Crypto Market Update: A Closer Look at BTC, LEO, HT, and KCS

Siamak Masnavi

This article takes a closer look at the latest price action of Bitcoin (BTC), UNUS SED LEO (LEO), Huobi Token (HT), and KuCoin (KCS) and news stories that might be affecting them.

Bitcoin (BTC)

According to CryptoCompare, since 01:40 UTC on July 30, Bitcoin has been trading below $9,500. At press time (06:16 UTC), BTC is trading at $9,469, down 1.11% in the past 24-hour period:

BTC-USD 24 Hour Chart on 30 July 2019.png

In fact, since the BTC price dropped almost $500 (from $10,062 to $9,518) on July 27, it has been mostly hovering between $9,400 and $9,600. One reason for the BTC price staying below $10,000 these past few days might be that the market is waiting to hear what happens later today at the "Examining Regulatory Frameworks for Digital Currencies and Blockchain" hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs (aka "Senate Banking Committee").

The witnesses will be Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle, who is giving testimony on behalf of the Blockchain Association; Rebecca M. Nelson, a Specialist in International Trade and Finance at the Congressional Research Service; and Mehrsa Baradaran, Professor of Law at University of California, Irvine School of Law.

You can watch this hearing live on the U.S. Senate's website. It will start at 10:00 (Eastern Time or 04:00 UTC) on July 30.

According to CryptoCompare, at 11:18 UTC on July 28, the Bitcoin (BTC) price is trading at $9,469, which means that it is down 0.55% in the past 24-hour period:

Altcoins

As for the altcoins, here is how some of the most popular ones are currently doing:

Altcoins 24 Hour Chart on 30 July 2019.png

UNUS SED LEO (LEO)

LEO is the best performing coim/token amonst the top 20 cryptoassets (by market cap). As of 06:41 UTC on July 30, LEO is trading at $1.353, up 3.44% in the past 24-hour period:

LEO 24 Hour Chart on 30 July 2019.png

The bullish mood around Bitfinex's LEO token might be caused by what happened in New York City on Monday (July 29).

According to a report by Coindesk, New York Supreme Court Judge Joel M. Cohen had to make "a final decision on whether to dismiss the NYAG’s case entirely, or rule the other way and reject Bitfinex and Tether’s motion to dismiss." Judge Cohen said that he needed more time, which means that there is a chance he will agree with Bitfinex's lawyers and dismiss the case against Bitfinex/Tether entirely. The lack of a ruling means that "Bitfinex and Tether can continue operating their businesses as normal, but Tether still cannot lend any more funds to Bitfinex."

Huobi Token (HT) and KuCoin (KCS)

Both exchange tokens are in the green while most altcoins are in the red:

HT-USD 24 Hour Chart on 30 July 2019.png

KCS-USD 24 Hour Chart on 30 July 2019.png

As Su Zhu, the Co-Founder, CIO, and CEO of Three Arrows Capital pointed out on July 29, both Huobi and KuCoin are launching staking programs, thereby increasing the value of their tokens:

 

Featured Image Credit: Photo via Pexels.com