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Market Mayhem: Bitcoin Sinks Below $3.4K, Ethereum Plummets to Double Digits

Crypto markets have today again taken a major downturn, with virtually all of the major coins by market cap seeing double digit losses — some as high as over 20 percent.

Friday, Dec. 7 — Crypto markets have today again taken a major downturn, with virtually all of the major coins by market cap seeing double digit losses. Some coins are down by over 20 percent, as data from Coin360 shows.

Market visualization

Market visualization by Coin360

Bitcoin (BTC) has taken a steep hit of over 11 percent on its 24-hour chart, and is trading at $3,400 as of press time. Having attempted to reclaim ground above the $4,000 price point in early December — to briefly trade close to $4,300 — the top coin’s recovery has failed to hold, and the asset has seen stepped losses in the days before today’s dizzying tumble.

On the week, Bitcoin is now down by around 20.5 percent; monthly losses are at a severe 47.3 percent.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index.

Second-largest crypto by market cap Ripple (XRP) is down by around 12 percent on the day, trading at almost $0.30 as of press time, according to Cointelegraph’s Ripple Price Index. Ripple’s weekly and monthly charts are also blisteringly red, with losses of around 23.5 and 40 percent respectively.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index.

Third-ranked crypto by market cap Ethereum (ETH) has fared even worse, with 24-hour losses pushing 16 percent as of press time. The top altcoin is down to double-digit value, currently trading at $84. On the week, Ethereum down by 31.4 percent; monthly losses are close to 60 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap

Virtually all of the remaining top ten coins on CoinMarketCap are seeing deep red; Stellar (XLM) and Bitcoin Cash (BCH) are both down almost 18 percent, at $0.11 and $102.3 respectively; eighth largest ranked crypto Litecoin (LTC) is down close to 15 percent, trading at $25.3, and EOS (EOS) is the hardest hit, down almost 23 percent on the day at $1.68.

Newly-forked “Bitcoin SV” (BSV) is the only exception among the top ten, soaring 20 percent on the day to trade at around $109, sealing the ranking of 5th largest crypto. With a market cap of around $1.94 billion as of press time, BSV is holding a slim margin ahead of BCH; the latter, ranked 7th, currently has a market cap of about $1.77 billion.

Just yesterday, news broke of a new lawsuit from tech development firm UnitedCorp against Bitmain, Bitcoin.com, Roger Ver, and the Kraken Bitcoin Exchange, which alleges the defendants engaged in manipulation and unfair practices during the immediate aftermath of the BCH-BSV hard fork.

The remaining coins in the top twenty by market cap are all seeing losses of between a 8 and 22 percent range.

IOTA (MIOTA) is down over 16 percent to trade at $0.22: Binance Coin (BNB) is down just under 20 percent at $4.56, and privacy-focused alts Monero (XMR) and ZCash (ZEC) are down 14.5 and 20 percent respectively.

Similar losses have hit Dash (DASH) and Neo (NEO): with the former down 21.7 percent at $61.33, the latter 17.4 percent at $5.85.

Dogecoin (DOGE), ranked 20th, is the “strongest” 24-hour performer, down 2.6 percent at $0.0021.

Total market capitalization of all cryptocurrencies is atca around $107.1 billion as of press time, down around 20 percent since the start of its weekly chart, when it was close to $136 billion.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

With the markets unremittingly bleak, the United States Securities and Exchange Commission (SEC) has meanwhile yet again postponed its decision on the high-profile Bitcoin (BTC) exchange-traded fund (ETF) from investment firm VanEck and blockchain company SolidX.

A new deadline of the end of February 2019 has now been set; SEC commissioner Hester Peirce — who earned the moniker of “Crypto Mom” for her dissent over the SEC’s decision to reject a Bitcoin ETF proposed by the Winklevoss twins — told investors this week; “Don’t hold your breath” awaiting a BTC ETF approval.

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Crypto Assets See Losses Across the Board as BTC Falls Below $4,000

Bitcoin has today again lost the $4,000 price point as all major coins see significant losses of between a 4 and 10 percent range.

Monday, Dec. 3 — Crypto markets have today again taken a major downturn, with all of the major coins by market cap seeing significant losses of within a 4 and 10 percent range, as data from Coin360 shows.

