This week, the market plunged into what feels like another manipulation by the big market traders. Bitcoin’s dominance continues to rise, standing at 56.1% with a stable trading volume and a market size of $195 billion, continuing its downward trend. However, the market continues to evolve and Coinbase filed a request for their own ETF while the Winklevoss brothers launched their own stable currency.
Ethereum is under $200 while Vitalik Buterin, its founder, does not see another X1000 bubble in sight and the market appears to be responding to his own predictions. Although the question that remains on everyone’s mind is what caused the wave of declines, and why did Ethereum take such a blow? Are these realizations and players exiting the market or is it the ICO’s that caused Ethereum damage? Only days would tell.
This week, Dogecoin continued its rally from last week and was up to an additional 20%. The old currency that started as a joke at the end of 2013 seems to provide security to players in the market. What does that tell us about the crypto market?
In conclusion, as we wrote in previous updates, the market is still correcting the bubble of last year. After a small recovery Bitcoin fell sharply in what appeared to be typical volatility. However, the alternative coins continue in their free fall and the confidence in the market seems to be steadily eroding. In the course of 2017-18, we saw unprecedented funding and we heard promises of new world order, but we have yet to see working products that justify their existence. The conclusion is that in the next Alt season it is worthwhile to choose coins that provide value.
Bitcoin’s Use Case Is Venezuela, Not Starbucks. Bitcoin usage in the South American country has reached all-time highs following the devaluation of the country’s native currency. Believers in digital currency are now adopting it as a major medium of exchange which meets the main purpose why it was created – for payments.
Japanese Online Retail Giant Buys Bitcoin Exchange. In a deal worth around $2.4 million, the Rakuten Group announced that it had purchased Everybody’s Bitcoin, a Tokyo-based bitcoin exchange. Rakuten seems to have other plans for cryptocurrency involvement but has just laid down a marker.
Bitcoin [BTC] Cannot Be Stopped By The Governments, Says Andreas M Antonopoulos. The Bitcoin advocate told listeners in a Q&A session that the decentralized nature of the world’s largest cryptocurrency makes it impossible for any government to halt its adoption. In fact, countries that respect individual freedom are not in opposition but support the international currency.
Bitcoin Lightning Network Speeding Up Crypto Business Around The World. Payment fees for merchants willing to trade in cryptocurrency will be “minuscule” after CoinGate, a bitcoin payment process launched its lightning network. This innovation could finally be the key to mainstream adoption of cryptocurrencies for payment.
Goldman Sachs Confirms working on Bitcoin Derivatives while Calling out the “Fake News.” After quashing claims that the investment bank wants to set up a crypto trading option, the firm’s CFO Martin Chavez revealed that they are working on “non-deliverable forwards.” This offering is being developed based on client demand the reference price is the bitcoin-U.S. dollar.
Bugatti, Rolls-Royce, & Bentley Retailers Begin Accepting BTC And BCH. You can now spend your BTC and BCH on luxury vehicles after the Post Oak Motor Cars became the nation’s first Rolls-Royce, Bugatti, and Bentley dealership to accept the digital coins. A partnership with Bitpay is bringing this international payment option to customers.
This Could Be The Sign By Sec That Bitcoin Etf Is Finally Coming. Halting the trade of two cryptocurrency-based securities is the reason why market participants believe that a Bitcoin ETF approved by SEC may be at the corner. In fact, the way to clear up confusion among investors may just include a green light for Bitcoin ETF.
New Study Shows 80% Of Americans Are Aware Of Bitcoin. A good number of US residents already know about Bitcoin and expect that it becomes widely accepted within ten years. When placed alongside other cryptos, Bitcoin was the most recognized with over 70% of respondents knowing it by name.
US Regulators Approve Winklevoss Twins’ Fiat-backed Stablecoin Gemini Dollar. A new stable coin, GUSD, is in town following approval from the New York Department of Financial Services. The coin is an offshoot of the Gemini exchange owned by the Winklevoss twins and wants to correct deficiencies noticed in Tether.
We are seeing a low this week of $6,178. In these areas, there is support being built at $6,200 with resistance around $6,500 in this range which is trading around $6,313 as of the writing in the update.
Against the dollar, all the support breaks down and the price continues to trade down around $193 with support being built around $180. Will it also break? It is difficult to determine resistance in a falling market as it seems that if we do not return to over $200 in the short term, this will be resistance.
Against Bitcoin, trading is around 0.03 BTC. This is also the support for this resistance range at 0.035 BTC. Who believed we would see Ethereum so low against Bitcoin? Around 0.02 BTC seems to be the support which, compared to the past, we are really close to the floor.
Against the dollar, it seems that we are on support around $470 where it traded right in this range at $466 as of the writing of the update. The floor is being tested as fragile which is most of the market right for the time period. But will we go down further? Resistance is at $540.
Against Bitcoin, its around 0.074 BTC where it traded in an attempt to break the downtrend last week. The floor is around 0.068 BTC which seems to be on the way to test resistance at this range at 0.08 BTC.
Against the dollar, it seems that the support around $0.17 is strong and may be tested in the near future. Trading is around $0.19, with resistance in this range at $0.24. Trading is similar to most of the currency market but looks stable according to the crypto market, despite the minor correction in recent days.
In contrast to Bitcoin trading around 3000 SAT support in these areas, and this holds more than March’s attempts to break it up. This failed especially that during this time the Crypto market mostly corrected the beginning of the years resistance which was in the range of 3300 SAT.
Cryptocurrency charts by TradingView.
