Markets Update: BTC Shorts Approach Record Highs This Week

Markets Update: BTC Shorts Approach Record Highs This Week

Cryptocurrency markets have been consolidating after a few volatile spikes and subsequent dumps over the last few weeks. Now a lot of crypto-traders are uncertain what will happen next, but quite a lot of people are showing pessimism by betting against cryptocurrencies like BTC with short positions. At the moment, BTC/USD short positions on Bitfinex are slowly approaching the all-time high that took place this past April.

Also read: Testing the Newly Transformed Non-Custodial Coinbase Wallet   

BTC/USD Shorts Stack Up

Last April, BTC/USD short positions on Bitfinex reached a high of over 40,000 and now market shorts are climbing awfully close to that all-time high this August. At press time, there are 39,039 shorts on Bitfinex which means one of two things will happen — Either the price will drop downwards following suit with the bear’s predictions, or the bulls are playing a trick and the price will spike upwards very quickly in a very fast short-squeeze. People who are shorting BTC/USD believe and are betting the price will go down in the near future.

Markets Update: BTC Shorts Approach Record Highs This Week
BTC/USD shorts on Bitfinex are awfully close to April’s all-time high.

Long positions on Bitfinex are less than shorts at the moment, but not too much lower as there are 25,895 longs today on August 21. Traders playing long positions hope the BTC/USD price will replicate the action that took place last April when the price spiked fast and many got squeezed.

Markets Update: BTC Shorts Approach Record Highs This Week
Traders are betting long this week as well with 25,895 longs today on August 21. 

Waning Spot Volumes and a Lot of Money in Tether

There are two things that are also weighing heavily on traders: the lack of trade volume these days, and the amount of money in tether right now. BTC/USD trade volume has dropped significantly over the last few months and is around $3.7B over the last 24 hours. The lack of volume makes people leery of betting on a major rally as some traders think there’s not enough push to prime another bull-run.

Markets Update: BTC Shorts Approach Record Highs This Week

However, the large amounts of funds in tether (USDT) right now gives people the reason to believe all that money will flow back into cryptocurrencies. Tether does have a lot of money as the currency now holds the 8th largest market capitalization amongst every coin on August 21. USDT has a market valuation of around $2.7B right now and optimistic traders believe a large portion of that money will be back soon.

Leveraged Betting Increases Exponentially as Traders Hope They Made the Right Choice  

Additionally, leverage trading on exchanges that allow traders to bet short or long has grown exponentially over the past two months. Exchanges that offer these trades, like Bitfinex and Bitmex, have seen significant trades volumes. Bitfinex is the third largest trading platform by volume today on August 21, with $280M USD worth of BTC swapped over the last 24 hours. Another example is the leverage trading platform Bitmex, which traded 1,041,748 BTC on July 24 shattering records by hitting a daily trade volume over $1B USD. Bitmex touched another volume high again by swapping 1,027,214 BTC on August 8.

This week markets have been a lot less volatile which is giving everyone the impression that something will change shortly, especially with all the shorts stacking up over the last seven days. BTC/USD prices are hovering above the support zone, the rough region where most traders believe is BTC’s bottom ($5,800). Either the bulls will get rejected and the support zone gets tested again or they surpass current resistance and move back towards the $8K range. One thing is for sure, traders are betting on this outcome feverishly and hoping they made the right choice.

Where do you see the prices headed from here? Are you short or long? Let us know in the comment section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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Want to create your own secure cold storage paper wallet? Check our tools section.

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Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

Cryptocurrency prices have seen some recovery after our last markets update four days ago when a large majority of digital assets lost quite a bit of value. Since then, and more so over the last 48 hours, the entire crypto-economy capitalization ($216B) has gained roughly $20B. The action yesterday was more bullish as most of the top digital assets were up between 6-20 percent but have since lost some of those gains during this weekend’s trading sessions.

Also read: Testing the Newly Transformed Non-Custodial Coinbase Wallet

Up Moves, Down Moves, and Eight Months of Corrections

Last week was pretty bad for most of the top digital asset markets, except we mentioned during our last markets update that bitcoin core (BTC) spot market prices took the least of the blows downward. Then a little less than 48 hours ago and mostly yesterday cryptocurrency markets picked up again with BTC touching a high of $6,615 on Bitstamp. But on Friday, August 17 most digital asset markets besides BTC reaped a lot more gains as a good portion of the top markets saw 10-20 percent spikes.

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

The biggest gainers were ripple (XRP), monero (XMR), and stellar (XLM) as the values of each currency are up between 2-5 percent over the last seven days. Top digital currency trade volumes today are held by BTC, USDT, ETH, EOS, XRP, and BCH. There’s been about $14B USD worth of trade volume swapped among all 1600+ virtual currencies.  

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets are down today 4.3 percent while the past seven days show BCH is also down 2.2 percent. At the time of writing, BCH/USD markets are valued at $560 per coin with an overall market valuation of around $9.68B today. The top five exchanges swapping the most BCH this weekend are Okex, Coinex, Binance, Hitbtc, and Bitfinex.

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

Market volume is fairly decent, but weaker with $420M USD worth of BCH traded over the last 24 hours. Right now the top currency paired with bitcoin cash on exchanges is tether (USDT) which captures 49.2 percent of all trades. This is followed by BTC (27.5%), USD (10.5%), ZB (3.44%), QC (3.16%), and the KRW (2.15%).

Bitcoin Core (BTC) Market Action

Bitcoin core (BTC) prices are up about 1 percent over the last seven days worth of trading sessions but are down 1.9 percent today. At press time the average price for BTC is around $6,430 per coin and BTC’s market capitalization is $110B. The top exchanges today trading the most BTC include Bitflyer, Binance, Coinbene, Bitfinex, and Okex.

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

As mentioned above, BTC captures the top volume position with around $4B in 24-hour trade volume which is much weaker than the $5.5B traded four days ago. The top pairs trading with BTC involve the following currencies tether (USDT 59.1%), USD (19.6%), JPY (11.5%), EUR (2.9%), KRW (2.3%) and bitcoin cash (BCH 1.7%).

The Verdict: Uncertain Predictions

At the moment, even with prices showing some upswing, and some traders believing cryptocurrencies will enter a bullish trend, most traders still seem pessimistic. It’s difficult to see digital assets rise with dwindling trade volumes. Furthermore, a lot of confidence has been shot over the last eight months of false bull flags and many psychological price levels degrading. Some believe there is a noticeable support zone and prices may still move sideways and test these zones again. Other, more optimistic traders think the path of least resistance is towards the upside and markets are entering a bearish-to-bullish trend. Much of these short-term theories will likely be confirmed within the next 48 hours.

Where do you see the price of BTC, BCH and other coins headed from here? Let us know in the comment section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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Markets Update: Bloody Crypto-Markets Suffer More Losses

Markets Update: Bloody Crypto-Markets Suffer More Losses

Leading up until this Tuesday a great majority of cryptocurrency markets have lost considerable value over the past few days. Since our last markets update this past Saturday, the overall cryptocurrency capitalization as a whole has dropped significantly by losing $20 billion USD. All eyes will surely be fixed on digital asset charts this week as there’s been a plague of bearish market sentiment cast over the entire crypto-economy.

Also read: Coingeek Speaks on Consensus Changes and Next-Gen ASIC Chip 

There’s Blood in the Crypto-Streets

When it comes to cryptocurrency markets today on August 14, there’s an awful lot of ‘blood in the streets.’ During yesterday’s trading sessions, the entire cryptocurrency economy dropped under the sub-$200B zone and today the valuation is hovering around $195-199B. This is due to the extreme losses many digital currencies have suffered through over the past three days. A great majority of coins are seeing losses between 3-25 percent today as many assets have touched their previous bottoms or lower. Overall trade volume this Tuesday has increased, likely because prices are so low right now, and over the last 24-hours around $15.9B cryptocurrencies have been traded.

Markets Update: Bloody Crypto-Markets Suffer More Losses
The top ten digital assets today on August 14, 2018, at 10 am EDT.

Bitcoin core (BTC) has been able to dodge a lot of the downward blows as the currency has lost a lot less percentage wise than most other coins. This has led to BTC dominance or its market capitalization measured in comparison with the entire crypto-economy valuation to spike upwards of over 54 percent. Out of the top ten digital assets, cardano (ADA) has taken the biggest blow and has sunk to the 8th highest position because it lost over 16.8 percent in value over the last 24-hours. The price of ADA has dipped to around $0.09 per coin at the time of publication.

Markets Update: Bloody Crypto-Markets Suffer More Losses
Out of the top ten digital assets, cardano (ADA) has lost the most over the last 48-hours.

This is followed by the second biggest top ten loss with ethereum (ETH) seeing its market value lose 16.1 percent today with one ETH trading for $268. The third largest top ten loss today belongs to EOS as its markets are down 13.7 percent with one EOS trading for $4.44 per coin.

Bitcoin Core Market Action

Bitcoin core markets are down 3.94 percent today, and the cryptocurrency has been fighting to hold above $6,050-$6,175 per coin over the last day. Last night the BTC/USD price dropped to $5,880 coming awfully close to the currency’s assumed bottom at $5,774. Today BTC trade volume over the last day has been fairly decent at $5.5B and the currency’s entire market valuation is about $106B at press time.

Markets Update: Bloody Crypto-Markets Suffer More Losses

The top five exchanges swapping the most BTC includes Bitflyer, Okex, Bitfinex, Binance, and Coinbene. The trading pairs seeing the most swaps today with BTC includes tether (USDT 50.2%), USD (26.5%), JPY (11.3%), EUR (4.7%), KRW (2.4%) and bitcoin cash (BCH 1.88%).

Markets Update: Bloody Crypto-Markets Suffer More Losses
BTC/USD 4-H, August 14, 2018, 10 am EDT Coinbase.

Bitcoin Cash (BCH) Market Action

Bitcoin cash markets have seen a 24-hour loss of around 15 percent today and the currency’s market capitalization is around $8.5B. At the moment bitcoin cash is trying to stay above $490-515 at the time of writing but bulls have been struggling. Last night BCH dipped to a low of $472 on Bitstamp, but trade volume had spiked over $400M+ pushing the price back up after the drop.

Markets Update: Bloody Crypto-Markets Suffer More Losses

The five leading bitcoin cash exchanges today include Coinex, Okex, Binance, Hitbtc, and Bitfinex. The currencies that are currently being traded with bitcoin cash the most includes tether (USDT 49.1%), BTC (27%), USD (13.1%), QC (2.83%), ETH (2.79%), and the KRW (1.88%).

Markets Update: Bloody Crypto-Markets Suffer More Losses
BCH/USD 4-H, August 14, 2018, 10 am EDT Bitfinex.

The Verdict: Volatile Markets and Heavy Losses Increase Uncertainty

Digital asset markets have been wild over the past few weeks and many traders seem uncertain about where the ‘good-ship-crypto’ will go from here. 2017 was an exceptional year and the past seven months of 2018 has been literally the exact opposite as far as cryptocurrency values are concerned. The cryptocurrency economy as a whole has lost considerable value which in turn is brewing deep skepticism towards the future of certain crypto-markets. For now, most traders remain uncertain of where things will go and many are praying they played their positions correctly in hopes they don’t get squeezed. At the moment digital asset prices are starting to see a slight recovery after the significant losses last night. 

Where do you see the price of BTC, BCH and other coins headed from here? Let us know in the comment section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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Markets Update: Crypto Prices Consolidate After Some Volatility

Markets Update: Crypto Prices Consolidate After Some Volatility

Cryptocurrencies markets have been volatile and very indecisive over the last 48-hours as the entire digital asset economy lost billions in value since US regulators postponed their decision concerning the Cboe/Vaneck BTC-based exchange-traded fund (ETF) last week. This Saturday, August 11, during the afternoon’s digital currency trading sessions (EDT), cryptocurrency trade volumes and price values are seeing some slight recovery.

