After a quiet week of declines, a volatile week came with sharp declines and a rapid rise that followed immediately with high trading volume. The Bitcoin rate is still low relative to its ATH and might point to the investors fears. However, it is difficult to point to a change in trend at this stage and once we see a stable rise we can say that the downtrend has broken. In any case, the mass bullish forecasts will wait at least until we return to $10,000.
At the same time, the arena of the alternative coins received some green oxygen during the week, and the sharp declines were halted and replaced by the hope of traders and investors. Also, there were a number of coins exhibiting impressive financial moves and in the Binance exchange, some currencies were even more than 700% with an unusually high trading volume of tens of thousands of Bitcoins. Despite the problematic nature of the issue, such events attract new investors with appetite for profit multipliers that only the crypto market can produce. Altogether, we can hope that the alternative coins awakening will arouse renewed interest that will attract new money. Of course, as we know, new money passes through Bitcoin first, and despite the expanding accessibility of Ethereum, Bitcoin is still the first stop on the way to the Crypto world and therefore an increase in the alternative coins market is also significant to Bitcoin’s rate.
Bitcoin’s dominance has not changed much since the last update, although market size touched a low of 2018 last week at around $230 Billion, a 70% drop from its peak at the beginning of the year.
At the time of writing, the size of the crypto market is $268 Billion. In the graph of the last three months of the size of the crypto market, one can see the moderation in declines and it seems that they are beginning to enter a state of accumulation.
Crypto Worldwide News
Facebook Renouncing Ban On Cryptocurrency Ads on its Network. Six months on from an outright ban on cryptocurrency related ads, the social media site has announced a newly softened stance on the cryptocurrencies. Only legitimate crypto related businesses like established exchanges will be allowed. Scam prone ventures such as ICOs and Binary trading options will still have no place on the Facebook ad network.
European Parliament Says Yes to Digital Currencies but No to Crypto. The European Parliament’s Economic and Monetary Affairs Committee has favored Central Bank Digital Currencies (CBDC) over Bitcoin and Co because of price stability. Also claims that cryptocurrencies are only used as vehicles for financial speculation while the opposite number could go on to change the financial landscape in different countries. Is the era of CBDC about to set in?
Banking Giant ING Bullish on Bitcoin. A survey carried out by the banking giants and presented via an economic report spells high hopes for bitcoin as adoption rate continues to increase despite a plunge in the coin’s valuation. Cryptocurrencies hold the most promise in countries where the traditional financial system is less efficient, meaning that mainstream adoption isn’t so far away and maybe a price increase too.
Mt Gox has been ordered to pay back the money – entirely in Bitcoin. Customers to the hacked crypto exchange will receive their lost investments in bitcoin following a court order. Refunds will be made under civil rehabilitation laws and not laws of bankruptcy as the Mt Gox. exchange looks forward to getting back to business pretty soon. Notably, an official schedule for payment of proceedings is yet to be released but bitcoin traded at $483 in 2014 and will be the accepted refund tool according to the court ruling.
BitMEX CEO: Bitcoin Will Move to $50,000 by the End of 2018. Following the bitcoin bounce back over the weekend, Arthur Hayes of the BitMEX exchange is going even more bullish with his prediction that bitcoin will hit $50,000 by the end of the year. He says the cryptocurrency market is just one regulation away from surpassing last year’s all-time high to set a new landmark. Will this prediction come true?
Warning: Bitcoin Hackers Are Monitoring Over 2.3 Million BTC Addresses. Crypto cybercriminals now resort to a malware that stores copied bitcoin wallet addresses in their bid acquire coins illegally. Unknowingly installing the crypto address hijacker will lead to swapping your bitcoin wallet address with that of a hacker, giving them the opportunity to pounce on your assets. Bleeping Computer says more than 2.3 million bitcoin addresses are under siege. Watch out!
Coinbase is live with custodial service for institutional money… $10+bn waiting on the sidelines about to get involved! Coinbase, a digital currency exchange, has rolled out a new service – Coinbase Custodial – to allow secure storage of crypto assets for US and Europe financial services companies. New features on the service to include on-chain segregation of cold assets, offline private keys, security layers, robust cold storage auditing. The company says major clients will be crypto hedge funds, exchanges, and ICO teams interested in growing digital assets. Coinbase Custodial to arrive in Asia before the end of the year.
EU Parliament Destroys Bearish Claims in New Report. According to a new report titled “Virtual currencies and central banks monetary policy: challenges ahead”, the European Parliament’s Economic and Monetary Affairs Committee has shown its support for digital currencies while ignoring the negative stance of some experts on virtual currencies. The reported stated that virtual currencies are a “contemporary form of private money” and that their technological features have made global transaction systems more transparent, safe, and fast. According to the EU authorities, these currencies “will remain with us for a while.”
Binance Halts All Trading Over Abnormal Crypto Transactions. Global crypto exchange, Binance, on Tuesday suspended all trading services on its platform due to detected trading irregularities with a token from some APIs users. The token affected was Syscoin (SYS), a distributed network forked from bitcoin protocol. The project announced on Twitter that it is experiencing a system issue and requested exchanges to halt the trading of its token while an investigation is being carried out. Binance, however, resumed trading activities on Wednesday at 8:00 AM (UTC).
Last week we saw the rate touching $5,777 and coming back quickly breaking the trend that started at $9,700
It seems that the resistance range built is around $9,000 but before there is another resistance at $7,500, the trend in the last few days is up and we are still correcting since January. It traded around $6,700, resistance is at $7,500 and the support range at $5,800.
Against the dollar technically the image of Atrium is similar to that of Bitcoin.
Down from $800 to a floor of $405 and then a quick rise that broke the falling trend around $476. It offered resistance at $500 and support is at $444.
Against the dollar we returned to the support we saw in April around $644 and from there the rate returned to the top, with it trading around $791. Resistance is at $900 and $700 in this range.
Against Bitcoin, support is holds around 0.11 BTC and the attempt to break it up encountered resistance around 0.125 BTC. It traded around 0.118 BTC.
Against the dollar, it traded around $5.8. Is this floor? Not sure, but it’s definitely the lowest rate we’ve seen since November 2017, where the uptrend started. Support is around $5 and this resistance range is at $6.
Against Bitcoin, here is a weekly graph since the peak in February where it broke all the subsidies. The rate reached a peak of 0.0034 BTC and then to drop to levels of 0.0008 BTC where there was a real support on the Fibonacci but do not ignore that the floor can still rise to floor another floor. It traded around 0.00087 BTC with resistance at 0.001 BTC in this range.
Against the dollar, the falling trend is broken with a volume increase in trading and the resistance is being tested around $2. It traded around $1.6 and support is at $1.4 in this range.
Against Bitcoin, a slightly similar technical graph is trading around 0.00024 BTC and in this support range its at 0.0002 BTC with resistance at 0.00028 BTC.
Cryptocurrency charts by TradingView