Market visualization by Coin360

Bitcoin (BTC) has dropped below the $4,000 price point, down about 7 percent on the day to trade at $3,868 at press time. Despite rebounding to as high as $4,400 Nov. 29, the top coin has today seen a drop from a 24-hour high of around $4,135 to as low as $3,846 in recent hours.  

Having lost its midweek gains, Bitcoin is breaking more or less even on its 7-day chart, up by just a fraction of a percent; monthly losses are at a stark 39.6 percent, according to Cointelegraph’s Bitcoin Price Index.

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Second-largest crypto by market cap Ripple (XRP) is down by around 5 percent on the day, trading at $0.34 as of press time, according to Cointelegraph’s Ripple Price Index. Ripple’s weekly and monthly charts are also in the red, with losses of 7.6 and 23.7 percent respectively.

Ripple is down around 5.6 percent on the XRP/USD 24-hour chart, as CoinMarketCap data shows.

Ripple 7-day price chart. Source: CoinMarketCap

Third-ranked crypto by market cap Ethereum (ETH) has tumbled in recent trading hours, down almost 8 percent to trade at $107 at press time. Having trading as high as almost $119 toward the end of yesterday, the alt took a mild price hit early this morning to trade around $115, before seeing a sharp plummet in the past couple of hours down to current levels.

On the week, Ethereum is 4.6 percent in the red, with monthly losses pushing 46 percent.

Ethereum 7-day price chart. Source: CoinMarketCap

All of the remaining top ten coins on CoinMarketCap are seeing red, with EOS (EOS) the hardest hit, shedding 10.3 percent on the day at $2.64. EOS has this week become mired in renewed controversy over a move from one of the ecosystem’s so-called “block producers”: the furore comes shortly after news that Block.One CTO Daniel Larimer appears to be harboring plans for a separate cryptocurrency project.

Eight largest ranked crypto Litecoin (LTC) is also down 9.25 percent on the day to trade at $30.82.

Newly-forked “Bitcoin SV” (BSV), ranked ninth, is down over 8 percent at $92.39, with Bitcoin Cash (BCH), ranked 5th, down 7.4 percent at $160.60.

The remaining coins in the top twenty by market cap are all seeing losses of between a 5 and 10 percent range. IOTA (MIOTA) is down just shy of 9 percent to trade at $0.27: privacy-focused alt Monero (XMR) is also down 8.8 percent at $54.75. Similar losses have hit Neo (NEO), Dash (DASH) and ZCash (ZEC), down 9, 8.4, and 9.9 percent respectively.

Total market capitalization of all cryptocurrencies is down to around $125.7 billion as of press time, down a steep $10 billion from its 24-hour high at $135.7 billion.

High on the 24-hour chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

China has yet again sent out renewed anti-crypto signals this week, with the director general of the Beijing Municipal Bureau of Financial Work yesterday warning that Security Token Offering (STOs) fundraising is an “illegal” activity in the country (as are Initial Coin Offerings (ICO), as of September 2017).

Despite weak crypto price action market wide, stalwart Bitcoin (BTC) community subreddit “/r/Bitcoin” — which was founded in September 2010, almost two years after the release of the Bitcoin white paper — hit the 1 million subscriber mark yesterday, Dec. 2.

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Crypto Markets See Persistent Red, Bitcoin Briefly Dips Below $4K

The crypto markets are today back in the red, with virtually all of the top 20 cryptocurrencies seeing losses within a 4-10% range.

Friday, Nov. 30 — After a short-lived spike earlier this week, the crypto markets are today back in the red, with virtually all of the top 20 cryptocurrencies seeing losses within a 4 and 10 percent range, as data from Coin360 shows.

Market visualization by Coin360

Bitcoin (BTC) has had a volatile week, jaggedly trading between its low of around $3,600 (Nov. 25) and high of $4,400 (Nov. 29). As of press time, the top coin is at $4,037, down 6.3 percent on its 24-hour chart, according to CoinMarketCap. Today’s negative momentum briefly brought the asset below the $4,000 mark, before it stemmed losses somewhat in later trading hours.

On the week, Bitcoin is around 6 percent in the red; monthly losses are at a stark 36.3 percent.

Bitcoin 7-day price chart. Source: CoinMarketCap

Second-largest ranked crypto asset, Ripple (XRP), is down 5.5 percent on the day, trading at $0.35 to press time. While its market share has dropped down to $14.45 billion, it continues to hold its margin ahead of Ethereum (ETH), now ranked 3rd largest crypto, with a market cap of just below $11.7 billion.

