It appears Bitcoin’s troubles are far from the over. The number one cryptocurrency has been enduring a difficult few days. BTC has so far declined by almost 18 percent in the last seven days.
Bitcoin Falls Below $6,500
BTC slipped further on June 13, falling below the $6,500 mark. This latest pullback follows the significant drop over the weekend that saw it lose 10 percent in a matter of hours on June 10. Bitcoin is currently at its lowest price level since April is trading at $6,450 according to CoinMarketCap. The number cryptocurrency has experienced four sharp price drops within mere hours since June 10. This bear run has seen BTC dip by more than 50 percent since the start of 2018.
Reasons for the Decline
In the immediate aftermath of the initial price drop on June 10, mainstream media sources claimed the dip was due to the Coinraill hack. The coincidental timing between the price decline and the announcement of the hack on the South Korea-based exchange platform likely led to those conclusions. However, such notions have since been debunked. To begin with, BTC wasn’t stolen in the Coinrail hack. Secondly, the platform doesn’t rank among one of the top exchanges in the market. Thus, it is unlikely that the $42 million hack had much to do with the recent price drop.
According to Mati Greenspan on eToro, the reduction in prices currently seen in the market is most likely due to a market correction, saying:
The narrative that such a small hack caused such a large price reaction has definitely been overplayed.
Some commentators also identified price manipulation as the probable cause of the BTC price decline. Recently, the U.S. Department of Justice (DOJ) opened investigations into alleged shady trading practices in the Bitcoin market. The DOJ in collaboration with the Commodity Futures Trading Commission (CFTC) is investigating allegations of spoofing and wash trading in the cryptocurrency market. The U.S. government recently demanded that four major crypto exchange platforms hand over information on their operations.
Cryptocurrency Market is Bleeding
Bitcoin isn’t the only cryptocurrency facing significant price troubles at the moment. Ethereum, the second-ranked cryptocurrency has gone below the $500 mark and is now trading at $475. EOS continues its spectacular fall – failure to reach voting consensus is delaying mainnet launch, and the price is in free-fall. EOS has maintained double-digit percentage losses over the past four days. It has declined 40 percent in the last one week.
Litecoin and Dash are two other cryptocurrencies that are having a rough time of it. Litecoin, the sixth-ranked coin is currently trading below $100, its lowest price level since mid-December 2017. As for Dash, it has been in free-fall since the start of the year, losing 300 percent in the process – reaching a one-year low.
EOS Technical Analysis: AUGUST 20, 2018
EOS Technical Analysis
From the News
- Huobi Global resumes EOS withdrawal after earlier suspension citing insufficient CPU resources.
— Huobi Global (@HuobiGlobal) August 19, 2018
Two days after the conclusion of that three-bar reversal pattern we mentioned in our last EOS trade plan, upsides are unexpectedly limited.
Notice that EOS prices are still consolidating inside Aug 17 bullish engulfing high low but are likely to edge higher this week providing opportunities for short traders to load up positions at $7, our immediate resistance line and previous break out level.
Remember, despite these higher highs, bears are overwhelmingly in charge considering the last two or three months trend.
Crypto News Flash: Bitcoin (BTC), Ethereum (ETH), Ripple and XRP, VeChain (VET), Cardano (ADA), IOTA
From Bitcoin’s expansion in North America to a new crypto conference on Capitol Hill, here’s a look at some of the stories happening in the world of crypto.
Bitcoin (BTC) and Ethereum (ETH)
Square’s Cash App now supports Bitcoin in all 50 states across the US, which means all 33.5 million users can now use the platform to buy and sell BTC.
Meanwhile, a new partnership is bringing more than a million people to a zero-fee trading platform for Bitcoin and Ethereum. The new pact brings BRD’s 1.2 million customers to Canada’s crypto trading platform Coinberry.
— Coinberry (@coinberryio) August 15, 2018
Ripple and XRP
Republican Congressman Warren Davidson has invited Ripple and 32 leaders in the crypto space to talk about ICO regulations. The list of invites includes NASDAQ, Kraken, CME Group, Circle and Intercontinental Exchange (ICE), which is forming Bakkt, a new crypto trading platform.
The meeting is scheduled to happen on Capitol Hill on September 25th.
Cardano has released its latest weekly. Th report highlights progress on the platform’s IELE testnet and Daedalus wallet. The company has also listed new job openings.
The latest Cardano Weekly Technical report by IOHK is out! You can have a look here: https://t.co/1t8Cadr8Yq
— Cardano Foundation (@CardanoStiftung) August 17, 2018
IOTA’s lead developer has dropped a new update on IOTA’s Trinity wallet, announcing that the desktop release is on the horizon.
VeChain CEO Sunny Lu is gearing up for a Q&A. The YouTube link is already live, with the session scheduled for 6:00 a.m. PST Monday.
EOS price analysis: Trapped in a triangle; some time before a breakout
- EOS stuck in a triangle on the medium term chart.
- Retraces from upper end.
EOS is stuck in a triangle that is slopinhg on the downside and the price has started retracing from upper end of the triangle on the medium term chart, although it is still some time before the breakout of this traingle occurs.
EOS/USD is up nearly 3 percent at $5.07 just around high point of the day. On the 480-minute chart, this crypto has got itself stuck in a downward sloping channel and the price is retracing from the upper end of the triangle.
Next move is on the downside where the lower end of the triangle will come at the rescue and then comes probably a breakout point – most likely on the upside.
EOS/USD 480-minute chart: