iGaming Crypto Watch July 2023 – Is crypto poised for a bull run?

Crypto continues to break boundaries as the market looks poised for another bull run. Or could it simply run out of steam? (Image from Pierre Borthiry at unsplash.com)

Regulation of the cryptocurrency world is constantly being researched and developed around the globe.

The countries that regulate the crypto sector use tax laws, regulations aimed at preventing the money laundering and financing of terrorism, consumer protection laws, licensing and transparency requirements are different ways that regulators control these operators.

The U.S. is not restricting the cryptocurrency industry but is instead, trying to provide a framework for financial institutions to sell digital assets. The SEC has been embattled in several court cases with a handful of crypto exchanges (and Ripple), alleging that crypto coins are securities and should be regulated and treated as such. The outcomes of these ongoing legal campaigns will definitely change the crypto world and how digital assets will be administered going forward.

There are currently 25 jurisdictions that are regulated or in the process of instituting regulations. The U.K. is the newest regulated market and several days ago passed official legislation to regulate cryptocurrencies. The government will introduce regulatory sandboxes to support firms’ future blockchain technology testing. This move will give regulators the power to govern the U.K. market and supervise and sanction companies not adhering to the new policies.

This week’s report includes Bitcoin, Bitcoin Cash, Litecoin, TRON, Ripple and Ethereum and will examine their pricing movements over the last couple of weeks.

iGaming Crypto Watch: Rewind to one month ago to see how crypto prices faired in the iGaming Crypto Watch June 2023 update here.

iGaming Crypto Watch July 2023 Updates

Bitcoin (BTC) – The big news for Bitcoin is it shot past the $30K USD level. BTC is currently trading at USD 30,668 and looks poised to break out to higher highs. Market analysts attribute the sharp rise in share price to two factors, the interim FTX management team recovering USD 7b in liquid assets and the resubmission of spot-price ETF applications. Last week ETF applications were rejected by the Cboe but resubmitted by Blackrock, with an added amendment that Blackrock will partner with Coinbase and oversee all transactions. These two factors have renewed interest in BTC, driving the price up. BTC sees $31k as the next resistance level and the next target at USD 32,500.

BitCash (BCH) – The most exciting news in the crypto world is the spectacular rise of BCH. Since June 20^th, the altcoin is up 157% and is trading at 295 USD. BCH is still down from an all-time high of 1,399 USD, achieved last year in May, but is bouncing back. Interestingly, BCH short sellers are still the most active in the market, with a spike in South Korean traders over the last few days. If seller pressure continues, BCH could come off as sharply as it rose.

Litecoin (LTC) – Litecoin broke the psychological barrier of 100 USD last week and is currently trading at 112.12 USD. The altcoin is up almost 17% since the last report and is apparently driven by the halving event coming up next month. The bullish trend is also riding on the coattails of BTC, which experienced a large increase in price. Market analysts are predicting that LTC will rally to 140 USD before the halving and may hit 200 USD after the event.

TRON (TRX) – After hitting a yearly high of 0.083 earlier in June, TRX came off sharply but has started to regain its previous losses. Analysts believe the altcoin is bullish and should breach 0.080 USD in the coming weeks. If 0.080 USD is reached, the next resistance level is 0.083 USD and should run to the next level of 0.086 USD. TRX is currently trading at 0.077 and support at 0.076 USD.

Ripple (XRP) – As Ripple continues the ongoing legal battle with the SEC, the share price has taken a hit in the last month. XRP has dropped 7% since the previous report, showing selling pressure ahead of the expected SEC ruling. The court decision will likely be in early September, but this could be delayed even longer due to its global implications on cryptocurrency. The outcome of this case will also affect ongoing court cases with Binance and Coinbase. XRP is trading at 0.48 USD, resistance at 0.49 USD, and support at 0.47 USD.

Ethereum (ETH) – While ETH is up 66% since the start of the year, it has been flat for the last few months and up a meager 3.63% in the last month, when compared to its peers. This could be a correction in the coin price and may breakout in the upcoming month, as some market analysts predict. The stock is currently trading at 1,921 USD and the major support level is 1,900 USD and resistance at 1,960 USD.

Disclaimer: This is not financial investment advice, and we do not provide any advice on whether to invest in crypto. For more information about cryptocurrency as a casino payment method, see our cryptos in casinos guide.