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Price Watch: Bitcoin, Ethereum, and Ripple Fall Further

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The global cryptocurrency market continues to endure a bearish downtrend. Over the past week, the cryptocurrency market shed 19% of its total market cap, or almost $65 billion. Ethereum has fallen below $500 for the first time since March.

Bitcoin | BTC

UPDATED: JUNE 13, 2018 AT 2:41 AM PDT

$6,537.10 |  4.98%

Bitcoin, currently ranked #1 by market cap, is down 4.98% over the past 24 hours. BTC has a market cap of $111.72B with a 24 hour volume of $4.57B.

Chart by CryptoCompare

Bitcoin is down 4.98% over the past 24 hours.

Following the Coinrail exchange hack on June 10, Bitcoin fell below $7000 for the first time since late March. According to a statement released Sunday, the exchange lost 30% of its total cryptocurrency value and confirmed that NPER, ATX, and NPXS coins, and other cryptocurrencies are now safely stored in a secure cold wallet.

Despite the volatile market, individuals and institutions are still interested in crypto, and Bitcoin exchanges are under pressure to meet increasing demand with proper regulations.

Related Article: Bitcoin Exchanges Rushing Toward Regulation

On June 6, Coinbase announced that the platform is “on track” for SEC registration, legitimizing the exchange as a broker-dealer “capable of offering blockchain-based securities.”

In early June, Goldman Sachs-backed cryptocurrency startup Circle also expressed intent to pursue a federal banking license and registration as a securities exchange.

Ethereum | ETH

UPDATED: JUNE 13, 2018 AT 2:41 AM PDT

$476.45 |  11.13%

Ethereum, currently ranked #2 by market cap, is down 11.13% over the past 24 hours. ETH has a market cap of $47.67B with a 24 hour volume of $1.91B.

Ethereum is down 11.13% over the past 24 hours.

On May 14, the Thailand Securities and Exchange Commision (SEC) legalized Ethereum as one of seven cryptocurrencies available for exchange.

On June 9, the Bangkok Post released a statement reporting on the regulatory update:

“The SEC will allow seven cryptocurrencies, used for initial coin offerings (ICOs), to be traded as trading pairs. They are Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Ripple, and Stellar.”

Bitcoin, Ethereum, Ripple, and Litecoin Among 7 Cryptocurrencies Now Legal in Thailand

Bitcoin, Ethereum, Ripple, and Litecoin Among 7 Cryptocurrencies Now Legal in ThailandIn Southeast Asia, Ethereum is enabling a vast population of unbanked citizens to have access to small money loans.

Ripple | XRP

UPDATED: JUNE 13, 2018

AT 2:41 AM PDT

$0.54 |  9.15%

Ripple, currently ranked #3 by market cap, is down 9.15% over the past 24 hours. XRP has a market cap of $21.24B with a 24 hour volume of $295.49M.

Chart by CryptoCompare

Ripple is down 9.15% over the past 24 hours.

On May 14, the Thailand Securities and Exchange Commision (SEC) legalized Ripple as one of seven cryptocurrencies available for exchange.

Ripple CEO: ‘Blockchain Will Not Disrupt Banks’ and ‘China Controls Bitcoin’
Related: Ripple CEO: ‘Blockchain Will Not Disrupt Banks’ and ‘China Controls Bitcoin’

On June 11, Ripple CEO, Brad Garlinghouse gave his thoughts on the long-term outlook of Ripple’s technology and future of cryptocurrency mass adoption at the 2018 Stifel Cross Sector Insight Conference.

Denouncing Bitcoin as a centralized cryptocurrency with nearly 40% of its mining power located in China, Garlinghouse made bold statements about the world’s largest cryptocurrency:

“Bitcoin today takes 45 minutes to settle a transaction… Bitcoin is really controlled by China. There are four miners in China that control over 50% of Bitcoin… How do we know that China won’t intervene?  How many countries want to use a Chinese-controlled currency?”

Describing the long-term goals of the Ripple platform, Garlinghouse stated:

“There are millions unbanked or underbanked… When I think about the transformation, it is fundamentally changing the way millions participate in banking. We can fundamentally change the way this works, to bring an entire population up a step in the system.”

Conclusion

The global cryptocurrency market cap stands at $276.31B with a 24 hour volume of $14.86B. The Coinbase Index is currently sitting at 2966.63. Bitcoin dominance is currently at 40.43%.

At press time, 97 of the top 100 coins by market capitalization are in the red and it’s unclear when the market will turn green. Traders are reminded to remain cautious during market drops and only invest what they can afford to lose.

Cover Photo by Aron Visuals on Unsplash

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BITCOIN VOLATILITY DWINDLING, HAS BTC TAKEN AN EARLY VACATION?

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Bitcoin and cryptocurrency markets are slowing down. There has been very little activity over the past week as volumes and volatility decline. Technical indicators are also lining up which could indicate a larger move is imminent or is BTC on vacation for the rest of the year?


BITCOIN SLOWING DOWN

This may not be such a bad thing. One of the points bitcoin detractors always make is that it is too volatile to be used as a daily currency. This much is true if a cup of coffee is going to be 20% cheaper ten minutes later you’re not going to buy one in BTC right now.

