After the SEC Announcement Cryptocurrency Prices Slide Significantly
Digital currency values are hurting today as the entire cryptocurrency market capitalization has dropped since our last markets update from $250B to $231B on August 8. Despite the drop in value, trade volumes for all 1600+ coins has increased to $15B over the last day. A few days ago, cryptocurrencies saw the first dip before the SEC announcement, which took place after the Intercontinental Exchange (ICE) deal was revealed. However, after the quick dip, BTC/USD prices moved back up to the $7,140 region for a short period of time. The next two significant drops in value occurred after the SEC revealed delaying the ETF decision leading to today’s BTC/USD low of $6,391 per coin.
Bitcoin Core (BTC) Market Action:-
Bitcoin core (BTC) prices at the moment are around $6481 per BTC and the cryptocurrency’s market valuation today is $111B. Daily trade volume is decent but nothing spectacular at $5B USD in BTC traded over the last 24 hours. According to Satoshi Pulse statistics, the exchanges swapping the most bitcoin core this Wednesday include Bitflyer FX, Binance, Bitfinex, Okex, and Coinbene. The top currency traded with BTC currently is tether (USDT) which captures 54.2 percent of trades. This is followed by USD (24%), JPY (11.3%), EUR (3.9%), and KRW (2.6%). BTC is seeing a daily loss of around 8 percent today but the coin’s market dominance among all 1600+ currencies is 49 percent.
BTC/USD Technical Indicators:-
Looking at the 4-hour BTC/USD chart on Bitstamp and Coinbase shows bears have a tight grip over markets right now. The chart’s two moving averages (MA) has the 100MA above the longer-term 200MA trendline which means things will likely stay bearish for the short term. However, RSI levels (24.5) show extremely oversold conditions and there could be a small uptick if prices sink lower. Order books show heavy resistance from the current vantage point up until $6750 if bulls can manage to climb that high. On the backside, foundational support is bountiful and moving back is going to take some time. If negative prices continue, there will be longer pitstops between $6,300 and $5,900 as there is solid support in this region.
Bitcoin Cash (BCH) Market Action:-
Bitcoin cash (BCH)Markets Update: Crypto-Prices Slide After SEC Announcement values have also dipped considerably since our last markets update as one BCH is trading for $604 at press time. This Wednesday, BCH has an overall market capitalization of around $10.5B and 24-hour trade volume is about $443M. The top five bitcoin cash trading platforms on August 8 include Coinex, Huobi, Okex, Binance, and Hitbtc. BCH is seeing a daily loss of around 14.2 percent and is the fourth highest market valuation among every coin in existence. The top currency swapped for BCH today is tether (USDT) with 54 percent of today’s BCH trades. Tether is followed by BTC (26%), USD (10.9%), QC (2.2%), and ETH (2.1%).