Crypto Market Watch: Bitcoin Facing The Crucial $7600 Level as Bears Persist

The last couple of days were pretty rough for Bitcoin and the altcoins. The crypto market is currently in a mixed state with major cryptocurrencies marking small gains and losses over the last 24 hours.

The daily chart shows that the bears are still suppressing BTC price below $8,000 after the coin went down to as low as $7,560 earlier this week. After achieving a high of $7934 on the day, Bitcoin is trading at $7,798 at the time of this writing. The second and third largest coins by market volume, ETH and XRP, are trading at $245 and $0.40 on the day, respectively.

The total market cap is ~$$248 billion | Bitcoin’s market cap is ~$138 billion | BTC dominance at 55.7%

Major Crypto Headlines

I Wouldn’t Buy Bitcoin: Says Allianz Global Strategist.  Neil Dwane of Allianz Global has revealed that Bitcoin is just a “figment of everyone’s imagination” and he wouldn’t buy it because there is no evidence that people can get their investments out of the system.

Harmony Protocol (ONE) Partners With Chainlink for Off-Chain Connectivity. The project which concluded its IEO last week on Binance Launchpad has announced a partnership with leading Oracle service provider, Chainlink.

Australia Investigating Major Tax Crimes as Part of Crypto-Focused Tax Enforcement Taskforce. The country’s tax agency is currently probing about 12 international high-end tax avoidance schemes with a focus on cryptocurrencies.

Most Significant Winners and Losers

EBST (92.43%)

eBoost (EBST) is the growth leader in the crypto market, with over 92% gains against the USD in the last 24 hours. At the time of this writing, EBST has a market cap of $2,697,176 and is trading at $0.0269.

ERC20 (78.21%) 

ERC20 is also performing well on the day. The cryptocurrency has been recording a staggering growth over the last 7 days but making gains of nearly 80% on the daily chart and trading at $0.04569 at press time.

SCC (-44.03%)

STEM CELL COIN (SCC) is down by nearly 45% over the last 24 hours of trading. The altcoin performed well at the start of the day but fell sharply within the last few hours. SCC is currently changing hands at $0.040315 from a price of $0.0868.  SCC has a market cap of $12,927,292 with a daily volume of $68,857 across all exchanges.

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