Also Read: Wormhole Mainnet and Developers’ Guide Launched

Saturday Trading Sessions Show Some Market Rebounds

At the moment a vast number of digital assets have rebounded back a hair after being smashed down by bearish forces over the last two days. At the time of writing the entire cryptocurrency economy is valued at $219B and there’s been $13.5B worth of digital assets traded over the last day. The top cryptocurrency market capitalizations are seeing some recovery after dropping very low during the early morning trading sessions. For instance, bitcoin core dipped to a low of $6,062 this morning, but around 1 pm EDT BTC/USD market valued pumped back up to a high of $6,494 per coin. However, most coins besides BTC have lost significantly more and BTC’s market dominance among all 1,600+ capitalizations has crossed the 50 percent region.

Bitcoin Core (BTC) Market Action

At the time of publication, the price of bitcoin core (BTC) per coin is roughly $6,390 on Bitstamp. The currency’s market valuation is $110B and there’s been $4.6B traded over the last 24-hours. The top trading platforms swapping the most BTC today includes Bitflyer, Okex, Binance, Bitfinex, and Fcoin. The biggest pair traded with BTC on August 11 is tether (USDT) which is capturing 54 percent of trades. This is followed by USD (25.6%), JPY (9.7%), EUR (3.12%), and BCH (2.6%).

Markets Update: Crypto Prices Consolidate After Some Volatility

BTC/USD Technical Indicators

After the quick pump up, BTC/USD charts are moving sideways for the time being after losing a touch of the gains. Right now the 4-hour BTC chart on Bitstamp and Coinbase show the MA100 is above the MA200 but the trend lines look like they may cross hairs. Currently, this indicates the path of less resistance could be towards the upside if things stay positive. RSI levels are mid-range (47.15) confirming indecisiveness at the moment, for now, buyers are able to keep the current support afloat. Looking at order books on the upside is not so bad if BTC bulls keep pressing without exhaustion. There will be definite pit stops at $6,650 through $7K for bulls to penetrate the higher ground. On the flipside, if bears can manage to fight harder then things will be tough for them at $6,100-6,200 and broader support at $5,850.

Markets Update: Crypto Prices Consolidate After Some Volatility

Bitcoin Cash (BCH) Market Action  

Bitcoin cash (BCH) prices are around $568 per coin right now and the overall market valuation of BCH is $9.87B today. BCH markets hold the fifth highest trade volume above ripple (XRP) and below EOS. There’s been $359M worth of BCH traded over the last 24-hours and the top BCH exchange today is Coinex. The other top exchanges swapping the most BCH this Saturday includes Okex, Binance, Huobi, and Hitbtc. Tether (USDT) captures the most BCH trades today with 56 percent of all bitcoin cash swaps. This is followed by BTC (27.5%), USD (9.2%), QC (2.3%) and ETH (1.9%).

Markets Update: Crypto Prices Consolidate After Some Volatility

BCH/USD Technical Indicators

Looking at charts today shows BCH markets have also seen a small uptick in price values this Saturday. The MA200 is above the MA100 trendline which could mean some downside dips after the day’s higher percentages. RSI levels (38) are lower than BTC as BCH/USD trading session showing signs of bears getting exhausted. Similarly to BTC/USD prices, BCH peaked earlier but since then the heat has simmered down. Looking at order books towards the northside shows BCH bulls must muster up enough energy to surpass resistance between the current vantage point and $600. Beyond that, there could be another pitstop around $650 per BCH as well. If bears find a way to bring markets down again there’s plenty of foundational support at $550 through $530.

Markets Update: Crypto Prices Consolidate After Some Volatility

The Verdict: Short-Term Uncertainty and Indecisive Markets

As we stated above the verdict this weekend is uncertainty mixed with a dose of indecisive markets. With the ETF decision postponed and the past seven months of pumps and dumps its hard to know what’s in store for cryptocurrency values over the next few weeks.

Markets Update: Crypto Prices Consolidate After Some Volatility

For now, prices are showing signs of consolidation and traders are moving into new positions — While some traders definitely are hoping to catch some cheap prices others think a reversal may be in the cards soon.

Where do you see the price of BTC, BCH and other coins headed from here? Let us know in the comment section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

 

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Markets Update: Crypto-Prices Slide After SEC Announcement

Markets Update: Crypto-Prices Slide After SEC Announcement

Cryptocurrencies are dropping in value once again on Wednesday, August 8 as most of the top digital assets are down between 9 to 18 percent over the last 24 hours. Prices started dropping yesterday after the U.S. Securities and Exchange Commission (SEC) extended the Cboe exchange-traded fund decision. Immediately after the announcement, bitcoin core (BTC) values shaved off $400 in an hour and the currency has lost another $300 in spot value today.

Also read: CFTC-Regulated Ledgerx Launches Interest-Bearing BTC Savings Platform

After the SEC Announcement Cryptocurrency Prices Slide Significantly  

Digital currency values are hurting today as the entire cryptocurrency market capitalization has dropped since our last markets update from $250B to $231B on August 8. Despite the drop in value, trade volumes for all 1600+ coins has increased to $15B over the last day. A few days ago, cryptocurrencies saw the first dip before the SEC announcement, which took place after the Intercontinental Exchange (ICE) deal was revealed. However, after the quick dip, BTC/USD prices moved back up to the $7,140 region for a short period of time. The next two significant drops in value occurred after the SEC revealed delaying the ETF decision leading to today’s BTC/USD low of $6,391 per coin.

Markets Update: Crypto-Prices Slide After SEC Announcement
BTC/USD prices over the last 48 hours on Bitcoinwisdom (15M-chart).

Bitcoin Core (BTC) Market Action

Markets Update: Crypto-Prices Slide After SEC AnnouncementBitcoin core (BTC) prices at the moment are around $6481 per BTC and the cryptocurrency’s market valuation today is $111B. Daily trade volume is decent but nothing spectacular at $5B USD in BTC traded over the last 24 hours. According to Satoshi Pulse statistics, the exchanges swapping the most bitcoin core this Wednesday include Bitflyer FX, Binance, Bitfinex, Okex, and Coinbene. The top currency traded with BTC currently is tether (USDT) which captures 54.2 percent of trades. This is followed by USD (24%), JPY (11.3%), EUR (3.9%), and KRW (2.6%). BTC is seeing a daily loss of around 8 percent today but the coin’s market dominance among all 1600+ currencies is 49 percent.

Markets Update: Crypto-Prices Slide After SEC Announcement

BTC/USD Technical Indicators

Looking at the 4-hour BTC/USD chart on Bitstamp and Coinbase shows bears have a tight grip over markets right now. The chart’s two moving averages (MA) has the 100MA above the longer-term 200MA trendline which means things will likely stay bearish for the short term. However, RSI levels (24.5) show extremely oversold conditions and there could be a small uptick if prices sink lower. Order books show heavy resistance from the current vantage point up until $6750 if bulls can manage to climb that high. On the backside, foundational support is bountiful and moving back is going to take some time. If negative prices continue, there will be longer pitstops between $6,300 and $5,900 as there is solid support in this region.

Markets Update: Crypto-Prices Slide After SEC Announcement
BTC/USD Coinbase August 8, 2018.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH)Markets Update: Crypto-Prices Slide After SEC Announcement values have also dipped considerably since our last markets update as one BCH is trading for $604 at press time. This Wednesday, BCH has an overall market capitalization of around $10.5B and 24-hour trade volume is about $443M. The top five bitcoin cash trading platforms on August 8 include Coinex, Huobi, Okex, Binance, and Hitbtc. BCH is seeing a daily loss of around 14.2 percent and is the fourth highest market valuation among every coin in existence. The top currency swapped for BCH today is tether (USDT) with 54 percent of today’s BCH trades. Tether is followed by BTC (26%), USD (10.9%), QC (2.2%), and ETH (2.1%).

Markets Update: Crypto-Prices Slide After SEC Announcement

BCH/USD Technical Indicators

The 4-hour BCH charts on Bitfinex and Bitstamp indicate that BCH markets have seen better days. Now the 100MA and 200MA gap is much smaller on the BCH/USD 4-hour chart and it looks like the two may cross hairs soon. If they do cross hairs, this means the path towards the least resistance would be the upside but for now, it remains on the downside. RSI levels also show oversold conditions as the oscillator hovers around 21.4 at press time. Looking ahead at order books, BCH bulls need to surpass mega-resistance from now until $640 and after that, it may be easier to move northbound. If bears get their way, the fall to sub-$600 regions will hold decently between $590 through $530 for some time.

Markets Update: Crypto-Prices Slide After SEC Announcement
BCH/USD Bitfinex August 8, 2018.

The Verdict: Skepticism Increases as Prices Draw Closer to the Perceived Bottoms

Of course, now there are a bunch of traders calling for lower prices and most cryptocurrencies are nearing close to the bottoms they touched a few times already. For instance, BTC/USD spot prices have dipped three times to the $5,600-5,800 region but have not dropped lower than that yet.

Markets Update: Crypto-Prices Slide After SEC Announcement
The top ten cryptocurrency capitalizations on August 8, 2018, according to Satoshi Pulse.

Today’s verdict adds increased skepticism towards bullish prices in the short term, and most traders assume things will trade sideways for a while and values may slide a touch further. Questions still remain: Will crypto-prices stay above the last few bottoms or will they sink lower this time around?

Where do you see the price of BTC, BCH and other coins headed from here? Let us know in the comment section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

 

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Markets Report: July Posts Second Strongest Monthly BTC Performance of 2018

Markets Report: July Posts Second Strongest Monthly BTC Performance for 2018

Looking at the monthly charts, July saw BTC produce its second best performing month of price action during 2018 after gaining in value by more than 20%. By contrast, the majority of leading cryptocurrency markets by capitalization posted their third consecutive red monthly candle. Stellar was the highest performing top crypto market during July, gaining roughly 45% over USD.

Also Read: Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish 

BTC Gains 20% During July

In July, the BTC markets posted their second strongest performing month for 2018 so far. BTC gained approximately 21%, rallying from an opening price of roughly $6,400 USD at the start of the month to close at $7,730.

July saw a price action range of approximately 40%, bouncing from a low of roughly $6,100 on the 12th before posting a local top at $8,500 on the 24th. Despite the bullish price action, July’s monthly trade volume was the second lowest of 2018 thus far.

As of this writing, BTC has a market capitalization of $130.5 billion and is trading for approximately $7,610.

BCH Posts Modest Gains

The Bitcoin Cash markets produced a modest green candle for the month of July, gaining approximately 3.5% from roughly $750 at the start of the month before closing at around $775.

Despite the modest gain, BCH traded within a 35% range, with Bitcoin Cash testing support at roughly $660 on the 12th of July before ramping up to test resistance at $890 on the 18th. When measuring against BTC, BCH lost approximately 17%, with BCH/BTC starting the month at roughly 0.117 BTC before closing at 0.1 BTC.

As of this writing, Bitcoin Cash has the fourth largest market capitalization with nearly $13.2 billion and is trading for roughly $760.

Many Leading Altcoins Post Third Consecutive Monthly Red Candle Against USD

Ethereum posted its third consecutive red monthly candle for July after dropping by 5% from an opening price of roughly $455 to close at around $430. ETH traded within an approximately 19% range, with ETH/USD posting a low of $420 on the 12th of July before ramping up to test resistance at $515 on the 18th. The trade volume for ETH/USD during July was the lowest monthly volume posted this year thus far.

Ethereum also lost 22% of its value when measured against BTC in July, falling from an opening price of 0.071 BTC to close at roughly 0.055 BTC. Ethereum currently boasts the second largest cryptocurrency market cap of almost $43 billion and is trading for roughly $420.

The USD price of XRP fell for the third month in a row, by 7% from July’s opening price of $0.468 to close at $0.435. XRP traded within a roughly 19% range for the month, bouncing off a low of $0.425 on the 12th of July before rallying to test resistance at $0.525 on the 18th.

When measuring against BTC, XRP fell by roughly 23% from the month’s opening price of 0.0000732 BTC to close at 0.0000562 BTC. Monthly trading volume for both BTC and USD XRP pairing was the lowest of 2018 so far. XRP is currently the third largest market cap with $17.7 billion and is trading for $0.45.

