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Cryptocurrency Market Update: Bitcoin slumps under $9,500, Ethereum holds above $230 and Ripple eyes $0.1950

  • Bitcoin price spiked above $9,500 on Tuesday but fell short of $9,600 but bearish pressure still in the picture.
  • Bitpay, a blockchain payments provider launches a MasterCard debit card for US users to spend cryptocurrencies.

Volatility has made a comeback in the cryptocurrency market. Consolidation ended on the weekend as Bitcoin dived to $8,900 on Monday. The market is mixed red and green on Tuesday during the Asian session.

BTC/USD majestically stepped above $9,500 during the Asian session. The move brought back the hope of seeing Bitcoin at last week’s levels, closer to the psychological $10,000. However, a minor reversal has occurred with Bitcoin diving under $9,500 to trade at $9,493. The prevailing market value is standing 0.65% above the opening value.

ETH/USD bulls are working hard to overcome the seller congestion at $235 on the upside and also contain the price above $230 (initial support). An intraday low has been traded at $228 and a high at $237.39. The existing trend has a bearish inclination. The growing volatility shows that if the resistance at $235 is not broken, it would become increasingly difficult to keep the price above $230.

Ripple, on the other hand, is in the red after a loss of 0.36% on the day. The recovery from Monday’s dip to $0.1850 once again fell short of $0.1950. Support is currently being sort out at $0.19. XRP/USD is exchanging hands at $0.19206. Gains above $0.1950 could be the key for the next rally above $0.20.

Bitpay’s prepaid debit card unveiled

Bitpay, a leading payment provider in the cryptocurrency industry has released a debit card that will give customers based in the US an opportunity to spend their cryptoassets in the same way as fiat money. The debit card has been launched in collaboration with MasterCard. Users will now be able to spend their Bitcoin and other supported cryptocurrencies at “instant reloads.” The dollars will be drawn from the users’ Bitpay accounts for both online shopping, physical shopping, and even cash withdrawal at ATM.

The company says that no conversion fee will be imposed. However, Bitpay did not disclose the card transaction fees. Note that users will incur a $2.50 fee for cash withdrawals at ATMs while a 3% fee will be imposed on foreign currency exchange.

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