Ethereum mining giants, Bit Digital, reportedly grew its ETH holding by nearly 600% in July – going from 313ish ETH to 2,176. Read more from cryptoslate