EOS also posted its 3rd consecutive red monthly candle after falling by roughly 10% during July from an opening price of $8.11 to close at roughly $7.3. EOS traded within a 30% range after testing a low of $6.6 on the 12th before rallying to test resistance at $9.35 on the 18th of July.

When measuring against BTC, EOS fell by 25.5% from the month’s opening price of 0.001275 before closing at roughly 0.0095. EOS is currently the fifth largest market by capitalization with $6.6 billion and is trading for $7.33.

Stellar Gains 45% During July

Of the top cryptocurrency markets by capitalization, Stellar produced the strongest performance during July.

The Stellar markets gained roughly 45% from the month’s opening price of roughly $0.1935 before closing at $0.28. The total range for the month’s price action was more than 95%, with Stellar bouncing off $0.18 on the 12th of July before testing $0.35 on the 25th of July.

Stellar was the only leading altcoin to gain over BTC during July, gaining nearly 20% from 0.00003 BTC before losing at roughly 0.000036.

Poloniex – STR/BTC – 1M

The month’s bullish action has propelled Stellar to the position of sixth largest market capitalization with $5.17 billion. Stellar is trading for approximately $0.27 as of this writing.

Do you think that altcoins will continue to bleed out against BTC this coming month? Share your outlook in the comments section below!


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Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

On Tuesday, July 31 a great majority of cryptocurrency prices dropped in value with many coins losing anywhere between 3-10 percent during the last 24-hours. Currently, with the sudden cryptocurrency market turbulence, bears have taken control of the exhausted bulls. In one intra-day of trading, the entire cryptocurrency market capitalization of all 1,600+ coins ($270Bn USD) has lost roughly $25Bn in value.

Also Read: Bitcoin Cash Fans Celebrate Independence Day One Year Later

Digital Asset Prices Turn Bearish as the Entire Cryptocurrency Economy Loses $25 Billion USD

Markets Update: Cryptocurrency Price Trends Turn from Bullish to BearishBearish sentiment is starting to haunt cryptocurrency markets once again as many digital assets saw prices tumble today. Bitcoin Core (BTC) prices dropped to a low of $7,503 on July 31 as the currency’s trade volume had started to drift a bit lower after the price hovered around $8,125 the day prior. A large portion of other cryptocurrency markets followed suit with BTC as the top ten virtual currencies are seeing losses across the board of course except for tether (USDT).

Ethereum (ETH) continues to hold the second highest market valuation with a market capitalization that’s around $42.28Bn. One ETH is being traded for $418 and the market is down 7.6 percent today. ETH markets are followed by ripple (XRP) which is down 2.8 percent over the last 24-hours as one XRP is trading for $0.42 cents. Lastly, the fifth highest market capitalization held by EOS is also down 6.6 percent and the currency is trading at $7.13 per coin.

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

Bitcoin Cash Market Action

This Tuesday bitcoin cash (BCH) markets are seeing losses as well as BCH is down 8 percent over the last 24-hours. Bitcoin cash markets are also down 13.2 percent for the last seven days. One BCH is trading for $741, and the decentralized cryptocurrency has a market valuation of around $12.8Bn. The last 24 hours show BCH trade volumes are around $432Mn at the time of publication. The top exchanges swapping the most BCH today include Coinex ($106.53Mn), Huobi Pro ($69.38Mn), Okex ($64.81Mn), Binance ($46.80Mn) and Hitbtc ($34.79Mn).

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

The top currency traded with BCH on July 31 is tether (USDT) with 55.2 percent of swaps. This is followed by BTC (28.5%), USD (7.6%), QC (2.8), ETH (2.4%) and the KRW (1.2%). Bitcoin cash holds the fifth highest volume over the past 24-hours among all 1,600+ other cryptocurrencies.

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

BCH/USD Technical Indicators

Looking at the daily and 4-hour charts on Bitfinex and Bitstamp shows bears have grabbed the reins and still have a good portion of control. RSI levels are screaming oversold conditions (33), while the MACd has swooped down to -85. The SMA 100 is far higher now above the longer-term 200 SMA trendline which means BCH bulls may lose a bit more grip over the short term. Many traders can see looking at charts that the price was rolling sideways for close to three days and many were convinced of a bull flag after the inverse head & shoulders. But just before the dip sell orders on popular exchanges worldwide began stacking up. Looking at order books from the current vantage point BCH bulls have some high walls up until $775 but if they can manage to break that resistance we could return to previous levels. On the back side there’s solid support between now and $710 but unfortunately, books are thinner until $650.

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish   The Verdict: Flat Volumes and Bearish Sentiment Brings Market Skepticism

Overall skeptics and bearish cheerleaders are hoping for some stronger dips and they just may get them. Volumes across the board for many cryptocurrencies has been getting flatter as each day passes. Traders and enthusiasts are now unsure the upcoming ETF decision will pull prices up until then for two reasons: One the Winklevoss Twins fund was denied again, putting a black cloud over positive vibes toward the Cboe ETF, and secondly everyone is unsure exactly when the Securities and Exchange Commission (SEC) will make their ultimate decision. This week the current market sentiment, and our price verdict, point to far more skepticism and shade towards bullish prices returning soon.

Where do you see the price of BCH and other coins headed from here? Let us know in the comment section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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Markets Update: Crypto-Prices See Some Recovery After the Dip

Markets Update: Crypto-Prices See Some Recovery After the Dip

Digital assets, this weekend, have recovered a touch after a temporary price dip that started roughly 48 hours ago but crypto-values have rebounded once again on July 27. This Saturday, all 1600+ digital currencies are seeing slight gains as the entire cryptocurrency market capitalization at the start of the weekend is around $297.9Bn USD, with over $32.2Bn worth of cryptos swapped in the last 24 hours.

Also Read: Crowd Psychology Driving BTC Prices, Finance Experts Say 

Cryptos See Some Slight Recovery This Weekend

A great majority of digital assets today are in the green seeing gains between 2-10 percent during the last 24 hours of trading sessions. Prices first took a big drop after the US Securities and Exchange Commission (SEC) had denied the Winklevoss twins exchange-traded fund (ETF) which may have put a black cloud over the community’s optimism concerning the upcoming Cboe ETF decision. After the ETF was denied, the price of bitcoin core (BTC) dropped from a rough average of $8,200 per BTC to a low of $7,798. However, not too long after that BTC prices jumped back up $400 to the $8,200 zone again. Most of the other digital currencies within the crypto-economy have been correlated with BTC and had followed the rebound back as most are nurturing losses today.

Bitcoin Core (BTC) Market Action

At the time of publication, the price of bitcoin core (BTC) is averaging around $8140- 8200 per coin. BTC has swapped over $6.2Bn today in global trade volume and the currency’s market valuation is around $140Bn this Saturday. The top BTC exchanges include Bitflyer ($2.02 Bn), Binance ($270.07 Mn), Bitfinex ($229.94 Mn), EXX ($212.66 Mn), and Coinbene ($169.53 Mn). The Japanese yen continues to be the dominant currency pair (49.5%) traded with BTC which is followed by tether (USDT 32.2%), USD (12.5%), EUR (1.64%), and the KRW (1.5%). BTC dominance is the highest it has been in months as the digital asset’s capitalization is 47.3 percent amongst all 1600+ market valuations. On the peer-to-peer platform, Shapeshift this Saturday shows the top swap is ethereum (ETH) for bitcoin core (BTC).   

Markets Update: Crypto-Prices See Some Recovery After the Dip

BTC/USD Technical Indicators

BTC/USD charts today on Coinbase and Bitstamp are showing some consolidated action taking place as bulls seem to be recharging. A few days ago, the BTC/USD charts’ relative strength index (RSI) signaled a bearish divergence which drowned out the bulls with buyers wanting cheaper prices. Today the RSI is lower (52) and BTC bulls could muster up some strength to surpass current resistance levels. The SMA 200 is above the short-term SMA 100 on the 4-hour chart which indicates the path to least resistance is towards the downside. MACd is meandering in the middle (27.89) and shows room for improvement in the next few hours. Order books looking northbound show deep resistance from now up until $8,660 and observations from the Average Directional Index (ADX) shows this move is possible. On the back side, there is plenty of foundational support between $8K through $7,400.

Markets Update: Crypto-Prices See Some Recovery After the Dip

Bitcoin Cash (BCH) Market Action  

Bitcoin cash (BCH) is being sold between $780 to 830 per coin this Saturday and the currency’s market valuation is around $14Bn. 24-hour trade volume is a bit lackluster since our last markets update as trades are around $567.3Mn today. The top BCH exchanges swapping the most bitcoin cash today include Coinex ($132.40 Mn), Okex ($59.30 Mn), Binance ($54.47 Mn), Hitbtc ($36.31 Mn), and Huobi Pro ($32.71 M). The top currency pair with BCH is tether (USDT 57.6%) which is followed by BTC (28.2%), USD (5.6%), ETH (2.7%), and KRW (1.14%). Bitcoin cash is the fifth most traded cryptocurrency this Saturday, just below the currency EOS.

Markets Update: Crypto-Prices See Some Recovery After the Dip

BCH/USD Technical Indicators

BCH/USD charts are somewhat similar to the BTC technical indicators. RSI levels for BCH/USD on Bitstamp and Bitfinex are hovering around the 44.76 area which shows improvements could be made in the short term. MACd is similar to BTC but looks as though its heading southbound at the time of writing.

Markets Update: Crypto-Prices See Some Recovery After the Dip

Further, the SMA 200 is also above the SMA 100 trendline which shows downside action is more tempting right now. However, the Average Directional Index (ADX) trend shows that bulls could push forward after chewing through some heavy resistance. Order books looking northbound indicate some pit stops between the current vantage point and then again at $840-870.

Markets Update: Crypto-Prices See Some Recovery After the Dip

The Verdict: Market Sentiment is Still Upbeat

Overall optimism seems pretty good this weekend as quite a few enthusiasts and traders seem positive the bearish trend is seemingly reversing. Most cryptocurrencies are up between 40-60 percent since the lows that took place on June 24. Some notable market movers this Saturday include XLM, BTC, VEN, BNB, and OX. The verdict today is still positive and a good majority of people believe prices will continue to trend higher but there are definitely a few skeptics who think the bear market may not be over just yet — But overall the verdict is still upbeat.   

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

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Markets Update: BTC Gains 30% in Two Weeks, Alts Lose Correlation

Markets Update: BTC Gains 30% in 2 Weeks, Alts Lose Correlation

The BTC markets have gained approximately 30% in two weeks, with prices currently sitting at $8,300 USD after roughly 48 hours of consolidation above $8,000. After producing gains against the dollar, many other leading cryptocurrency markets have continued to produce inverse correlation when measured against BTC.

Also Read: Japanese Crypto Exchanges Working on Lowering Margin Trading Limits

BTC Consolidates Above $8,000

The price of Bitcoin Core (BTC) has gained roughly 30% in the last two weeks following the strongest fortnight of trading since April. Ten of the last thirteen days have produced red candles, with prices rising from approximately $6,200 to $8,200 as of this writing. The last two weeks of trading have also produced a notable spike in daily volume, with the 24th of July producing the highest trade volume for BTC/USD on Bitfinex since the 25th of April.

BTC/USD – Bitfinex – 1D

With the markets appearing to have established an immediate bull channel, many analysts are expecting that FOMO leading up to the United States Securities and Exchange Commission’s determinations regarding Chicago Board Options Exchange (CBOE)’s proposed bitcoin exchange-traded fund may drive the BTC markets to test resistance at approximately $10,000. Should the immediate trend fail, the markets will likely drop to retest the local support areas of either $7,500 or $6,800.

BTC currently has a market capitalization of $142 billion and a market dominance of nearly 47%.

BCH Gains Over 25% in Two Weeks

Bitcoin Cash has also enjoyed a bullish fortnight of price action, with the BCH markets gaining approximately 28% since testing support at roughly $660 on the 12th of July. Since then, the BCH/USD markets appear to have begun to form an ascending triangle formation – with current prices sitting at approximately $830 on Bitfinex.