On the week, Ripple is 12 percent in the red, with monthly losses above 19 percent.

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is down a round 5 percent on the day to trade at $112.9. The asset veered close to double digits during a market tumble Nov. 25, and has since recovered, briefly hitting $125 Nov. 28 — yet without sustaining significant gains. The altcoin’s decline on the week has brought it to around 7.6 percent in the red; monthly losses are pushing 43 percent.

Ethereum 7-day price chart. Source: CoinMarketCap

Most of the remaining top ten coins on CoinMarketCap are seeing losses of between 4 and 10 percent, with the notable exception of newly-forked Bitcoin SV (BSV) (from the Bitcoin Cash (BCH) split), which has decoupled from the wider market to seal a 2.6 percent gain on the day, trading at $96.35.

Meanwhile, EOS (EOS) is down 5.4 percent at $2.86 and Litecoin (LTC) is down 6.3 percent at $32.06: Cardano (ADA) is the hardest hit among the top ten, sinking 9.2 percent to trade at $0.038.

The remaining coins in the top twenty by market cap are all red, with the exception of privacy-focused alt, Zcash (ZEC), ranked 19th, which is up 1.74 percent at $82.05. Zcash’s spike is likely due to major U.S. cryptocurrency exchange Coinbase announcing its launch of support for the asset on its Coinbase Pro platform yesterday, Nov. 29.

15th largest coin NEM (XEM) is down almost 8 percent at $0.07, and Tron (TRX) is pushing a 10 percent loss at $0.014. 13th largest crypto, IOTA (MIOTA), is down 5.7 percent at $0.28, and Dash (DASH) is down 6.74 percent at $90.60.

Total market capitalization of all cryptocurrencies is around $130.4 billion as of press time, up  almost $16 billion from an intraweek low of $114.6 billion Nov. 25.

Total market cap 7-day chart. Source: CoinMarketCap

With the deep red markets continuing to command attention, Chinese cryptocurrency mining giant Bitmain has today released several price indices for cryptocurrencies, aiming to track the largest 17 assets by market cap for both institutional and retail investors.

BlockShow Asia 2018 has been a barometer of both the crypto sector’s dynamic development and of recent market sentiment, with BlockShow CEO Addy Creeze quipping that “bear market” and “crypto winter” were among the most-heard words at the event.

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Scattered Gains Bring Respite after Midweek Crash, But Many Alts Continue to See Losses

Crypto markets have slightly stabilized today, although many major coins continue to shed value.

Friday, September 7: after the midweek bloodbath, crypto markets have slightly stabilized today, although many coins continue to shed value, as Coin360 data shows.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is trading at around $6,430 at press time, down just under one percent on the day, according to Cointelegraph’s Bitcoin Price Index.

Despite a bullish start to September, Bitcoin’s price decline set in this Wednesday, September 5. Since then, the leading cryptocurrency has spiralled downwards from a high of $7,391 to over $1,000 less at its intraday low today at $6,354.

The coin is now a stark 16 percent down on its weekly chart. On the month, Bitcoin nonetheless remains up by around 7.3 percent.

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Ethereum (ETH) has tumbled to around $216 at press time, losing just over 3 percent on the day. As with Bitcoin, Ethereum started September strong, briefly brushing the $300 price point September 1 before this week’s price plummet.

On its weekly chart, Ethereum is down just over 23 percent, with monthly losses around 46 percent.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Among the other top ten coins on CoinMarketCap, only three are in the green, though losses are capped below 3 percent. After Ethereum, Bitcoin Cash (BCH) is down the most, seeing 2.77 percent losses on the day to trade at just under $500.  

Stellar (XLM) is the only top ten crypto to see solid growth, up 4 percent on the day to trade at around $0.207. While it still remains shy of its intraweek high at almost $0.24, XLM-BTC has seen a solid bounce back to its trading levels before the mid-week market plunge set in September 5.

Stellar’s 7-day price chart

Stellar’s 7-day price chart from CoinMarketCap

Among the top twenty coins, all assets, except for two exceptions, are seeing mixed reds and greens in the 1 percent range, showing the coins are holding steady over the past 24 hours to press time.  

Dash (DASH), ranked 12th by market cap, has soared almost 6.46 percent on the day to trade around $185.56, although it is still trading almost 16 percent lower than its value ($220.50) during early trading hours September 5.

Dash’s 7-day price chart from CoinMarketCap

The other exception among top twenty coins is Dogecoin (DOGE), ranked 20th, which is up around 6 percent on the day, capping a week of extraordinary price volatility.

Dogecoin’s 7-day price chart from CoinMarketCap

Total market capitalization of all cryptocurrencies is around $203.5 billion at press time, down over $35 billion from its intraweek high of around $240 billion.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Even as the markets tumble, fresh data from management and technology consulting firm GreySpark has found that volumes on crypto marketplaces have burgeoned in 2018, with the U.S. dollar the most actively traded fiat against cryptocurrencies.

Responding to this week’s grim market movements, crypto Twitter has actively mulled the possible impact and price correlation surrounding reports that Goldman Sachs was rolling back their plans to open a crypto trading desk. The banking giant’s CFO refuted the rumors in a statement September 6, calling them “fake news” and affirming the company’s plans were on track.

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Market-Wide Losses Intensify in Second Day of Major Crypto Price Plummet

Thursday, September 6: crypto markets are blisteringly red, with virtually all of the top 100 coins posting hefty losses on the 24-hour charts, as Coin360 data shows.

Coin360

Market visualizat​ion from Coin360

Bitcoin (BTC) is trading at around $6,492 at press time, down almost 6.32 percent on the day, according to Cointelegraph’s Bitcoin Price Index.

Having broken through the $7,000 threshold August 31, Bitcoin saw a solid uptrend until its sudden plummet yesterday, September 5. The top coin is now around 8 percent down on its weekly chart. On the month, however, Bitcoin remains up by around the same figure of 8 percent.

Cointelegraph's Bitcoin Price Index

Bitcoin’s 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Ethereum (ETH) is trading around $225 at press time, losing 8 percent on the day. Following upon an intra-week high to scrape $300 September 1, Ethereum traded sideways around $290 until yesterday’s sudden descent.

On its weekly chart, Ethereum is down a hefty 21.8 percent, with monthly losses burgeoning to 44.8 percent.

Cointelegraph's Ethereum Price Index

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Many of the top ten coins listed on CoinMarketCap are seeing significant losses, with Litecoin (LTC) down 7 percent to trade at $55.92, having traded as high as $69 September 4.

Ripple (XRP) is a significant outlier, surviving the day’s dump relatively unscathed, up 2.15 percent on the day to trade around $0.30. Having plummeted in correlation with other major cryptos, the asset has seen a strong bounce upwards in the hours before press time.

CoinMarketCap

Ripples 7-day price chart from CoinMarketCap

Among the top twenty coins, most losses are at five percent or higher, with IOTA (MIOTA), down 6.41 percent on the day to press time. VeChain (VET) has also lost almost 8 percent on the day to trade at $0.015.

Many other smaller market cap alts are seeing double digit losses, showing strong correlation with larger crypto assets.

In an interview with Cointelegraph this week, Brian Kelly, founder and CEO of digital currency investment firm BKCM LLC, who is also a regular contributor to CNBC as a crypto analyst, said he considers that in today’s Initial Coin Offering (ICO) market, “the days of a whitepaper and a dream and $30 million are probably over.”

Crypto industry commentator Joseph Young has today given his perspective on Twitter, tempering the grim market picture with the suggestion that:

“Previous corrections 2014, 2016 were much more brutal than the 2018 crypto correction. On average two-year corrections were suffered, with no positive development for investors to track. In 2018: 1. crypto jobs up 50% in Asia 2. Bakkt 3. Better crypto custody for institutions.”

Total market capitalization of all cryptocurrencies is just under $205 billion at press time, down over $35 billion from its intraweek high of just under $240 billion.

CoinMarketCap

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Eschewing news-correlated market analyses, eToro’s Mati Greenspan today tweeted a four-word bottom line to one disgruntled crypto community member’s question, “what was the reason behind the dip today?”:

“More sellers than buyers.”

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 5

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Cryptocurrency prices are plunging across the board. As of press time, all of the top 10 coins are in the red. Barring Stellar and Bitcoin, each one is down by more than 7 percent. When an asset class enters a protracted bear phase, such falls are to be expected because the sentiment is brittle and any adverse news can cause panic among the traders.

