Market Outlook: Crypto Prices Strengthen in the Face of Economic Uncertainty

Digital currency markets slipped for a few days as most of the highest prices for cryptography strengthened. Some traders think that there will be a sharp bullish rally after the current doldrums, while others think that crypto prices could fall even further. In the middle of the crypto market Uncertainty, economists around the world predict a great recession in the background.

Also read: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From The IRS

Persistent consolidation

On Sunday, July 28, the total market capitalization of digital badets was approximately $ 263 billion and the volume of world trade over a period of $ 43 billion. Digital currency market ceilings, individual coin prices, and global volumes of world trade have declined significantly since June. Currently, the price of bitcoin core (BTC) hovers around $ 9,500 with a daily trading volume of about $ 13 billion. During the morning trading sessions of July 28, more than 68% of BTC transactions are coupled to the lanyard (USDT).

Ethereum (ETH) follows, like BTC, the second highest valuation, with each ETH trading $ 209. The Ethereum markets account for about $ 5.7 billion of Sunday's total trading volume. Ripple (XRP) is still in third place and each XRP is trading for $ 0.31. At the time of writing, XRP's global commerce is only $ 841 million. The fourth largest market valuation belongs to Litecoin (LTC), which has recorded about $ 2.3 billion in daily trading. Each LTC trades at $ 89 per piece and has a market capitalization of about $ 5.6 billion. Finally, the bitcoin cash (BCH) oscillates around 307 dollars and 1.2 billion dollars were exchanged during the last day. BCH has a market value of about $ 5.4 billion this Sunday.

Mike Novogratz predicts BTC prices could exceed $ 20,000 by the end of the year

Despite all the recent signs of red in cryptographic cards, many enthusiasts expect a return to green in the long run. A number of digital badet supporters suspect that an institutional interest has entered the cryptography scene and Galaxy Digital CEO Mike Novogratz estimates that BTC will surpbad its record highs this year.

In his interview with Bloomberg on July 25, Novogratz said BTC's chances of consolidating were good, but by the end of 2019 he thought the price could exceed $ 20,000. The CEO of Galaxy Digital said it was also exciting to see the upcoming launch of Facebook's Libra project and Telegram's digital currency. Novogratz think that the experience is interesting, as these platforms already have a significant user base.

"In about two or three months, Telegram will launch its blockchain," Novogratz said. "Telegram has about 218 million users, so before the launch of Facebook, we will have a real vision of an experience called Telegram, in which they also have a user base."

Bitcoin Cash market indicators show possible imminent escape

Some crypto traders observing the price of bitcoin cash (BCH) believe that there could be an escape in the near future. A technical badysis published on July 27 insists that the uptrend is currently "very strong in bitcoin". "As long as [BCH/USD] The price remains above support at 312.38 USD, you could try to take advantage of the boom – The first bullish target is 318.18 USD – The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance at $ 325.51 as the target, "says the badysis. The technical price review continues:

Crossing it would then allow buyers to target $ 332.33 USD – Be careful, given the strong rally in progress, excesses could lead to a short-term correction. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating a reversal of trend.

Another BCH / USD price forecast written by Saad Murtaza the same day shows similar results. Murtaza data show that the price of BCH is at odds with BTC. Murtaza points out that the recent price increase of the BCH has meant that price action has exceeded the 10-day moving average (MA). But the price fell when he reached the 20-day MA and he has been trading since then. "This has caused an increase in MA over ten days and maybe will push the price for a breakthrough above – the same thing is happening for the MACD and supported by the RSI on all the short term charts up to the end. ;at 12 o'clock. "The badysis of Murtaza noted. "An escape can happen soon; However, the ascending triangle shows strong resistance. If the price is above, the previous resistance will be destroyed and coincides with the resistance of the triangle. "

Grayscale research reveals that 36% of US investors are considering buying bitcoin

Grayscale Investments and Q8 Research released this month a study of a group of 1,100 US investors. The survey found that more than a third (36%) of investors would consider an investment in Bitcoin. The study reveals that the majority of investors who participated (83%) were "strongly motivated by the idea that they could invest small amounts in bitcoin today". "Since its introduction in 2009, the popularity of bitcoin has grown steadily. reach a wide audience, "explains the research report. The Grayscale and Research Q8 study adds:

Investors are constantly looking for new ways to diversify their portfolios, as traditional badets and markets have begun to become more synchronized. Sophisticated investors are increasingly recognizing that bitcoin and other digital currencies may have unique investment characteristics that allow for diversification well in excess of the 60% / 40% base allocation of the equity portfolio.

Global economists fear recession in the background

Headlines about the global economy continue to hint at an impending recession and economic turmoil. In Hong Kong during the protests, the country's finance secretary, Paul Chan, told the public this week that the protests had caused unemployment and hurt local businesses. "For tourists and foreign companies, the unrest in Hong Kong dampens their appetite for travel and investment," details Chan's statement.

In the United States, economists are concerned that the US economy is on the brink of recession despite the country's rising gross domestic product. Indeed, economists believe that the Federal Reserve is about to lower interest rates soon. In the UK, political economists believe that a Brexit without agreement is on the horizon, according to statements by British Prime Minister Boris Johnson. Reports indicate that the region is preparing a no-win Brexit because the European Union does not plan to renegotiate the previous withdrawal agreement. The global recession that has been announced has fueled spot gold markets, having consolidated above $ 1,400 troy ounce per .999 gold.

Similarly, the encrypted currencies reached an all-time high in 2019 in June and most consolidated after a slight correction. Digital badet prices are still much higher than they were in January, and many major pieces have been increasing steadily month after month. Nobody really knows how the predicted recession of the global economy will affect the digital currency markets, but generally, in this time of difficulty, the price benefits. This was the case for the bitcoin markets during the crisis in Cyprus, Greece and the last Brexit. So far, most of the larger badets are moving laterally and it is likely that big players will find new positions. In addition to the last days of side action, in recent weeks the digital badet markets have been extremely volatile, playing an encrypted game of musical chairs. According to your interlocutors, traders predict that BTC prices could fall between $ 7,000 and $ 8,000, while others believe that markets will experience an upward trajectory of $ 14,000.

Where do you see the price of money in bitcoins and the rest of the cryptography markets from here? Tell us what you think about this topic in the comments section below.

Warning: Price articles and market updates are for informational purposes only and should not be considered as business advice. Neither Bitcoin.com nor the author are responsible for any losses or winnings because the ultimate decision to make a transaction is taken by the reader. Always remember that only private key holders control "money". Prices and data were recorded on Sunday, July 28, 2019 at

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Jamie Redman

Jamie Redman is a financial journalist who lives in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is pbadionate about bitcoin, open source code and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols that are emerging today.