BCH/USD – Bitfinex – 1W

Despite the gains against the dollar, BCH/BTC has continued to lose value against BTC, with the BCH/BTC markets continuing to follow the descending channel that has guided price action since May. Since the start of June, Bitcoin Cash has lost roughly 30% against BTC – falling from 0.15 BTC to the current levels just above 0.1 BTC.

BCH/BTC – Bitfinex – 1W

As of this writing, the BCH/BTC markets appear to be testing both the ascending and descending trendlines comprising a symmetrical triangle formation that has guided price action from the markets’ inception 12 months ago. BCH is the fourth largest cryptocurrency market with a total capitalization of roughly $14.6 billion and a market dominance of nearly 5%.

ETH Suffers Losses Against BTC

By contrast, the second largest cryptocurrency by market capitalization, Ethereum, has gained just 10% over the last ten days, rising from approximately $435 to $475 as of this writing. So far, the long-term ascending trendline on the ETH/USD chart dating back to May last year has continued to hold up.

ETH/USD – Bitfinex – 1W

Between the 15th and 18th of July, Ethereum gained 15% in three days, rallying to test support above $500. The markets immediately gave back most of the gains, retracing by 10% over the next three days before consolidating. On the 24th of July, ETH rallied by 7% over the dollar.

ETH/USD – Bitfinex – 1D

When measuring against BTC, Ethereum has lost 18.5% in the last two weeks, falling from 0.708 BTC to roughly 0.058. The market capitalization of ETH is $48.6 billion. Ethereum has a market dominance of 16%.

ETH/BTC – Bitfinex – 1W

XRP and EOS Channel Sideways

The price of XRP, the third-ranked cryptocurrency by market cap, has consolidated within a roughly 20% range over the last 30 days, with fiat prices fluctuating between approximately $0.43 and $0.52 since the last week of June. As of this writing, XRP is trading for $0.46.

ETH/USD – Bitfinex – 1W

When measuring against BTC, the XRP markets have produced an eighth consecutive red candle after falling from approximately 0.00009 BTC in the last week of April to roughly 0.0000565 as of this writing. Over the course of the last two weeks, XRP/BTC lost approximately 20% to break into new lows for 2018. The market capitalization of XRP is $18.25 billion, and the market dominance is 6%.

ETH/BTC – Bitfinex – 1W

The fifth largest crypto market by capitalization, EOS, has produced comparable price action to XRP in recent weeks, consolidating within a nearly 30% range over the course of the last five weeks when measuring against the dollar. As of this writing, EOS is trading for $8.6 after gaining 15% in two weeks following a bounce from the third point of contact with a major ascending trendline dating back to November 2017.

EOS/USD – Bitfinex – 1W

When measuring against BTC, seven of the last eight weekly candles produced by the EOS/BTC markets have been red, with EOS having lost nearly 45% in two months, falling from over 0.00185 BTC at the start of June to roughly 0.00105 BTC as of this writing. EOS has a market cap of $7.865 billion and a market dominance of 2.6%.

EOS/BTC – Bitfinex – 1W

Stellar Bucks Trend, Gains Over BTC

Of the top ten cryptocurrency markets by market capitalization, Stellar has been the sole market that has posted consistent gains over BTC in recent weeks. Stellar has gained roughly 28% during the last two and a half weeks, rallying from approximately 0.000031 to nearly 0.0004 as of this writing.

STR/BTC – Poloniex – 1W

When measuring against USD, Stellar is up 45% in the last ten days rallying from $0.22 to $0.32. In the last 30 days, Stellar has gained nearly 70% from roughly $0.19 on the 25th of June.

STR/USD – Poloniex – 1W

Stellar is the sixth largest cryptocurrency by market cap with a capitalization of $6.3 billion and a market dominance of over 2%.

Do you think that the altcoin markets will continue to shed correlation with BTC? Share your thoughts in the comments section below!


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Markets Update: Cryptocurrency Bulls Continue to Charge

Markets Update: Cryptocurrency Bulls Continue to Charge

Over the past few days, cryptocurrency markets have been showing bullish gains after a few small retractions during the weekend. At the moment the entire digital asset economy is valued at $285Bn while $14.3Bn worth of trades were swapped over the past 24-hours. Today on July 23 bitcoin core (BTC) markets are holding an average price of $7,700 per BTC. Meanwhile, bitcoin cash (BCH) prices are hovering around $815 per BCH at press time.

Also read: A Discussion With the Prolific Bitcoin Developer Unwriter

Are the Tides Turning for Cryptocurrencies?

A good portion of cryptocurrencies on Monday are seeing some gains after some good dips that took place over the weekend. Most digital assets are consolidating losses while a few others like BTC, BCH, LTC, and XMR are up between 1-2% today. Bitcoin core dominance  (the percentage of BTC’s market capitalization among all 1,600+ assets) has been steadily moving up over the past few weeks and touched a high of 46 percent today. The top five digital currencies with the most trade volume today includes BTC, USDT, ETH, EOS, and BCH. Many crypto-enthusiasts and traders are optimistic the tides have changed after months of bearish prices plagued cryptocurrency markets.

Bitcoin Core (BTC) Market Action

Bitcoin core (BTC) market action shows the cryptocurrency is being sold at prices between $7,650-7,710 per coin. BTC’s market capitalization is around $132Bn, and 24-hour trade volume is about $4.8Bn worth of swaps. The top exchanges trading the most BTC include Bitlfyer, Bitfinex, Fcoin, Binance, and Coinbene.

Markets Update: Cryptocurrency Bulls Continue to Charge

The Japanese yen is the most dominant pair today with BTC commanding more than 54 percent of global trades. This is followed by tether (USDT 28.8%) USD (11.3%), EUR (2%), and KRW (1.5%). The top trade today on the peer-to-peer cryptocurrency exchange Shapeshift.io is ethereum (ETH) for bitcoin core.

Markets Update: Cryptocurrency Bulls Continue to Charge

BTC/USD Technical Indicators

Looking at the BTC/USD charts on Bitstamp and Coinbase shows BTC bulls are trying to break massive resistance between the current vantage point to get past the $7,950-8,100 regions. The 4-hour chart shows the Relative Strength Index (RSI 62.9) is nearing the overbought zone at press time. However, the 100 Simple Moving Average (SMA) is above the longer term 200 SMA, which means buyers could take the upside after breaking some more resistance. MACd lines continue to confirm short-term upper movement is in the cards as the MACd histogram shows room for more improvement.

Markets Update: Cryptocurrency Bulls Continue to Charge

So far it looks as though bulls could press past the $8K region as the upside trend looks strong while observing the Average Directional Index (ADX). Looking at order books shows BTC bulls have some thick resistance to crack above the EMA 200 resistance $7,950 zone and there will be another pitstop around the $8,250 region. On the backside, if bulls get exhausted and bearish sentiment takes over there is strong support between now and $7,350 and also another stop at $6,850 if markets dropped lower.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets are showing an average price of $820 per coin this Monday. The cryptocurrency currently has a market valuation of around $14.1Bn and trade volume has dropped a touch since our last markets update to $617Mn over the last 24-hours. The top trading platforms exchanging the most BCH today includes Coinex, Okex, Binance, Hitbtc, and Bitfinex.

Markets Update: Cryptocurrency Bulls Continue to Charge

The biggest trading pair with BCH today is tether (USDT) which captures 50.4 percent of global BCH trades. This is followed by BTC (29.1%), USD (9.8%), KRW (2.4%) and ETH (2.35%). The EUR also commands roughly 1.7 percent of today’s BCH swaps on July 23.

Markets Update: Cryptocurrency Bulls Continue to Charge

BCH/USD Technical Indicators

Observing the technical indicators on the daily and 4-hour Bitfinex BCH/USD charts show the price has been somewhat stable lately with charts showing slight variances here and there over the past week. The short-term 100 SMA is slightly above the 200 SMA trendline indicating the path of least resistance should be towards the upside. The 4-hour chart indicates that the Relative Strength Index (RSI 52.4) is meandering in the middle showing a small period of trading uncertainty.

Markets Update: Cryptocurrency Bulls Continue to Charge

The Average Directional Index (ADX) confirms bulls still have the reigns, and the strength of market conditions remains solid for the short term. Looking at order books and the EMA 200 shows strong resistance between the $850-925 zone. BCH bulls will need to eat away at these orders to continue maintaining upward momentum. On the back side, order books show some strong foundations between the current vantage point and $760, while after that region books begin to thin out.

Could We Be on the Cusp of a Massive Bull Run?

Enthusiasts and traders are still skeptical of what will take place next within the land of cryptocurrency markets. All of the digital assets have had mediocre trade volumes since last week as general markets are seeing a slight dip in crypto-swaps over the past few days. Bulls are making some moves northbound but the volumes show conviction is lacking. However, many crypto-proponents believe the upcoming bitcoin-based exchange-traded-fund (ETF) decision this August is what’s fueling the current pumps over the last week. For example, the senior market analyst at Etoro, Mati Greenspan, believes a market reversal is imminent. Greenspan explains to his Twitter followers:

We might just be on the cusp of the largest bitcoin bull run in history.

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Cryptocurrency Bulls Continue to Charge appeared first on Bitcoin News.

Markets Update: Cryptocurrency Valuations Gain Billions in One Day

Markets Update: Cryptocurrency Valuations Gain Billions in One Day

Two days ago, cryptocurrency bulls were attempting to break strong resistance and managed to push digital asset values to much higher price regions. The price of bitcoin core (BTC) was averaging $6,740 per BTC during the early morning trading sessions on July 17, then the digital currency spiked to $7,300 a few hours later. Then again, BTC touched a high of $7,546 gaining over $800 over the course of the day. Digital currency prices, in general, followed BTC’s path as most of the top cryptocurrencies gained 10-20 percent in 24-hours.

Also read: Bitcoin ABC Developers Publish Bitcoin Cash Upgrade Timeline 

Crypto-Bulls Return But Will They Run Out of Steam?

The crypto-bulls are back, at least for time being, bringing most of the top digital assets back into the green after months of bearish sentiment. Most of the digital currencies are seeing gains between 10-20 percent but some coins like Stellar are up well over 30 percent today. The overall market capitalization of all 1600+ assets on July 18, is hovering around $296Bn with 24-hour trade volume around $20Bn. Cryptocurrency trade volumes across the boards have spiked considerably since our last markets update two days ago.

Bitcoin Core (BTC) Markets

Bitcoin core (BTC) market action has seen 24-hour trade volume jump from $4.4Bn on Monday to $6.6Bn today. Currently, BTC/USD is valued at approximately $7,435 per BTC. At the time of publication, the entire BTC market valuation is roughly $127Bn and BTC commands the top trade volume out of all the top markets. The top exchanges swapping the most bitcoin core today include Bitflyer, Coinbene, Bitfinex, Binance, and Fcoin. The Japanese yen is the most traded pair today with BTC capturing 54 percent of global trades. This is followed by tether (USDT 26.5%), USD (13.6%), EUR (2%), and the KRW (1.4%). Bitcoin dominance among the entire list of market capitalizations is approximately 43 percent at the time of publication.

BTC/USD Technical Indicators

Looking at the daily, 30-minute, and 4-hour BTC/USD charts on Bitstamp and Coinbase shows BTC reversed trends after completing an inverse head & shoulders pattern. Right now, looking at the two Simple Moving Averages (SMA), the short term 100 SMA is now well above the 200 SMA trendline. This gap indicates the path of least resistance is toward the upside for the time being. The MACd looks maxed out and may head southbound while the Relative Strength Index (RSI) is hovering above 86 showing overbought conditions. With this being said, a jump to the $8K region may not be in the cards, at least for today. Order books show resistance is strong between $7600 to $8K so BTC bulls will have to overtake this area. On the backside, if bears took control, which seems unlikely, there is strong foundational support all the way back to $6,400.

Bitcoin Cash (BCH) Markets

Bitcoin cash (BCH) markets are also doing very well this Wednesday as the currency now captures a $14.5Bn market capitalization. Trade volume for BCH has increased since our last report as well by doubling to $794Mn over the last 24-hours. The top exchanges by BCH trade volume today include Okex, Binance, Bitfinex, Coinex, and Bigone. The top currency swapped with BCH on July 18 is tether (USDT) at 42.6 percent. Following tether is BTC (27.5%), USD (17.5%), KRW (3.5%), and ETH (2.5%). Bitcoin cash holds the fifth highest trade volumes today on global exchanges.