The previous attempt to rally in July was abandoned after the U.S. Securities and Exchange Commission (SEC) rejected the Bitcoin exchange-traded fund (ETF) proposal submitted by the Winklevoss twins.

Today’s fall gained momentum following reports that Goldman Sachs has halted its plans to open a cryptocurrency trading desk, citing uncertain regulations. The bank, however, still wants to go ahead with its cryptocurrency custody product for institutional clients.

Many had been banking on large institutional players to provide support for crypto prices, but it looks like there will be a delay in their entry until the regulatory environment improves.

The bulls could compensate for this news and arrest the fall, which would be a positive sign confirming demand at lower levels. However, in a more negative turn of events, the price could continue to fall and make a new low. The picture will clear up over the next couple of days.

Meanwhile, let’s look at the price charts and assess the damage caused by this sudden fall.

BTC/USD

We had mentioned in our previous analysis that Bitcoin might face resistance closer to the $7504.68 level. Therefore, we had recommended traders protect their long positions by raising their stops to breakeven. The magnitude of the fall, however, has surprised everyone.  

BTC/USD

The price plunged to a low of $6910.91 today, where some buying emerged but the bulls are finding it difficult to push the prices much higher. If the price sustains below the 20-day EMA, it will indicate weakness. The pair is currently at a critical level. The price action over the next couple of days will give us a better idea of what to expect.

The BTC/USD pair will gain strength if the bulls defend the 20-day EMA and push the prices above $7413.46.

ETH/USD

The symmetrical triangle in Ethereum has resolved on the downside, resuming the downtrend. The pattern target of the breakdown is $192.93.

ETH/USD

Currently, the bulls are trying to defend the August 14 low of $249.93 but the formation looks negative.

The 50-day SMA is trending down and the 20-day EMA has also turned down, which shows that the sellers are back in the driver’s seat.

The ETH/USD pair will gain strength only after it breaks out of the downtrend line and the 50-day SMA. Until then, all rallies will be sold into. Therefore, traders should avoid bottom fishing at the current levels.

XRP/USD

Ripple has broken down of the range, which is a bearish sign. The price can now retest the August 14 low of $0.24508, which is a major support.

XRP/USD

The 20-day EMA, which had flattened out earlier, has turned down once again and the 50-day SMA continues to trend down. This shows that the sellers are back in command in the short-term.

The trend will remain firmly down until the XRP/USD pair breaks out of the 50-day SMA and the downtrend line. Traders should remain on the sidelines and consider initiating long positions only on a breakout and close (UTC time frame) above $0.37390.

BCH/USD

Bitcoin Cash has turned down sharply from the 50-day SMA. The 20-day EMA has failed to provide support on the downside.

BCH/USD

The BCH/USD pair can correct to the strong support zone of $473.9060–$500. If the support holds, the virtual currency can begin consolidating. However, if the bears break below $473.9060, the fall can extend to $400 and beyond that to $300.

The first sign of strength will be a breakout and close (UTC time frame) above the 50-day SMA. Until then, traders should avoid initiating any long positions at the lower levels.

EOS/USD

EOS plunged back to the support level of $5.65, after failing to sustain above the 50-day SMA. If the support breaks, the virtual currency can fall to the trendline and below that to the support zone of $4.5–$4.8.

EOS/USD

If the $5.65 level holds, the bulls will again try to break out of the 50-day SMA. The EOS/USD pair will pick up momentum if it sustains above $6.8299.

Traders who had initiated long positions on our buy recommendation can book a loss on 50 percent of the position at the current levels and keep the stop loss on the rest at $4. We shall watch the price action for the next two days and then decide whether to hold the position or close it.

XLM/USD

Stellar has held above $0.184 since mid-December. Three previous attempts to break down of this support failed. On the previous two occasions, the cryptocurrency spent about 20-25 days in consolidation, before starting an up move.

XLM/USD

The current consolidation has been going for a month. If the bulls break out of the overhead resistance, a move to $0.3157505, followed by a rally to $0.35 is probable.

If the XLM/USD pair breaks down of $0.184, it will become very negative and can sink to $0.11812475 and lower.

Therefore, the traders should initiate long positions only on a breakout of the current consolidation.

