Daily market review for 21.07.2018

2018-07-23 14:45:59

Canadian Hut 8, engaged in the mining of bitcoin, in its press release, announced the completion of its second mining division in Medicine Hill, which was completed ahead of time, set in September. The new mining area is ready to begin work with the site located in Drameller.

Thus, the total capacity of both mining sites is 487.5 petachheshes per second (PH/s), which makes Hut 8 the world's largest exchange miner.

The launch of the new mining area was carried out jointly with BitFury, which granted it access to mining equipment and other resources.

The cooperation of Hut 8 and BitFury contributes to the further diversification of the bitcoin mining industry, the dominant role of which continues to be played by the Chinese company Bitmain.

“The combined capacity of both our mining sites is 66.7 MWth. We believe that this makes us the largest cryptocurrency miner in Canada and the world's largest listed cryptocurrency miner, “Andrew Kiguel, president and CEO of Hut 8, said.

Hut 8 managed to succeed, even though this year Canada has become not the most favorable jurisdiction. Local politicians doubt the value of mining enterprises for the economy and create various obstacles for the mining companies that are trying to access cheap electricity in the province of Quebec and to create there sites for the production of cryptocurrencies.

Now, let's move to the technical analysis of Bitcoin (BTC):

Bitcoin partially realized our Friday forecast, it fell to the mark of $7,180. Then, it turned and started to grow. During the whole weekend, it was growing smoothly and finally reached the mark of $7,750. Now, it is at the important level. Time will tell, if it is able to grow further. The nearest resistance level is $8,600. The nearest support level is $7,350.

Technical analysis of Ethereum (ETH):

Ethereum fell to the level of $435, exceeding our Friday forecast. Then, it turned and bounced, not reaching the mark of $465. The absence of trend strength offers little room for optimism. The nearest resistance level is at $475. The nearest support level is at $440.

Technical analysis of Ripple (XRP):

Ripple clearly worked out the “head and shoulders” pattern, going down to the mark of $0.42. In these latter days, cryptocurrency does not like levels with round figures. This is confirmed, because ripple did not reach the level of $0.40 and stopped at $0.42. Then, it jumped to the level of $0.45. We expect further downward correction. The nearest support level is at $0.41. The nearest resistance level is at $0.47.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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