BCH/USD Technical Indicators

Right now, looking at BCH/USD daily, 30-minute, and 4-hour charts on Bitfinex and Bitstamp shows BCH has a price average of around $869 per coin. Just like two days ago, the SMA trendlines show the long-term 200 SMA is still above the 100 SMA indicating the path to least resistance is towards the downside. However, this gap is shrinking and it looks like the two will cross hairs soon. MACd touched a high and is heading southbound at the moment and BCH RSI levels are around 73 right now. This means conditions are overbought but not as much as the BTC/USD charts. Order books are large on both sides and BCH bulls need to muster up the strength to surpass the current vantage point to $925, after that they will face less resistance. Looking at the buy side shows some solid foundations between now and the $740 zone.

The Verdict: Steady Flow of Market Optimism

Overall, things are looking good for cryptocurrency markets but prices may retract in the short term so bulls can gather more steam and keep the upward momentum going strong. Other digital currency markets that have done significantly better than BTC and BCH include EOS, XLM, ADA, and Doge. The infamous dog-meme cryptocurrency is up 60 percent over the past seven days and 32 percent over the past 24 hours.

The verdict this week shows a steady flow of optimism stemming from cryptocurrency proponents and traders. A good portion of traders on social media channels believe brighter days are ahead and the bullish reversal will continue at least up until the bitcoin-based ETF decision in August.    

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Cryptocurrency Valuations Gain Billions in One Day appeared first on Bitcoin News.

Markets Update: Bitcoin Bulls Charge Forward

Markets Update: Bitcoin Bulls Charge Forward

Cryptocurrencies are seeing some good gains over the past two days after market capitalizations lost billions last weekend. Over the last six days, the entire digital asset economy has seen an increase of around $15Bn and now averages around $268Bn on Monday, July 16. Digital currency proponents are hopeful the past six months of bearish market sentiment is over and brighter days may be ahead.

Also read: Bitcoin ABC Developers Publish Bitcoin Cash Upgrade Timeline 

Bullish Optimism Creeps Into the Cryptocurrency Market Sentiment, With a Possibility of Brighter Days Ahead

Markets Update: Bitcoin Bulls Charge ForwardDigital asset traders and enthusiasts are optimistic cryptocurrency markets may reverse their downward trend over the next few weeks leading up to the Cboe ETF decision. Last weekend markets were seeing losses across the board as the top cryptocurrency values had dropped 5-25 percent fairly quickly. But since then over the course of the week, digital currency prices have gathered steam and regained at least 2/3rds of last week’s losses. Overall trade volume is about $12.8Bn and has been relatively weak over the past few months but has seen a slight increase today.

Bitcoin Core (BTC) Market Action

The current bitcoin core (BTC) spot price right now is around $6,687 per BTC at the time of publication. BTC 24-hour trade volume is about $4.4Bn over the last day and the cryptocurrency has a $114.5Bn market valuation. The top exchanges swapping the most bitcoin core today include Bitflyer (1.8Bn), Fcoin ($325Mn), Coinbene ($281Mn), Binance ($196Mn), and Bigone ($187Mn). On July 16, the most traded currency exchanged for BTC is the Japanese yen capturing 49 percent of the intraday’s trades. This is followed by tether (USDT 33%), USD (10.2%), EUR (2.4%), and the KRW (1.8%). Out of the 1600+ digital bitcoin core’s market dominance is about 42 percent.

Markets Update: Bitcoin Bulls Charge Forward

BTC/USD Technical Indicators

Looking at the 4-hour BTC/USD charts on Bitstamp and Coinbase shows bulls are pushing markets forward attempting to challenge the $6,800-7,000 resistance. Around 1 pm EDT relative strength index (RSI) levels show overbought conditions at 76. The two Simple Moving Averages (SMA) have crossed hairs recently and the 100 SMA is above the 200 SMA. This indicates the path of least resistance is towards the upside. MACd is heading northbound and shows more upswing could be in the cards today. Looking at order books shows BTC bulls need to crack the $6,800-7,000 territory and after that is smoother seas up until $7,200. On the backside, if bears took the reigns again there is plenty of support down to $5600 for quite some time.

Markets Update: Bitcoin Bulls Charge Forward

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) market action shows the price is around $800 per coin this Monday. The decentralized cryptocurrency’s overall market capitalization is about $13.77Bn and daily trade volume has increased to about $494Mn. BCH holds the fifth highest trade volumes today out of the top cryptocurrencies and is the fourth largest market cap. The top trading platforms exchanging the most BCH today include Bigone ($58Mn), Okex ($56Mn), Binance ($48Mn), Coinex ($48Mn), and Hitbtc ($41Mn). The top currency pairs traded with bitcoin cash today include tether (USDT 47%), BTC (28%), USD (12%), KRW (3.5%), ETH (2.7%). 

Markets Update: Bitcoin Bulls Charge Forward

BCH/USD Technical Indicators.

BCH/USD 4-hour and 30-minute charts look very similar to BTC/USD charts today and are performing similarly. However, the two SMAs are different with the 200 SMA above the 100 SMA indicating the path towards least resistance is the downside. Similarly to BTC/USD, RSI levels are about 79 right now showing overbought conditions. MACd looks like it could bump up more but might head southbound over the next hour. Looking at order books shows some very large walls between the current vantage point and $840. If BCH bulls can move past the $860 area then things may improve even more. On the backside charts show from now up until $650 there is strong support. 

Markets Update: Bitcoin Bulls Charge Forward

The Verdict: Traders Seem Positive and Hope for More Green Candles

The verdict this time around is far more positive as markets have improved a great deal this week. Most of the top cryptocurrencies have seen around 5 percent in gains over the past 24-hours but coins such as LTC, IOTA, and NEO have made notable increases. As mentioned above, a lot of traders think markets might continue to climb as the ETF decision approaches. The possible outcome of this upcoming decision may have blown a breath of fresh air into the cryptocurrency economy. 

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Bitcoin Bulls Charge Forward appeared first on Bitcoin News.

Markets Update: HODLers Pray for Higher Lows, Prospective Coinbase Listings Rally

Markets Update: HODLers Pray for Higher Lows, Prospective Coinbase Listings Rally

The BTC markets are currently attempting to establish a higher low above $6000 after failing to break above resistance at $6800 at the end of June, whilst BCH appears to have bounced off the critical support area of $600 – $650 for the second time in 2018. In recent altcoin market action, Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX) have produced gains of roughly between 10% and 20% after Coinbase confirmed on the 14th of June that it is currently “exploring” listing said markets.

Also Read: Australian Bank Bans Use of Mortgage Funds for Crypto Speculation 

BTC Rangebound Between $5800 and $6800

Since gaining 18% from the 29th of June low of approximately $5800 to the local high of roughly $6840 on the 7th of July, the BTC markets have retraced by over 8% during the last seven days – with current prices hovering at approximately $6250.

Market sentiment is mixed, with price action currently testing a key support level on the daily charts after failing to break above the significant resistance area of approximately $6800, however, appearing to produce what could turn into an inverse head and shoulders formation – should support at $6200 hold, thus producing a higher low.

Looking at the stochastic RSI, one can see that both the 1-week, 1-day, and 12-hour charts appear heavily oversold – with the stoch RSI below the 20 threshold, whilst the 3-day chart is showing a retrace from a test of the 80 threshold.

BCH Markets Retrace Heavily in Recent Weeks

As of this writing, the BCH markets are sitting at approximately $700 after testing the critical support area of roughly $650 earlier this week.

Looking at the weekly charts, the markets have produced three weeks of sideways consolidatory action after losing nearly 60% of its value over the course of the preceding seven weeks.

When measuring against BTC, Bitcoin Cash currently appears to be forming a green doji candle after five consecutive weeks of downward momentum. As of this writing, BCH is trading for roughly 0.1125 BTC

Coinbase Considers Adding Five New Cryptocurrencies

Major exchange and cryptocurrency unicorn, Coinbase, has published a blog post announcing that it is currently “exploring the addition of several new assets” – specifically Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX). The news produced sharp bullish momentum across the aforementioned markets – with the fiat-value of said cryptocurrencies all posting quick gains of between roughly 10% and 20%.

The company states that it “will be working with local banks and regulators to add them in as many jurisdictions as possible,” adding that “Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading.”

The exchange claims to have announced the new prospective listings “internally at Coinbase and to the public at the same time,” emphasizing its intention to “remain transparent with [its] customers about support for future assets.”

Coinbase also notes that its “listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet,” elaborating that “We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses.”

Markets React to News of Prospective Listings

Despite Coinbase emphasizing that it “cannot commit to when or whether these assets will become available at this time,” the announcement of the prospective listings caused sudden bullish surges of over 9.5% across each of the cryptocurrency markets in question. Whilst each market currently appears to be consolidating, it is not yet clear as to whether the upward moves will evolve into meaningful longer-term rallies, or fail to produce anything more than short-term spikes.

The seventh-ranked cryptocurrency by market capitalization, Stellar, quickly gained 9.5% from approximately $0.1847 to $0.2023 in less than two and a half hours. When measuring against BTC, the markets gained from 2794 satoshis to 3244 satoshis. As of this writing, Stellar has a market capitalization of $3.76 billion, and is trading for $0.2 and 3209 satoshis.

Stellar, Coinmarketcap, Jul 8th – Jul 15th

Cardano, the eighth largest cryptocurrency by market cap ($3.5 billion), enjoyed a sudden gain of 11.5% from roughly $0.1265 to $0.1411 following Coinbase’s announcement. When measuring against BTC, the markets gained from 2036 satoshis to 2270 satoshis in just half an hour. ADA is now consolidating at approximately $0.1363 and 2185 satoshis.

Cardano, Coinmarketcap, Jul 8th – Jul 15th

Zcash, the twenty-first largest cryptocurrency with a market capitalization of $754.5 million, gained 17.5% from $157.5 to 185.1 and from roughly 0.02536 BTC to 0.02977 BTC in half an hour following the news of the possible Coinbase listing. As of this writing, ZEC is trading for approximately $173.4 and 0.02774.

Zcash, Coinmarketcap, Jul 8th – Jul 15th

0x, the twenty-fifth largest cryptocurrency by market capitalization ($521 million), responded with 15% bounce from approximately $0.87 to $1.00 and 0.0001395 BTC to 0.0001614 BTC over the course of two hours. ZRX is now trading for roughly $0.974 and 0.00015 BTC.

0x, Coinmarketcap, Jul 8th – Jul 15th

Basic Attention Token, the thirty-seventh largest cryptocurrency market with a total capitalization of $334.3 million, produced the strongest bounce of the markets confirmed to be in consideration for a Coinbase listing. BAT gained 19.3% from roughly $0.2777 to $0.3314 and 4464 satoshis to 5335 satoshis over the course of one and half hours, before producing a secondary high of $0.3403 and 5466 satoshis three hours later.

Basic Attention Token, Coinmarketcap, Jul 8th – Jul 15th

Which markets do you think Coinbase will list? Join the discussion in the comments section below!


Images courtesy of Shutterstock, Trading View, Coinmarketcap


Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action!

The post Markets Update: HODLers Pray for Higher Lows, Prospective Coinbase Listings Rally appeared first on Bitcoin News.

Markets Update: Crypto-Prices Drop a Leg Down as Bulls Lose Momentum

Markets Update: Crypto-Prices Drop a Leg Down as Bulls Lose Momentum

Digital asset markets have failed to surpass heavy resistance over the weekend, and during the early morning trading sessions on Tuesday, July 10, as well. The top cryptocurrencies have slid in value once again as Bitcoin Core (BTC) has tumbled to $6,377 after touching the $6,830 region. Meanwhile, Bitcoin Cash (BCH) prices hovered around $785 per coin a few days ago but the price has dropped to $696 since that vantage point. Overall the leading digital currencies are down between 4-15 percent in value over the past 24-hours.