LTC/USD

Litecoin has consistently made new year-to-date lows since breaking down of the $107.102 level. The bulls had formed a range after falling to $74, but they could not break out of the 50-day SMA. Subsequently, the pair broke down and made a new intraday low of $49.466.

LTC/USD

Currently, the LTC/USD pair has again turned down from the 50-day SMA and the downtrend line. The bulls are trying to defend the $62.319 levels. If this level breaks, the virtual currency can retest the lows of $49.466.

If the support holds, the cryptocurrency will again try to break out of the 50-day SMA. That will be the first sign that the selling has subsided. We shall wait for a reliable buy setup to form before suggesting any trades on it.

ADA/USD

Cardano has been in a strong downtrend, losing about 94 percent from its intraday high of $1.396281 to its intraday low of $0.083192 on August 14.

ADA/USD

For the past 22 days, the bulls have been trying to arrest the fall and the ADA/USD pair has entered a consolidation between $0.083192 and $0.111843.

A breakout from the range has a pattern target of $0.140494. However, the trend will change only when the digital currency forms a series of higher highs and higher lows. We shall wait for a new uptrend to start before suggesting any trades on it. A break down from the range will renew the downtrend, which has a pattern target of $0.054541.

IOTA/USD

IOTA has turned down from the 50-day SMA. It has support at $5.750, which should hold. Otherwise, a fall to $0.4628 is probable.  

IOTA/USD

The IOTA/USD pair will show signs of a turnaround if the bulls break out of the $0.8152–$0.9150 resistance zone.

The traders who had initiated long positions following our earlier recommendation can book profits on partial positions at the current levels and keep the rest with the stop loss at $0.46. Our target objective on the upside is a move to $1.24.

XMR/USD

Monero has turned down from the overhead resistance at $150. It has a strong support at the moving averages and at $109.220. If this support breaks, the virtual currency can slide down to $81.

XMR/USD

If the bulls successfully defend the $109.22 line, the XMR/USD pair might again attempt to break out of the overhead resistance at $150. The trend will change if the bulls can sustain above $150 for three days.

Traders who are long on our recommendation can hold their positions with the stop loss at $90.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Crypto Markets See Sharp Decline as Total Market Cap Drops $12 Billion in One Hour

Wednesday, September 5: crypto markets have suffered a sharp decline within one hour, with total market cap down $12 billion and almost all of the top 100 coins by market cap in red, according to Coinmarketcap.

Market visualization

Market visualization from Coin360

Major cryptocurrency Bitcoin (BTC) has again dipped below the $7,000 point today, according to Cointelegraph’s BTC price index. Bitcoin is down around 5 percent over the past 24 hours, trading at around $6,996 at press time. The digital currency is hardly holding monthly gains, while weekly losses have amounted to around 1 percent by press time.

Bitcoin Price

Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has also suffered losses today, with its price having plunged deep below the $300 point. Ethereum is now trading at $258, down more than 11 percent over a 24 hour period to press time.

Ethereum Price

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total market cap is down dramatically within just one hour, and appears to continue the downward trend, seeing another dip. Total crypto market capitalization is around $222 billion at press time, down from yesterday’s high of $240 billion.

Total market capitalization chart

Total market capitalization chart. Source: CoinMarketCap

During this downward trend on the market, Bitcoin has again seen significant growth in terms of dominance over the rest of cryptocurrencies. Going in parallel with the sharp plunge of the markets, Bitcoin’s dominance has significantly increased over a short period of time, up one percent, currently amounting to 54.3 percent. This is the highest point of BTC dominance over the past two weeks.

Percentage of total market cap

Percentage of total market cap (Dominance). Source: CoinMarketCap

The average losses of most of the top altcoins by market cap range within an interval of 9 to 12 percent to press time, with major coins Ripple (XRP), Bitcoin Cash (BCH), and EOS down 11 percent, 10.2 percent, and 10.9 percent respectively by press time. XRP is trading at $0.30, while the prices of BCH and EOS amount to around $562 and $5.85 respectively.

Bitcoin Gold (BTG), which will be delisted from major crypto exchange Bittrex by mid September, sees smaller losses, down 4.6 percent and trading at $20.60 at press time.

In contrast, another hard fork of Bitcoin, Bitcoin Diamond (BCD), is seeing extraordinary growth today, up 110 percent over the past 24 hours to press time.