Over the past year or so these massive price swings have decreased in amplitude and it appears that bitcoin has entered a low volatility regime.

Day traders seeking quick bucks have had to take a break as movements are minimal at the

moment. Over the past few days, BTC has only oscillated $150 or so in its sideways channel. This is good for price stability but not good for those seeking quick returns.

This type of action often preludes a bigger move and technical indicators such as Bollinger bands squeezing are also indicative of such.

This slowing of momentum has happened across the board, not just on bitcoin markets. Ethereum volatility is also at low ebb, falling to levels not experienced since 2016 as noted by Coin Metrics.

It could just be that time of year when traders take a break and FOMO is as thin as the first fall of winter snow. If this is the case then markets will remain flaccid until sometime next month.

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Bitcoin News Today – Headlines for December 14

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  • Investor believes round numbers are very important in BTC markets
  • BTC crossing $10k is important says investors and analysts
  • Crossing the $10k mark in the near-term will ensure that Bitcoin’s price action is positive.

Bitcoin News Today – Bitcoin investors have always gravitated towards round figures. According to one top crypto investor and commentator, the importance of round numbers can’t be overstated especially in a nascent market. This implies that after reclaiming the $10,000 mark, the macro price scales will ensure that Bitcoin can go higher and higher until it reaches a new round number.

The Importance of Round Number Prices in Crypto

During a recent interview with Luke Martin, Three Arrows Capital Su Zhu said gave his opinion on why round numbers are essential. According to Zhu round numbers are important in the crypto market because the leading crypto topping the $10,000 mark will be an important time in terms of forcing a good price action. It isn’t only Zhu who is of the view that $10,000 is of great importance for Bitcoin and the entire crypto space.

Earlier in the year, Tom Lee, Fundstrat Global Advisors’ resident crypto analyst released his analysis for BTC by his firm. His analysis implies that if the price of BTC reaches and crosses the $10,000 level it could mean

something big. He requested that we all watch for that level. According to Fundstrat’s’ analysis, once BTC tops the $10,000 area, “Level 10” FOMO is expected to grace the market. If history repeats itself, the crypto market will shoot higher after $10,000 is reclaimed.

Another platform that agrees with Zhu’s view is Bloomberg. Bloomberg wrote in November of this year about the importance of the $10k barrier and how essential round figures with four and five digits are. The platform said Bitcoin faces a solid resistance point at the $10,000 area. The coin will have to break this barrier if there is to be a confirmation and continuation of meaningful gains.

Is the $10k Mark Attainable for Bitcoin?

Speaking about Bloomberg and BTC getting to the $10,000 mark, one analyst at Bloomberg believes that it’s just a matter of time before the number one crypto tops that key position. The analyst, Mike McGlone, who is the senior commodities strategist at Bloomberg, revealed in his monthly market update that he believes that Bitcoin will top the essential $10,000 resistance point. He said as gold rallies, Bitcoin should rally. While Gold is currently trending below BTC amidst the trade war, the macro picture may begin to favor gold and Bitcoin as we head into 2020.

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Stratis Will Increase Rapidly If It Moves Above 4500 Satoshis, Predicts Trader

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Stratis has been trading in a range since August 2019. This movement has the characteristics of the consolidation phase, after which a new bullish market cycle is expected to begin.

The trading range of this consolidation has a magnitude of 40%, and the price has tested both the resistance and support areas several times. At the time of writing, it was moving upward towards the resistance area.

Full-time trader @CryptoMichNL noted that the Stratis price has been holding above a strong support area and has shown signs of moving upward.

Additionally, he suggested that a breakout above the 4500 satoshi resistance area would probably accelerate the rate of increase.

Let’s take a closer look at the price and see how likely this is to happen.

Long-Term Bottom

First, the Stratis price reached the long-term support area at 3000 satoshis in August 2019.

This was almost an all-time low, coinciding with the lows reached in 2016, which was the bottom before the 2017 upward move.

Additionally, the RSI reached an all-time low value of 23 during this time and created bullish

divergence. The weekly RSI has never been this low and the only other time it has created bullish divergence (October 2018) an upward move followed.

This suggests that this is a very suitable level to make a low and initiate a reversal, as we have suggested in our previous article.

Stratis All-Time Low

Looking closer at the movement, we can see the trading range, consisting of two support and one resistance area.

The main support area is at 3250 satoshis, where the double bottom was created. This is followed by the minor support area at 3850 satoshis. The minor support coincides with the 100-day moving average (MA). The price has flipped it as support. The price fell inside it twice and began an upward move each time.

The resistance area is found at 4500 satoshis and the price has not reached it since November 30.

Stratis Trading Range

Short-Term Breakout

On December 11, the Stratis price broke out above the descending resistance line that had been in place since the beginning of December.

The breakout transpired with significant volume, increasing the validity of the movement. Afterward, the price returned to validate the descending resistance line, a common movement after breakouts.

Stratis Short Term

To conclude, the Stratis price is likely consolidating before beginning a new market cycle. A decisive breakout above 4500 satoshis is expected, confirming that the new cycle has begun.

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