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Cryptocurrencies are recovering from the bear markets. Monero, Zcash, and Chainlink are almost out of the downtrend zone as the cryptos make positive moves. Bitcoin SV and Stellar are currently in a sideways trend as the coins battle to come out of the downtrend zone.
Crypto currencies are in a bear market as coins face selling pressure at the bottom of the chart. The other coins are in a period of consolidation to rebound. The markets are characterized by small body candlesticks like the Doji and Spinning tops which described the indecision between buyers and sellers. The coins may face breakdown or breakout as it consolidates at the oversold region.
The altcoin under review were making an impressive move in previous weeks. However, as most of the coins reach their major resistance levels, the various coins dropped in price valuation. Some of the coins are in a sideways move, pending the determination of the next price direction.
Launched in January 2014, the cryptocurrency Dash was created to overcome certain confidentiality issues associated with Bitcoin. Together with Monero and Zcash, Dash is one of the top three privacy coins. As of July 31, the market cap of Dash exceeds $943M, according to Coincodex. The currency is accepted by a number of recognized merchants and even offers a contactless debit card to process ordinary payments at retailers in Dash.
There is a lot of hope among the Millennials about the chances of crypto being recognized widely, and almost half of those who believe this would choose using crypto over the U.S dollar, according to a recently carried out consumer survey on consciousness of and attitudes about crypto.
Recently hacked Japanese cryptocurrency exchange Coincheck has officially announced it will remove four major virtual coins from the trading list by June 18. The company needs to meet Japan’s Financial Service Agency (FSA) requirement which bans crypto coins with a high level of anonymity.
Japan’s Financial Services Agency (FSA) has allegedly strengthened its position towards domestic cryptocurrency exchanges. The financial institution wants them to remove from the trading list altcoins which give, as they state, an opportunity to conduct anonymous transactions, facilitate illegal activity, and enhance money laundering.