CNBC’s crypto trader host Ran NeuNer has subsequently reacted on his Twitter to the recent market dip, writing that the “movement” from a crypto wallet allegedly associated with the Silk Road could be the reason for the drop:

“100 000 BTC dump days after the movement from the Silk Road wallet had a big withdrawal…”

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Top 10 Cryptocurrencies See Green After a Tumultuous Week

Bitcoin (BTC)–After one of the hardest hitting weeks to the crypto markets in an otherwise bearish year, the top ten currencies by market capitalization appear to be in recovery.

On Monday, the total market capilization of cryptocurrency dipped below $200 billion for the first time since last year, signaling a relative low from January 2018’s near-trillion dollar valuation. Altcoins in particular experienced a severe decline, with currencies across the board posting double-digit losses throughout the week.

Ethereum, an otherwise stalwart coin that has both developers and investors excited over, dropped to a valuation not seen since last year, making for a full retraction in value following the bull run to start the year. Various analysts disagreed over the exact reason for the plunging price of Ether, but two predominant theories emerged. The first was proposed by Biswas Das, director of crypto hedge fund BloomWater Capital, who blamed the ICO market for causing a decline in Ethereum. According to Das, the falling crypto markets in addition to jumpy venture capitalists were leading to a mass sell-off in the Ether collected for ICOs–in part to cover costs, but also to lock in profits ahead of a total market collapse,

“These startups are raising a lot of funds but they don’t have treasury management or enough cash management experience, so they’re selling too early and causing a lot of pressure in the market. It was fine last year but right now the the market is so fragile that it causes a lot of pressure.”

Arthur Hayes, CEO and co-founder of crypto exchange BitMex, echoed the sentiment that ICOs were hurting the price of Ethereum, making a bold claim that he believed price depression would lead to Ether dropping below $100.

While Ethereum benefited through most of 2017 and early 2018 from the massive boom in ICO development, of which almost every project is built upon the ERC-20 platform, the plunging price of crypto has led the initial coin offering venture capitalists to force sell Ether. However, in a statement to CCN, eToro’s Mati Greenspan blamed the sinking price of cryptocurrency and Ethereum on a strengthening dollar. According to Greenspan, efforts to stave off inflation in the United States is leading to a stronger dollar, which means investors have less incentive to shelter their funds from inflation in cryptocurrency, particularly with the massive price volatility currently wreaking havoc on the market,

“As the United States moves to tighten its economy and avoid strong inflation, they’re taking action that is strengthening the Dollar. Because the US Dollar is the global reserve currency, many smaller economies rely heavily on a stable exchange rate with the greenback. So too, as the Dollar is being seen as a stable store of value at the moment, there really isn’t much incentive for people to store their money in digital assets.”

Most of the market is still hinging upon a decision by the United States Securities and Exchange Commision (SEC) over whether to approve a Bitcoin Exchange-Traded Fund. The belief is still that institutional investors and most Wall Street players are waiting for greater government regulation in the cryptomarkets before entering, which has produced a large amount of interest over ETFs.

As of writing, total market capitalization was holding at $210 billion.

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Analyst: Strong U.S. Dollar Hurting Cryptocurrency

Bitcoin (BTC)–While most of the cryptomarkets and its investor base scramble to find the cause over the recent bottoming-out in the market, which has made only a modest recovery in the past few days, one analyst has an interesting take on the falling price of Bitcoin and altcoins: a strengthening U.S. Dollar.

Since the start of August, the cryptocurrency market has been experiencing a roller coaster ride in terms of volatility. While the end of July seemingly signaled a recovery in the market, and possibly a bullish return for investors, subsequent price action has shed a different light. Following widespread faith in the passage of a Bitcoin Exchange Traded-Fund by the U.S. Securities and Exchange Commission (SEC), the market made a decent recovery, with Bitcoin rising above $8000 and holding its position. However, a series of events led to a decrease in investor confidence, beginning with the SEC’s denial of the Winklevoss Twins’ proposed ETF.

New York-based firm VanEck has been the leading candidate for approval in the creation of the world’s first Bitcoin ETF, but also saw a setback in the form of the SEC delaying decision from early August to the end of September. Following news of a delay and another potential denial of a regulated ETF, the bears pushed the price of Bitcoin down to $6000, with altcoins getting obliterated in the fallout and posting double-digit losses on an already hurting industry. At this point, the norm among the altcoin market is 95 percent or more losses since the all-time high experienced at the beginning of January, creating a market that has been very bearish throughout 2018–and possibly little end in sight.