Also read: Bitcoin ABC Developers Publish Bitcoin Cash Upgrade Timeline

More Than $16 Billion Shaved Off Cryptocurrency Valuations Since Friday

A thick veil of bearish sentiment has once again encapsulated cryptocurrency traders as the bullish price momentum from last week reversed. Cryptocurrency bulls attempted to surpass the rallies that took place on 6/18, and several attempts to overcome resistance has seemingly failed. At $254 billion USD the entire market capitalization of all 1,600+ digital currencies has lost around $16Bn since the weekend. At the current vantage point, some traders believe cryptocurrency prices could take a major leg down again.

BTC Market Action

Since our last markets update, Bitcoin Core (BTC) trade volume has decreased a hair from $5.2Bn in daily trades to $4.18Bn over the last 24-hours. The top five exchanges today swapping the most BTC includes Bitflyer, Bigone, Fcoin, Binance, and Bitfinex. BTC markets are down 6.1 percent over the last 24-hours and 3 percent over the course of the week. The Japanese yen is still dominating BTC pairs by 44.7 percent on July 10. This is followed by tether (USDT 38.9%), USD (11.3%), EUR (1.8%), and KRW (1.6%). At the number one spot, as far as market valuation, BTC’s capitalization is around $109Bn USD which dominates all 1,600+ other markets by 43.1 percent.

Markets Update: Crypto-Prices Drop a Leg Down as Bulls Lose Momentum

BTC/USD Technical indicators

Looking at the daily and 4-hour BTC/USD charts on Coinbase and Bitfinex show bears have managed to capitalize on the current downturn. The Relative Strength Index (RSI) undervalued or oversold at 27 right now which indicates bears will see some exhaustion. Bulls had failed to surpass key resistance zones above the $6,800 range and the two Simple Moving Averages (SMA) show the long-term 200 SMA is above the 100 trendline. That means the path of least resistance will be towards the downside with the MACd rising on occasion but weakening over time. Currently, if bears manage to tug prices below the current vantage point and the Displaced Moving Average of $6,200 then we will see a break down below sub-$6K support. Order books show nice resistance now above the $6,600 mark and again it deepens at $6,800. On the backside, there are solid foundations from here to the sub-$6K range but then even bigger support at the $5,700-5,400 territories.

Markets Update: Crypto-Prices Drop a Leg Down as Bulls Lose Momentum

BCH Market Action

Bitcoin Cash (BCH) market action today is showing trade volume of around $407Bn USD worth of swaps over the past 24-hours. The top BCH market makers today includes Fcoin, Okex, Hitbtc, Coinex, and Bitfinex. Bitcoin cash is the sixth most traded cryptocurrency on July 10 and holds a market valuation of around $12Bn. Tether is playing a large role today with BCH pairs as the currency captures 65 percent of today’s trades. This is followed by BTC (20%), USD (7.4%), KRW (2.1%), and ETH (1.9%). BCH is down 6.9 percent over the last 24 hours and 10.1 percent over the past week.

Markets Update: Crypto-Prices Drop a Leg Down as Bulls Lose Momentum

BCH/USD Technical Indicators

Looking at the BCH/USD daily and 4-hour charts on Bitfinex and Bitstamp show BCH has taken some steeper dips than BTC. RSI levels at 26 show conditions are definitely oversold and some upswing could be in the cards today. SMA indicators show similar findings with the 200 SMA well above the 100 SMA on the 4-hour chart. In the charts, we saw a rising wedge with big resistance above the $800 region, and prices managed to sink below the wedge today. Looking at order books shows some solid foundational support at the current vantage point, but, if a sell trigger appears, bears will again attempt to lock in profits by shorting. Below the $690s support is very strong at $610 and lower. If BCH bulls managed to gain some momentum then they must surpass $715 and heavier resistance at $770 once again.

Markets Update: Crypto-Prices Drop a Leg Down as Bulls Lose Momentum

The Top Cryptocurrency Markets See Losses

Today, the second highest capitalization held by ethereum (ETH) is down 9.5 percent and 6.4 percent over the last week. One ETH is priced around $440 per coin and the market is valued at around $44.2Bn USD. Ripple (XRP) has lost 5.9 percent over the last 24-hours, and 9 percent over the last seven days. XRP is trading at $0.44 cents a token with a $17.6Bn market capitalization. Lastly, the fifth highest valued market, EOS, is down 15 percent today and 18 percent over the week. An EOS currently trades for $7.35 per token and the market captures $6.5Bn on July 10, 2018.

Markets Update: Crypto-Prices Drop a Leg Down as Bulls Lose Momentum

The Verdict: Crypto-Market Cynicism and Pessimism Overtake Last Week’s Positivity

Overall market sentiment has moved back towards the bearish side as bullish attempts were squashed this weekend. Traders are again guessing that newer lows will follow and skepticism and doubt has filled the air. This week’s market verdict is different than last Friday’s analysis by far, and it’s safe to say lots of traders are pessimistic.

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Crypto-Prices Drop a Leg Down as Bulls Lose Momentum appeared first on Bitcoin News.

Markets Update: Cryptocurrency Prices Rebound During the First Week of July

Markets Update: Cryptocurrency Prices Rebound During the First Week of July

Cryptocurrency markets are doing better this week since our last markets update as the entire digital asset economy is now valued at around $270.4Bn. Most digital currencies are up between 7-25 percent over the last seven days and trade volumes have picked up over the last week as well. The trend reversal has given enthusiasts and traders a bit more optimism as most cryptocurrency markets seem to be rebounding back from the recent correction of close to 70 percent since the highs last December.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Cryptocurrency Markets See Brighter Skies This July

With about $16.5Bn in 24-hour trade volume, the 1600+ cryptocurrencies within the digital asset economy have seen some big improvements since last week. A few days ago the cryptocurrency space saw some northbound action after dumping non-stop over the last six months. At the moment the top digital assets by trade volume include bitcoin core (BTC), tether (USDT), ethereum (ETH), EOS, and bitcoin cash (BCH). These five assets are up between 0.5 to 2 percent over the last 24 hours.

Markets Update: Cryptocurrency Prices Rebound During the First Week of July

BTC Market Action

BTC market action has seen some increased trade volume today on July 6, 2018, as markets are averaging around $5.23Bn. The cryptocurrency’s market valuation is hovering at $114Bn and BTC is up around 11.7 percent over the last seven days. The top five exchanges swapping the most BTC today are Bigone, Binance, ZB.com, Huobi, and Okex. At the moment the Japanese yen is capturing around 48.2 percent of BTC trades. This is followed by Tether (USDT 36.7%), USD (9.6%), KRW (1.9%), EUR (1.3%). The most popular trade on the peer-to-peer exchange Shapeshift this Friday is ETH for BTC.

Markets Update: Cryptocurrency Prices Rebound During the First Week of July

BTC/USD Technical Indicators

At press time BTC is averaging around $6,574 as bulls are desperately trying to surpass current resistance. Looking at the 4-hour and daily charts on Bitstamp and Coinbase shows the two Simple Moving Averages (SMA) have shifted since our last markets update. The long-term 200 SMA is above the short term 100 SMA indicating the path of least resistance is towards the downside. Bulls need to muster up enough strength to pass the $6,800 range in order to make a dent at the $7K region again.

Markets Update: Cryptocurrency Prices Rebound During the First Week of July
BTC/USD July 6, 2018, 4-hour chart.

RSI levels on the 4-hour chart show some recovery (53) as traders just experienced some overbought conditions (73) about an hour ago. Looking at order books shows the resistance is at the current vantage point up until $6,800 but buyers will struggle around $7K through $7,300 as well. On the back side if bears managed to grab the reins then there are some solid foundations between $6,400 to $5,800 with monstrous support after that too. There’s a good chance bulls can keep up the good fight but some market exhaustion would make them extremely vulnerable.

Markets Update: Cryptocurrency Prices Rebound During the First Week of July
BTC/USD July 6, 2018, daily chart.

BCH Market Action

BCH market action today is decent as well as the decentralized cryptocurrency is seeing about $436Mn in daily trades. The current market capitalization is roughly $12.63Bn at the time of writing. As we approach the weekend the top five exchanges today swapping the most BCH include Bigone, Okex, Huobi, EXX, and Hitbtc. This week BTC is not the top traded currency with BCH today as tether (USDT) is commanding the top pair with BCH by 45.9 percent. Tether is followed by BTC (32%), USD (10.1%), KRW (3.33%), and ETH (3.18%). Bitcoin cash is also the fifth most traded digital asset by trade volume today on July 6.

Markets Update: Cryptocurrency Prices Rebound During the First Week of July  BCH/USD Technical Indicators

BCH charts show the spot price at the time of writing is $729 per coin on the exchange Bitstamp. Looking at both Bistamp and Bitfinex 4-hour charts show the same action as BTC, as far as SMA trendlines are concerned. At the moment the 200 SMA is above the 100 SMA which indicates resistance will be much tougher towards the upside.

Markets Update: Cryptocurrency Prices Rebound During the First Week of July
BCH/USD July 6, 2018, 4-hour chart.

RSI levels show the oscillator at 53 at the moment too as BCH markets also revisited overbought conditions over an hour ago. Right now BCH bulls need to crank past $770 to make a solid move towards the lower $800s. Now if things went southbound then there’s pretty good foundations between now and $660. If BCH bulls can brush past the lower $800s, jumping to $900 faster is not out of the question.

Markets Update: Cryptocurrency Prices Rebound During the First Week of July
BCH/USD July 6, 2018, daily chart.

The Top Cryptocurrency Positions

Most of the top cryptocurrencies are seeing gains this Friday and the digital currency tether has made the top ten spot. The second highest market valuation below BTC is ethereum (ETH) which is up 1.91 percent today.

Markets Update: Cryptocurrency Prices Rebound During the First Week of July

One ETH is trading for $477 and the currency has seen a 13.4 percent gain over the last seven days. Ripple (XRP) markets are up 0.22 percent today as an XRP currently trades for $0.47 cents. Lastly, the fifth highest capitalization is still held by EOS but markets are down 2.5 percent over the last 24 hours as one EOS trades for $8.55.

Markets Update: Cryptocurrency Prices Rebound During the First Week of July

The Verdict: Optimistic Traders Hope This Week’s Market Action May be a Bit More Than a Mere Dead Cat Bounce

The verdict this week is far brighter for cryptocurrency markets as we approach the weekend trading sessions. People are still skeptical about the bear market ending and wonder if we are just seeing a mere dead cat bounce but most seem hopeful. Furthermore, most short positions continue to liquidate big players and long positions are growing on most trading platforms that offer leveraged margin trading on exchanges such as Bitmex, and Bitfinex.

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, Coinlib.io, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Cryptocurrency Prices Rebound During the First Week of July appeared first on Bitcoin News.

Markets Update: Coinex Dominates Volume Rankings As Markets Rally to $6,600

Markets Update: Coinex Dominates Volume Rankings Amid Post-Bounce Consolidation

The bitcoin markets have rallied after having produced 48 hours of steady consolidation following the recent bounce off support at approximately $5,800. Looking at the 24-hour volume rankings, Coinex has suddenly emerged as a strong market leader, claiming to have hosted $1.5 billion in trade in single day – over $1 billion of which purportedly took place on their BTC/USDT markets alone.

Also Read: Volume Rankings Report for June 2018: Trading Activity Drops Across Crypto Markets

BTC Gains 10% in 4 Hours

As of this writing (13:45 UTC, June 2nd) BTC is trading for approximately $6645 after quickly gaining nearly 5% in less than an hour. It has a total capitalization of $114 billion – giving it a market dominance of 42.5%. BTC is the most traded cryptocurrency with more than $4.6 billion worth of BTC exchanging hands in the last 24 hours – equating to 33.3% of total 24-hour volume produced by all cryptocurrency markets.

