Crypto market highlights and BTC, ETH price update August 8th
by Future Blockchain
BTC/USD
Once again the Bitcoin ETF made the news and dragged the market down with it. As it was expected, the SEC announced in an official report on August 7th that it will delay its decision to approve or reject VanEck-SolidX Bitcoin ETF.
Bitcoin failed to break above $7100-$7200 level since the beginning of the week and could not reverse the trend.
BTC /USD it down 10% and now sits at $6400, eyeing the July low of $6150. Trading volume for the past 24 hours is $7.4b, but RSI indicator definitely shows we are already in an oversold territory meaning that at least a short-term reversal of trend is possible.
Price will either drop down to $6200 or bulls will try to pull it back above $7k based on the declining volumes and RSI data.
ETH/USD
Ethereum (ETH) is down 11% (yes – ELEVEN %) for the last 24 hours and is now flirting with the $360 critical support line. The last time we saw the biggest altcoin that low was in April. A drop below this level will be catastrophic and will open the door for a freefall, possibly triggering multiple orders. Trading volume is slightly increasing since yesterday and is now at $2b.
Top ten currencies are all down double digits with EOS leading the pack of the damned with 20% decline. Even ETC could not keep the momentum and lost 18%. Source: Coingecko.
News
• The U.S. Securities and Exchange Commission (SEC) has delayed a decision on a proposed bitcoin ETF
Once again the Bitcoin ETF makes the news and dragged the market down. As it was expected, the SEC announced in an official report on August 7th that it will delay its decision to approve or reject VanEck-SolidX Bitcoin ETF.
Accordingly, the Commission ... designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.>
Full announcement can be found here: https://www.scribd.com/document/385684095/34-83792
• The Wall street Journal came up with an “eye opening” study this Monday.
WSJ suggested that coordinated “pump and dump” schemes have seen traders inflate and crash the prices of various cryptocurrencies this year.>
reported Cointelegraph.
According to the financial newsletter, the pump and dump groups are usually organized in Telegram and/or promoted on Twitter. Such organized activities generated revenues of $825 million for the first six months of 2018 alone.
Of course this is not a surprise to all of us who follow the market closely. Problem here is with the fact WSJ is a widely respected journal and such news push back investors even more.
Full story here: https://cointelegraph.com/news/wsj-organized-crypto-trading-groups-manipulated-markets-to-make-825-million-in-2018
WSJ study here: https://www.wsj.com/graphics/cryptocurrency-schemes-generate-big-coin/
• Starbucks denied it will accept BTC or any other digital currency as a payment method.
Company representative stated that they are working on something like a trading platform for digital currencies exchange, but will not allow spending BTC at Starbucks for the time being.
It is important to clarify that we are not accepting digital assets at Starbucks. Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks…At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as the space evolves.>
• Goldman Sachs and Barclays Bank Have Secret Crypto Trading Desk Plans
An interesting article appeared on Finance Magnates webpage. According to sources from Bloomberg and Business Insider, the two investment giants are working on custodial service for cryptocurrency investment funds. This report is in contradiction with the latest statement from Goldman Sachs that digital money will never see such highs ever again and bitcoin is not coming back to its glory days.
• “The Amazon” of cryptocurrency mining listed on the London Stock Exchange
The cryptocurrency mining company Argo Blockchain became the first crypto company to be listed on the London Stock Exchange, raising more than £25 million.
Argo lets customers mine Ethereum, Ethereum Classic, Bitcoin Gold, and ZCash with its own mining equipment. They pay a monthly fee and get rewards in proportion to the money they put in>
More here: https://www.financemagnates.com/cryptocurrency/news/first-cryptocurrency-ipo-on-london-stock-exchange-raises-25-million/
• ETC is now officially on Coinbase Pro.
Since yesterday, August 7th, Ethereum Classic coin is available for trading on Coinbase Pro platform. According to official sources, it will be added to Coinbase.com when sufficient liquidity is established- probably in the next few weeks.
The launch will go through four stages – transfer-only, post-only, limit-only and full trading before traders are able to enjoy the full functionalities of the platform.
ETC is now the 8th biggest cryptocurrency with market cap of $1,662b, successfully overtaking Monero and Stellar. Its price reached $19.4 on Tuesday – the highest point since mid-May, before dropping back to $16.1 on Wednesday.
Official report here: https://blog.coinbase.com/ethereum-classic-etc-is-now-launching-on-coinbase-pro-2c4fb1519b4d
Additionally, Coinbase lifted the daily purchase limits to $25,000 for US citizens. The company will also allow instant trading once bank transfers is made instead of keeping its customers waiting for five days for the funds to settle.
• What is a Bitcoin ETF?
Cryptocompare published a short overview of what an ETF is in general and what benefits it will bring to us crypto fanatics if approved for bitcoin later this year.
https://www.cryptocompare.com/coins/guides/what-is-a-bitcoin-etf/
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