In addition to weakened investor confidence via the SEC delaying its decision on a Bitcoin ETF, analysts also speculated that a mass ICO cashing out was hurting the market of cryptocurrency. Ethereum in particular took hard losses early in the week, falling to below price levels experienced at this point last year. The thought process was that ICOs, which are almost universally built on top of Ethereum’s ERC-20 token, were cashing out in volume to cover costs associated with the falling crypto market. Arthur Hayes, CEO and co-founder of BitMEx, made the claim that ICO investors would continue the sell-off, thereby driving the price of ETH to below $100. However,  eToro’s senior market analyst Mati Greenspan disagrees. Instead of ICO sell-off depressing the price of cryptocurrency, Greenspan blames a strengthening U.S. dollar as being indicative of the market turn,

“As the United States moves to tighten its economy and avoid strong inflation, they’re taking action that is strengthening the Dollar. Because the US Dollar is the global reserve currency, many smaller economies rely heavily on a stable exchange rate with the greenback. So too, as the Dollar is being seen as a stable store of value at the moment, there really isn’t much incentive for people to store their money in digital assets.”

In a statement to CCN, Greenspan continues,

“Over the course of this week, it seems that cryptocurrencies have been reacting negatively to the surging US Dollar. In this sense, they’ve been acting a lot like traditional commodities,”

As much as some in the cryptocurrency industry consider digital currencies waging a war against traditional fiat, the U.S. dollar may actually be to blame for the falling price of crypto. While being a safeguard against deflation has long been a selling point for cryptocurrency, Greenspan contends that a strengthening U.S. dollar alleviates that fear, in addition to providing security against price volatility.

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Ethereum Co-Founder: Sinking Price of Crypto Will Not Hurt Growth

Ethereum (ETH)–Joseph Lubin, one of the co-founders to the second largest cryptocurrency by market capitalization Ethereum and current CEO of ConsenSys Inc., told Bloomberg in an interview published yesterday that he is not concerned with the sinking price of cryptocurrency or the overall impact it will have upon the growth of the industry.

While investors across the world reel from double-digit losses to extend an already taxing market in 2018, Lubin is confident that the industry will continue it’s march of adoption and growth that has characterized 2018 despite the otherwise bearish atmosphere. In particular, Lubin cites last December’s massive bull run, which bled over into the early weeks of 2018, as being bubble-like developments that are similar to price increases in the past. As Lubin points out, the past occurrence of BTC and cryptocurrency in general spiking in price, followed by a crash (hence creating multiple bubbles over time) is just par for the course, and each time getting slightly worse. While the bubble makes for a terrible experience to investors having to survive the bear market, it doesn’t indicate that the industry is failing in terms of development or adoptive achievement. Lubin claims there have been,

“six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening.”

Despite being all consuming during the bubble, looking back on the ebb and flow of the market reveals a more steady movement in price, which Lubin refers to as ‘pimples’ on the chart. He also finds, in some small part, the severity of the crash to be indicative of the industry’s growth. The most recent crash has been that much more severe due to the fact that cryptocurrency is spreading, ICOs are on the rise, more projects are being developed with intriguing concepts compelling investors to pour money into,

“…we build more fundamental infrastructure, we see a correction, and the potential gets even more impressive… I absolutely expect that there is a strong correlation between the rise in price and the growth of fundamental infrastructure in the ecosystem and the growth of development in the ecosystem. We are probably two orders of magnitude bigger as a developer community than we were eight or 10 months ago.”  

Lubin, like other leading authorities in the industry of cryptocurrency, blames part of the crash and price volatility on the large number of speculative investors swaying the market, creating unhealthy conditions and myopic goals. Lubin, who helped co-found Ethereum alongside the outspoken Vitalik Buterin, has put his primary focus on growing the cryptocurrency industry in terms of utility and building greater adoption rather than through a price-focused discourse. Having the market dominated by speculative-driven investors is not a proper indicator of how the actual industry and underlying technology is performing,

“So we can look at the price and make growth plans and projections, and we’re still on track, basically. So this is not unexpected.”

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