Markets Update: Coinex Dominates Volume Rankings Amid Post-Bounce Consolidation
BTC/USD – Bitfinex – 1HR

At approximately 22:00 UTC, June 29th, the BTC markets suddenly saw an influx of buying pressure, driving the markets up 6.4% from $5920 USD to nearly $6300 in less than an hour. At approximately 01:30, June 30th, the markets produced a secondary break-out that saw the price of BTC gain a further 4.5% up to nearly $6550 in under fifteen minutes. Over the course of the last 48 hours, the BTC markets have consolidated between approximately $6300 and $6450.

Markets Update: Coinex Dominates Volume Rankings Amid Post-Bounce Consolidation
BTC/USD – Bitfinex – 1HR

Looking at the daily chart, the recent bullish momentum has pushed the markets above the descending trendline that guided the bearish price action experienced throughout May and June.

Markets Update: Coinex Dominates Volume Rankings Amid Post-Bounce Consolidation
BTC/USD – Bitfinex – 1D

Despite the apparent break of the descending trendline appearing to signal that a reversal is likely, the daily stochastic RSI has crossed above the 80 threshold – suggesting that a retracement to retest the immediate prior resistance area of approximately $6000 – $6100 is not unlikely.

Markets Update: Coinex Dominates Volume Rankings Amid Post-Bounce Consolidation
BTC/USD – Bitstamp – Stoch RSI – 1D

Looking at both the 3-day and weekly charts, however, the stochastic RSI appears heavily oversold after having spent more than four weeks grinding below the 20 threshold.

Markets Update: Coinex Dominates Volume Rankings Amid Post-Bounce Consolidation
BTC/USD – Bitstamp – Stoch RSI – 1W

BCH Bounces Off Key Support Area

As of this writing, Bitcoin Cash is trading for approximately $785 after gaining more than 5% in less than an hour. BCH currently appears to be consolidating outside of the descending triangle in which price action has channeled since May.

Markets Update: Coinex Dominates Volume Rankings Amid Post-Bounce Consolidation
BCH/USD – BItstamp – 1D

On the 30th of June, BCH spiked in more than 20% in less than 5 hours – from approximately $660 to $780. In recent days, BCH has consolidated between roughly $720 and $760.

Markets Update: Coinex Dominates Volume Rankings Amid Post-Bounce Consolidation
BCH/USD – Bitstamp – 1HR

When looking at the BCH/BTC charts, one can see that the markets around are currently consolidating after producing an immediate bounce off support at roughly 0.11 BTC. As of this writing, BCH is trading for approximately 0.118 BTC.

Markets Update: Coinex Dominates Volume Rankings Amid Post-Bounce Consolidation

BCH/BTC – BItstamp – 1DBCH pairings have comprised approximately 3.2% of total cryptocurrency trade volume over the last 24 hours. The Bitcoin Cash markets currently have a market capitalization of over $13.6 billion – equating to roughly 5% of the total capitalization of all cryptocurrency markets.

Coinex Dominates 24-Hour Volume Rankings, Claims $1.5 Billion in Volume

Markets Update: Coinex Dominates Volume Rankings Amid Post-Bounce ConsolidationCoinex has, for now, superseded Binance, the cryptocurrency exchange with the highest reported trade volume on Coinmarketcap.

In the last 24-hours, Coinex’s BTC/USDT pairing has reported to have produced over $1.16 billion in volume – accounting for more than 21% of all the volume produced by all BTC pairings, and 28.5% of all USDT volume. The purported volume equates to 527% more than Binance’s reported 24-hour volume for its BTC/USDT pairing of nearly $220 million.

Coinex pairings now rank among at the top of the volume rankings for a number of leading cryptocurrencies, with Coinex purporting to host 17% of all BCH, 15.5% of all ETH, and 19% of LTC trade in the last 24 hours.

What is your response to the massive trade volume reported by Coinex? Join the discussion in the comments section below!

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images courtesy of Shutterstock, Tradingview, Bitcoinwisdom


Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action!

The post Markets Update: Coinex Dominates Volume Rankings As Markets Rally to $6,600 appeared first on Bitcoin News.

Markets Update: Cryptocurrency Prices at the Crossroads

Markets Update: Cryptocurrency Prices at the Crossroads

Cryptocurrency prices have once again dipped some more as most digital assets are seeing 24-hour losses of around 2-10 percent today. Bitcoin Core (BTC) markets have dipped below the $6K region to a low of $5,774 per coin but have since rebounded a hair to $5,907. Bitcoin Cash (BCH) markets dropped to a low of $630 per coin but are now averaging $661 per BCH on June 29, 2018.

Also read: Japanese Economist Explains Why Another Bitcoin Price Surge Is Unlikely

Cryptocurrency Markets Drop a Hair Lower

Digital currency markets are at a turning point today as most cryptocurrencies have lost quite a bit of value erasing nearly all the gains achieved since last October 2017. Since Bitcoin Core’s (BTC) all-time high (ATH) at $19,600, the cryptocurrency has lost 70 percent of its value. The entire cryptocurrency capitalization of all 1600+ coins is $234Bn as it has lost nearly ⅔ of value since December 2017. Today, on June 29, there’s been an 11.7Bn worth of digital currencies traded as trade volumes continue to grow weaker. On the other hand, there’s been a lot of development taking place behind the scenes, and big crypto-focused firms like Coinbase, Blockchain, Circle, and others are now enticing institutional investors from venture capital firms.

Markets Update: Cryptocurrency Prices at the Crossroads
The 2018 crypto-bear market continues.

BTC Market Action

BTC market action has been tough on bulls as bears continue to wreak havoc and shorting every chance they can get. However, many short positions on exchanges like Bitfinex are being liquidated and dwindling down as long positions are starting to grow. At press time, BTC has a market capitalization of a little over $100Bn and 24-hour trade volume of around $3.7Bn. The top exchanges today swapping the most BTC include Binance, Bitfinex, Okex, ZB.com, and Bitstamp. The Japanese yen is capturing 59 percent of today’s BTC trade volume which is followed by tether (USDT 17.4%), USD (16.2%), EUR (2.5%), and KRW (1.5%).

Markets Update: Cryptocurrency Prices at the Crossroads

BTC/USD Technical Indicators

Looking at the 4-hour and daily BTC/USD charts on Coinbase and Bitstamp shows bulls are exhausted after pushing back to the $6,200 range and losing it. Just like our last markets update, right now the long-term 200 Simple Moving Average (SMA) is well above the short-term 100 SMA. This indicates the path to least resistance will be towards the downside. MACd levels look as they’ll be heading southbound after seeing a slight lift during the early morning trading sessions. The Relative Strength Index (RSI) oscillator is showing oversold conditions at the moment (32.04) which means we could see a slight increase northbound in the short term. Looking at order books shows that bulls need to get past the $6K region but bigger resistance is above the $6,200-6,400 zone. The walls looking northbound are not that tall and things could change directions in an instant. On the backside, there are mountains of buyers between now and $5,000.

Markets Update: Cryptocurrency Prices at the Crossroads     BCH Market Action

BCH action shows bulls are struggling to hold current market spot prices as well. Today the Bitcoin Cash market capitalization is resting at $11.4Bn with around $390Mn in 24-hour trade volume. BCH is holding the 5th highest trade volume today out of all 1600+ cryptocurrencies in existence. The top exchanges trading the most BCH on the last week of June are Okex, Bitfinex, Huobi, Hitbtc, and EXX. Data collected from Crypto Compare shows BTC commands roughly 40 percent of today’s BCH trades. This is followed by tether (USDT 29%), USD (17%), KRW (6.3%) and JPY (1.8%). The addition of the yen joining the top five is interesting and ETH trades account for 1.59 percent of BCH swaps as well.

Markets Update: Cryptocurrency Prices at the Crossroads

BCH/USD Technical Indicators

Looking at the BCH/USD charts on Bitfinex indicates BCH bulls have their work cut out for them. The 200 SMA is above the short term 100 SMA but the gap is smaller than the 4-hour BTC/USD chart. However, this still indicates that the least resistance is the downside if any uptrends are squashed along the way today. MACd is meandering in the middle as we speak and could head in one of two directions. RSI levels (31.7) are similar to the BTC/USD charts as the oscillator on the BCH/USD 4-hour is also showing oversold conditions. Bulls need to press past $685 to find smoother seas ahead and at the moment that’s still attainable in the short term. Looking at the backside shows bears will see pit stops between the current vantage point and $620 through $590 because of extremely large buy walls.

Markets Update: Cryptocurrency Prices at the Crossroads

The Top Crypto Markets Today

The second largest market cap belonging to Ethereum (ETH) is down 5.3 percent over the last 24-hours. ETH markets are also down 13 percent over the last week with a price average of around $412 per token. Ripple (XRP) markets are down 5.2 percent today and 13 percent over the last seven days as one XRP now trades for $0.43 cents. Lastly EOS still commands the fifth position but EOS markets have dropped 5.5 percent over the last 24-hours. EOS charts show seven-day losses of around 17 percent with one EOS priced at $7.38 per coin.

Markets Update: Cryptocurrency Prices at the Crossroads

The Verdict: Cryptocurrency Markets Are at the Crossroads

Today’s verdict is still filled with uncertainty and skepticism on whether or not we will see a bear market reversal soon. There has been a triple bottom and so far most cryptocurrency prices have remained above these key areas for now. People are still in the midst of coordinating newer positions like a game of musical chairs in search of the next wave up or even down.

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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The post Markets Update: Cryptocurrency Prices at the Crossroads appeared first on Bitcoin News.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

Cryptocurrency markets are steadily coasting along after suffering from some volatile low swings last week. Over the past 24 hours, most cryptocurrencies are still in the red nurturing losses between 1-3 percent, and a few are in the green by a few percentages. At the time of publication, the price of bitcoin cash (BCH) is hovering around $850 per coin. Meanwhile, bitcoin core values are meandering just above the $6,500 region.

Also read: William Shatner Joins Bitcoin Mining Project, Admits He Doesn’t Quite Get It

SEC Announcement Adds Second Wind Into the Cryptocurrency Market Sails

Since last week’s ‘Bloody Sunday’ cryptocurrency market have seen some slight recovery but not by much. Markets were dropping pretty low up until the U.S. Securities and Exchange Commission (SEC) revealed cryptocurrencies that are decentralized are not securities. After the SEC’s head of the Division of Corporate Finance, William Hinman, made these statements digital asset markets saw a small rally and this push has kept markets from drawing lower, at least for a short period of time. The overall market valuation for all 1600+ cryptocurrencies is currently worth around $280Bn USD and 24-hour trade volume for the entire lot of digital currencies is $10.8Bn.

