Cryptocurrency News Roundup for July 24, 2020

Cryptocurrency News Roundup for July 24, 2020

The rapid growth of the still-nascent decentralized finance (DeFi) industry is undoubtedly one of the most significant developments in the crypto space this year. However, for better or worse, the DeFi ecosystem has so far advanced without Bitcoin playing any part in it.

This has prompted many in the broader crypto community to ask what will happen if the alpha-crypto eventually abandons its absence to become part of the ever-evolving DeFi craze.

Is it even possible to build DeFi on Bitcoin? And if so, what are the broader implications when Bitcoin starts playing a central role in the space?

More on that and other big stories from the day in the Friday edition of BeInCrypto’s daily news roundup.

Can You Build DeFi on Bitcoin? What the Experts Say

Apparently, the commonly held view by many experts is that it’s not impossible to build DeFi on the benchmark crypto. Tough – yes, but certainly achievable. Matthew Black of Atomic Loans, for example, says that the biggest hurdle to having Bitcoin as an active player in the DeFi scene has nothing to do with the technicalities.

Cryptocurrency Adoption

It’s just that the vast majority of participants within the Bitcoin ecosystem are individuals with their own agenda, holding back potential development.

How DeFi’s Exponential Growth Could Spark the Next Crypto Boom

The growth in the DeFi markets appears to be going parabolic. Today, total value locked has hit a new all-time high of $3.5 billion according to DeFi Pulse. Ethereum lockup has also reached a new peak with 4 million ETH, or 3.6% of the whole supply, locked into smart contracts for borrowing and lending markets.

DeFi tokens are the driving force for crypto markets at the moment with some of them recording four-figure gains since the beginning of this year.

Bitcoin Begins Retracement After Multiday Rally

Yesterday, the Bitcoin price created another bullish candlestick that had wicks on both sides. This is the third consecutive bullish candlestick since the breakout on July 21.

The rally seems to have stalled at the 0.5 Fib level of the entire decline that began on June 1. Using the Fib retracement tool on the most recent fall, we see that the price has moved slightly above the 0.85 Fib level.

 

Since this is not a common reversal level, it’s likely that the price will eventually move above the June 22 high of $9,780

  • The Bitcoin price has likely finished the third wave of a five-wave Elliott formation.
  • There is resistance at $9,750 and support at $9,250 and $9,400.
  • There is bearish divergence on the hourly RSI.

After Breaking Out, Tomochain (TOMO) Aims For 15,500 Satoshis

In the shorter-term, the price has formed a shooting star candlestick, which is a bearish reversal sign, often indicating that the upward trend has ended. This was done on considerable volume. However, the price has rallied since then and is currently testing the highs of the shooting star.

Therefore, the price should retrace back to the breakout level, which it also validated as support in the form of a long lower wick before eventually moving upwards.

DOGE Reaches Support, Could Soon Resume Its Upward Movement

On July 6, the DOGE price initiated a rapid upward move that caused it to break out from a descending resistance line that had been in place since October 2019. It subsequently increased by 135% in two days. However, the price has been declining since, losing the majority of the gains made during the breakout.

The price has retraced almost all the way to the previous descending resistance line, finding support above the 50 and 200-day moving averages (MA), which have made a bullish cross.

  • Bitcoin
  • Ethereum
  • Litecoin
  • Zcash
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