19 Jul 2021: Bitcoin consolidates lower as regulatory blows to sentiment continue

📉 BTC | $31,710 (-21, -0.1%)

📉 ETH | $1,894 (-31, -1.6%)

📈 XRP | $0.58 (+0.0, +0.0%)

📉 LTC | $119 (-2, -1.5%)

News on Binance continued coming in over the weekend, with the company stopping their much vaunted stock token products (customers could buy crypto tokens of stocks) after Hong Kong regulators explicitly banned the token.

A US Federal Reserve study has shown that the $1,200 stimulus checks last year only contributed to around a +3.8% rise in trading volume and +0.7% increase in price for Bitcoin. This was much less than expected for many, with the figure coming in less than Bitcoin’s daily ‘standard deviation of 4.6%

XRP appears to be approaching its own Death Cross, a few weeks after Bitcoin made its own. XRP’s previous death crosses have hardly guaranteed bearish impetus however, with XRP rallying particularly amidst oversold conditions. Investors should monitor buying momentum indicators such as the RSI in the coming days.

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