BCH Market Action

Bitcoin cash markets have steadily held above the $840 – $855 region over the past few hours with around $303Mn in 24-hour trade volume. Just like before last week’s dump, trade volume is pretty flat and action has simmered down over the past day. The top exchanges swapping the most BCH today are Okex, Exx, Hitbtc, and Bitz. Bitcoin core (BTC) currently represents 48.8 percent of the trades swapped with BCH today. This is followed by tether (USDT 28.8%), USD (13%), KRW (4%) and ETH (2%). As of this writing, one BCH is equivalent to 0.1309 BTC, and bitcoin cash is the fifth highest trade volume.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BCH/USD Technical Indicators

The daily and 4-hour charts on Bitfinex show that BCH bulls have some resistance ahead in order for the markets to progress upwards. The two Simple Moving Averages (SMA) on the 4-hour BCH/USD chart show the short-term 100 SMA is above the long-term 200 trendline.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The two SMAs recently crossed hairs and this indicates a move to the upside could be in the cards. Both the Relative Strength Index (RSI) oscillator (54) and the MACd show deep consolidation and a touch of uncertainty. Looking at order books shows BCH bulls have some solid resistance past the $870 mark and some more between $900 – $950. On the backside, stronger foundations have been built up over the past few days and BCH bears will see some pit stops around $825 and $775.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BTC Market Action

As mentioned above, bitcoin core markets have been hovering just above the $6,500 territory for most of today’s trading sessions. Trade volume over the past 24 hours for BTC is around $3.1Bn and the overall market capitalization today is $111Bn. The top five exchanges by BTC trade volume on June 16 are Bitfinex, Coinbase, Bitstamp, Kraken, and Neraex. The Japanese yen today is dominating BTC trades today by over 71 percent. This is followed by tether (USDT 14.3%), USD (9.1%), KRW (1.6%), and the EUR (1.3%). Currently, BTC dominance amongst all the other markets is 39.9 percent.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BTC/USD Technical Indicators

4-hour and daily charts for GDAX and Bitstamp’s BTC/USD markets show quite a bit of consolidation as well. We can see from this chart that the two SMAs have also crossed paths with the 100 SMA just above the 200 SMA trendline. This indicates the path of least resistance will be towards the upside, but much like the BCH/USD 4-hour chart the gap is small, and the two could easily cross again.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

RSI levels are the same as well (52) and the MACd looks to be heading southbound soon. The current resistance zone for BTC bulls is between $6650 and $6775 (20 and 50 MA) at press time. On the back side, bears will meet resistance between 6400 and 6200 and significant foundational buy support beyond that. If things were to go into the sub-$6K region, the $5K region will likely hold for a very long time. However, at any time between this vantage point and that theoretical region, we could see a strong impulse leg upward.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The Top Cryptocurrency Markets

On Saturday, June 16 the second highest valued market held by ethereum (ETH) is up 1.7 percent and one ETH is averaging around $500. Ethereum values over the last seven days are down 14 percent. Ripple XRP markets are down 0.4 percent over the last 24-hours and down 18 percent during the course of the week. One XRP is trading for $0.53 cents per token. The fifth largest market, EOS, is up 0.12 percent and down 23 percent over the last seven days. The EOS token is trading for $10.67 and the currency holds the fourth highest trade volumes today.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The Verdict: Skepticism Remains Strong

The verdict this weekend still leans towards the bearish side taking into consideration the current charts, but mostly, market volumes have been considerably low. The SEC news helped add some positivity to an otherwise extremely gloomy week as far as markets were concerned. Traders are likely to remain skeptical for the time being until some bullish signals appear. The good news is markets have found support once again but where it will take us from here is hard to say.

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, Crypto Compare, and Satoshi Pulse.


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The post Markets Update: SEC Adds a Brief Market Spike — But Will It Last? appeared first on Bitcoin News.

Markets Update: Crypto Markets Tests Key Support Levels

Markets Update: Crypto Markets Tests Key Support Levels

Bearish momentum appears to be accelerating across the cryptocurrency markets following the failure of BTC to hold above the long-term ascending trendline dating back to July 2017. As of this writing, the BTC markets appear to be falling to test support at the $6,000 USD area after forming a large descending triangle. The leading alternative cryptocurrency markets are following suit, with all of the top ten cryptocurrency markets having lost approximately 10% against USD in the last 24 hours.

Also Read: As Bitcoin Futures Volumes Increase Credit Agencies Look to Downgrade Dealers 

Bitcoin Breaks Below Symmetrical Triangle

It has been a rough week for the BTC market so far, with the price of bitcoin having lost roughly 15% in the last four days. The accelerating selling pressure can be attributed to bitcoin’s failure to break above the long-term symmetrical triangle comprised of an ascending trendline running from July 2017, and a descending trendline connecting the all-time of $20,000 to the local high of $10,000.

As of this writing, the immediate price action shows BTC trading for approximately $6,300 after producing a small bounce following a sharp drop down to $6,100. The bitcoin markets are yet to retest the prior local support area of roughly $6,600. In breaking below the symmetrical triangle, BTC has formed a descending triangle, with current price action testing the $6,000 resistance area for the third time this year.

Markets Update: Crypto Markets Tests Key Support Levels

Many trades are inferring from current price action that the short to medium term outlook may have a bearish bias – as BTC has broken below a key long-term ascending trendline, and have broken below the local low produced during April.

Bitcoin Cash Tests Major Trendline

The BCH markets are currently trading for approximately $815 after making a third point of contact with a descending trendline from the all-time price high and breaking below the $1,000 area for the third time in 2018 on Monday.

Markets Update: Crypto Markets Tests Key Support Levels

The price of BCH has lost 23.5% in the last four recent days, with current price action approaching the support-line of a large symmetrical triangle spanning the entirety of the market’s history. Immediate price action appears to be readying for a modest bounce off the key price area of approximately $775 – which shows confluence with the breakout area from November 2017, in addition to comprising February’s low. A bounce off this area would also comprise a fourth point of contact with the long-term ascending trendline dating back to the first week of BCH trading.

Whilst the Bitcoin Cash markets are not bucking the bearish trend, should the current support area hold, BCH could produce a higher low – which, after May’s bounce, posted a higher top than was produced in February, would comprise a confluence of notable bullish signals.

However, even if BCH is able to bounce off the approximately $750 area, it remains to be seen as to whether the market will be able to break above the large symmetrical triangle which appears to be guiding recent price action. BCH has also been highly correlated with BTC in recent months, suggesting that if BTC continues to bleed, it is highly likely that BCH will follow suit. A break below the year-long ascending trendline would likely signal further bearish action.

Ethereum Forms Symmetrical Triangle

Ethereum has lost approximately 20% in the last four days, with the price of ETH falling from approximately $600 to roughly $465 as of this writing. ETH is testing the support-line of large symmetrical triangle formation stemming from the market’s all-time price high of roughly $1,400, with current price action making a fifth point of contact with the ascending trendline dated from late-May 2017.

Markets Update: Crypto Markets Tests Key Support Levels

As with many other markets, even if Ethereum is able to bounce off the long-term ascending trendline, it is unlikely that the ETH markets will produce significant recovery unless Ethereum is able to break above large symmetrical triangle in which price action is currently trending.

EOS Drops by 55% in 6 Weeks

After rallying to produce a record high of approximately $23 at the start of May, the EOS markets have since produced heavy losses of over 55% in six weeks, including a drop of nearly $30% in last four days. As of this writing, the price of EOS is testing support at roughly $10.

Markets Update: Crypto Markets Tests Key Support Levels

Throughout June, EOS has maintained its position as the fourth most traded cryptocurrency by 24-hour volume.

Do you think that the markets are set to produce further bearish action in the short term? Join the discussion in the comments section below!


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Markets Update: Crypto Prices Take a Weekend Beating

Markets Update: Crypto Prices Take a Weekend Beating

Cryptocurrency markets are suffering from deep losses today, on June 10, 2018, as most digital assets are seeing 24-hour declines between 9 and 25 percent. The number one position, held by Bitcoin Core (BTC), dropped more than a $1,000 just a few hours ago, from $7,600 to $6,600, but prices have rebounded back to $6,787 per BTC. The fourth highest valued market, held by Bitcoin Cash (BCH), dropped around $225 in value after hovering around $1,150 for a while. The currency is now averaging $933 per BCH. It’s safe to say market participants are shaken and many are curious about why the market keeps sliding.

Also Read: CFTC Subpoenas Leading Exchanges for Trading Data

Crypto Markets Take a Jab to the Gut This Weekend

Markets Update: Crypto Prices Take a Weekend BeatingA dump took place today that hit markets below the belt, as most cryptocurrencies lost significant values. Last week, towards the beginning of the weekend, markets were pretty stable and consolidating tightly into a triangular formation. Then, on Saturday, the United States Commodity Futures Trading Commission (CFTC) and the U.S. Justice Department revealed they had subpoenaed four major exchanges while looking into their cryptocurrency price manipulation investigation. Just before that moment on June 9, just like last time when U.S. regulators initially announced the manipulation probe, markets slid about 1-hour before the announcement. Today’s drop was harder to put the blame on as it could have been an after effect from yesterday’s announcement, the fact that market volumes are extremely thin, or some blamed it on the small exchange from South Korea Coinrail being hacked this weekend for $40Mn worth of ICO tokens.

BTC Market Action

On Sunday, June 10, Bitcoin Core (BTC) markets are down 9.8 percent and over the past seven days, BTC markets are under by 11 percent. This means most of the losses have taken place this weekend as BTC volatility was fairly nonexistent at the beginning of the week. Right now BTC’s overall market capitalization is around $115Bn with a dominance level of around 38 percent. Trade volume is super weak and this is why a lot of traders are skeptical these days because 24-hour volumes today were around $4Bn, but since the last drop volumes jumped to $5.5Bn over the past hour. The top exchanges today swapping the most BTC are Bitfinex, Binance, Okex, Huobi, and GDAX. The Japanese yen is dominating BTC currency pairs big time commanding more than 60 percent of BTC trades at the time of publication. This is followed by the USD (19.2%) tether (USDT 13.5%), EUR (2.7%), and the KRW (2.2%). Of course, there was a significant drop in South Korean won-BTC pair action today.

Markets Update: Crypto Prices Take a Weekend Beating

BTC/USD Technical Indicators

Looking at the charts shows BTC bulls had mustered up some strength to push above the $6800 zone but the fight was a real struggle. 4-hour charts show the two Simple Moving Averages (SMA) have a good sized gap between them with the 200 SMA well above the 100 SMA trendline. This means bearish sentiment may continue during the short term and markets are very close to a triple bottom. After the last push the MACd is heading downwards and RSI levels are very low too (15.78) indicating oversold conditions. Daily Bollinger Bands (B-bands) are seeing a significant coil and buyers below the current vantage point are itching for lower prices. Looking at order books shows bears will see pit stops around $6,400 and the triple bottom $5,900 region. If bulls can heal right now, after that intense beating, then they need to overcome big walls around $7,300 and 7,800 to at least catch some fresh air from the onslaught.

Markets Update: Crypto Prices Take a Weekend Beating

BCH Market Action

After a few solid weeks of BTC being the dominant pair with Bitcoin Cash (BCH), today tether USDT has taken the lead at 31.77 percent. This is followed by BTC (31.5%), USD (21.9%), KRW (9.1%), and the EUR (1.9%). Bitcoin Cash has lost around 16.4 percent over the last 24-hours and 19 percent over the last seven days. This Sunday, the total market capitalization for BCH is around $15.9Bn with about $693Mn in 24-hour trade volume. The top trading platforms exchanging the most Bitcoin Cash today include Okex, Binance, Huobi, Bitfinex, and Lbank. The losses in BCH values have been very much correlated with BTC market tumbles but prices have still remained around 0.14 BTC per BCH.

Markets Update: Crypto Prices Take a Weekend Beating

BCH/USD Technical Indicators

Looking at BCH charts on Bitfinex shows similar indicators, as the two Simple Moving Averages have a decent gap like BTC with the 100 SMA below the long-term 200 SMA. Again, this indicates the path of least resistance will be towards the downside. RSI levels show oversold conditions (30) and the MACd is sliding southbound as well at the time of writing. Daily B-bands are also extremely tight, showing a massive consolidation period taking place. Looking at order books indicates that bears will have a hard fight until 910 and then another pit stop at $860. If things go lower than that, markets are going to look ugly all around. BCH bulls need to recharge and bust past $985 but buyers will also be deterred around $1,020, as sell orders are piling up around that region.

Markets Update: Crypto Prices Take a Weekend Beating

The Top Cryptocurrency Markets

Overall, the top cryptocurrencies are down, except for ‘stablecoins’ like tether and the various others allegedly pegged to the USD. The second largest market valuation today belongs to Ethereum (ETH) but its markets are down 13.9 percent. One ETH is trading for $517 and the currency is the most swapped coin on Shapeshift today, but traded for BTC. The third largest market, Ripple (XRP), is down 13.8 percent and one XRP is trading for $0.57 cents per token. Lastly, the fifth highest valued market commanded by EOS is down significantly at 21 percent this Sunday. At the moment, EOS is trading around $11.25 per coin and holds the fourth largest trade volume over the last 24-hours.

Markets Update: Crypto Prices Take a Weekend Beating

The Verdict: Skepticism and the Search for That Confounded Bottom

You can probably guess what our market verdict is today without reading the sub-title above, as things are looking bearish and everyone knows this fact. Because markets keep sliding, then recovering, then sliding downwards, even more, has caused enthusiasts and traders to be skeptical of any bullish signals. Most traders are looking curiously for ‘the bottom’ and when that time will be, so right now many are just playing musical chairs looking for the right positions.

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Crypto Prices Take a Weekend Beating appeared first on Bitcoin News.