Weekly update of the Bitcoin, Ether and XRP market

Bitcoin ended the day with a red candle on August 29, 2018, just above the $ 7,000 mark. The largest cryptocurrency failed to recover and fell to $ 6,800 during the intraday trading session on August 30, before returning to the $ 7,000 zone.

BTC-USD

The news that Yahoo Finance would be the integration of support for the trading of bitcoins (BTC), litecoin (LTC) and Ether (ETH) on their platform iOS did not even trigger the desired short-term upward rush.

In addition, mid-week unconfirmed rumors have occurred on the NASDAQ still trying to list several currencies in 2019 depending on how they will be classified from a regulatory point of view.

Viewers did not see any rapid price changes on August 31 when most cryptocurrencies consolidated their highest lows. Many BTC traders have started coming out of their positions at around $ 7,000 and, in doing so, have confirmed this very strong medium-term sales area.

On September 1, the BTC-USD pair recorded its biggest one-day jump since 27 August, closing the day with solid gains, suggesting that the medium-term goal is the psychosocial level of $ 8,000. .

Satoshi Nakamoto's project rose by eight percent last week, with a significantly increased trade volume of $ 7.2 billion. Also stable on September 3rd, starting the day in the $ 7,200 range.

Last week's chart showed the possibility of a short term break if the $ 7.400 to $ 7,500 level was successfully passed and defended. The price, however, was relatively flat on Monday, still trading above $ 7,200.

It is worth noting that the 24-hour trading volume fell from $ 7.6 billion on the evening of September 2 to $ 4.3 billion in the afternoon of September 3, 2018. BTC – USD rose to $ 7,330 and low at $ 7,185 during that window.

BTC consolidated its September 4 earnings, reaching nearly $ 7,400 with a 24-hour trading volume of $ 5 billion, compared to $ 4.3 billion recorded the previous day.

The German market organizer Deutsche Börse reported that he was preparing to create a dedicated blockchain and a crypto-asset unit by establishing a team of 24 people to coordinate his blockchain-based activities across the group . Another event, however, miraculously coincided with the BTC bull run and had a negative impact on the price of BTC in the following days.

The value of $ 100 million bitcoins has been transferred to the market through three exchanges. The funds probably belong to Dread Pirate Roberts, the Silk Road administrator's account, and have been transferred for ten days, with 11,100 BTC going to Bitfinex and 4,400 to Binance.

BTC initiated a correction on September 6, 2018, from $ 7.385 to $ 6.871 between 11:40 CET and 13:00 CET, before rebounding to $ 7,000 at 14:00 CET. The largest cryptocurrency is falling since then, canceling around $ 1,000 from its value (14%). Many factors could contribute to this cataclysm.

Some suggest that Goldman Sachs has moved his plan to an encryption desk lower on the list of priorities. The Wall Street banking giant will focus on other digital money services, such as a custody product.

Others say that it was Erik Voorhees, CEO of Crypto exchange ShapeShift (one of the best-known platforms that offers peer-to-peer trading), which pulled the trigger in a blog post stating that the platform is launching a membership program, which "requires basic personal information to be collected" and "will become mandatory soon."

This is important news when Erik Voorhees and ShapeShift were supporting decentralization and anonymity for a long time, now they are trampling on the backpedal.

BTC is now at $ 6,400, down nearly 13% in the last 24 hours, but still 1% higher for the 14-day period.

Observers are now back at the same old price of $ 6,000 ange corridor. Of course, the next goal will be to escape from here, break $ 6,600 and resistance to $ 6,800, before attempting another $ 7,000 attack. It will be interesting to see if $ 6.800 could still be turned into a support or if we already have the short films. Below, we are looking for $ 6,000 as a significant line of support.

 BTC-USD

ETH-USD

Ethereum nearly touched the $ 300 on August 29, 2018, before returning to $ 283 on August 30th. The most popular altcoin lacked the increase in trade volume to fuel the short-term recovery and further reduced on August 31, reaching almost the support at $ 270 and the danger zone between $ 270 and $ 250. [19659004] CBOE Global Markets, owner of the Chicago Board Options Exchange (CBOE), is said to be trying to launch ether futures by the end of 2018 (ETH). The options exchange is awaiting the Commodities Futures Trading Commission (CFTC) to give the green light to the project before its official launch. The market reacted immediately, and the ETH-USD pair jumped $ 21 on September 1, breaking the $ 300 resistance line and closing the day at $ 296.

Also, the Ethereum developers agreed to delay the difficulty bomb and reduce the 33% premium including the code for such a change in the next hard fork of Ethereum, Constantinople.

Ethereum was trading between $ 296 and $ 286 at the start of the week, with volumes rising from $ 2.8 billion to $ 2 billion the day before. Trading volume rebounded to $ 2.8 billion on September 4, but the price was lacking in the general direction, apparently waiting for BTC to make a move.

Unfortunately, this is what viewers saw on the morning of September 5, when ETH-USD entered another correction. And this time it fell like a rock, breaking through the support of $ 280. Even the so-called "dangerous zone" between $ 270 and $ 250 was broken, although it showed some resistance in its central section.

The most popular altcoin currently stands at $ 226 (or 20 percent less for the last 24h), way below the low $ 250 in September 2017. It landed directly in the area from $ 210 to $ 220. An alt season without ETH is not possible as it is the best indicator for a number of other cryptocurrencies, just as the rest of the top ten will follow only. Observers suspect a small rebound at around $ 240 or $ 250 before continuing down.

 ETH-USD

XRP-USD

The pair XRP-USD followed the rest of the altcoins and BTC on Saturday and recorded significant gains. The Ripple currency broke resistance from $ 0.34000 to $ 0.34270 and closed at $ 0.347.

On August 31st Morgan Creek Capital Management, a privately held investment management company, announced that it has launched an investment fund in cryptocurrency without XRP, the reason is a large proportion of this currency is held by the management team of Ripple, so it is not decentralized like other cryptocurrencies.

The currency of the Ripple company shifted between $ 0.345 and $ 0.3347 on September 3 with a 24-hour volume of $ 310 million to $ 240 million. On 4 September there were no visible price changes, very similar to ether, but trade volume doubled to $ 520 million from $ 260 million the previous day

 XRP-USD

Like most of the top 100 currencies, XRP also suffered substantial losses in September 5 and the beginning of September 6. The price fell from $ 0.3319 to $ 0.279 and now stands at $ 0.283. , with a decline of 17% on a weekly basis. The objectives remain the same, $ 0.27 support in case of further correction and $ 0.30, followed by $ 0.34 towards the high

Category : Altcoin, Bitcoin, Commentary, Ethereum, Finance, News, Price Analysis is

Tags: BTC, cryptocurrency, ETH, news, News digest, price analysis, XRP

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