Another week of declines took place on the crypto market and Bitcoin’s rate plunged to $6,300 and dragged most of the market behind with them. Did we see the bottom?
We began this week with cautious optimism and an increase of up to $6,800. We also saw a slight increase in volume, but we have not yet reached volumes as we have seen during the height of the hype. However, alongside this optimism that warms the hearts, it is still an unstable market with trends that change like manic depression moods. After the gains at the beginning of the week, a new downtrend is already closing and the trading volume is falling accordingly, and this may be seen as a sign of the lack of confidence of the players in the market.
Bull Trap or trend change? The crypto market is characterized by uncertainty and it is difficult to know where it is headed, but one thing that can be said with certainty is that this market is not going anywhere. In addition, 2018, which opened in a regulatory environment, began to consolidate and pave the way for Bitcoin to wider audiences who are looking to join and enjoy the market’s frenzied yields.
In the short-term crypto market, oxygen can deplete the air from the many investors, but it must be remembered that this is still a very new and developing market. With the long-term outlook showing a steady trend of price hikes, interest and new users. The Bitcoin rate changes are unpredictable, and naturally, after extreme rises, we see declines. So far the market has been breaking the ceiling and the rise has become the floor of subsequent declines, so we move from cents to dollars and tens to hundreds to thousands. In addition, last year’s increases did another thing, they put Bitcoin into the collective consciousness and many players are taking their first steps in the market and the results will appear in the coming years that may lay the beginning of the Crypto era.
At the time of writing, the market value is $291 Billion, which is almost $20 Billion more that has returned to the market since the previous update, and Bitcoin’s dominance against the Alts has not changed by half a percent.
Crypto Worldwide News
Coinbase Launches Index Fund For Investments Up To $20 Million. The Coinbase asset management team finally rolled out its first Index Fund service giving investors access to all digital assets on the exchange. This service, though, was opened to only accredited U.S. investors willing to throw in between $250,000 to $2 Million and with a net worth of at least $1 Million. Plans are also in place to launch more Index Funds that can serve the exchange’s broad customer base in the coming months.
Internet Company Asks Israeli Authorities Permission to Pay Salaries in Bitcoin. Spot.IM an internet company that manages social media engagement for clients will now wait for approval from government officials to be able to pay workers salary in Bitcoin. The conversion and exchange rate is a cost the company is willing to bear in a move that could go on to shape the paycheck landscape in Israel. This move is said to be in compliance with the country’s tax system and could get approved sooner than later.
Tim Draper Confesses He is Buying More Bitcoins. The famous crypto investor admits to paying little attention to current Bitcoin value following a period of a slump for the world’s largest cryptocurrency. Instead of holding fiat, Draper is buying more Bitcoins now with a bullish prediction that the token will hit the $250,000 mark by 2022. Is that the most bullish Bitcoin prediction you’ve read?
Billionaire Venture Capitalist Revises Estimate, Says 1 BTC Will Reach a Quarter-Million Dollars. At a time when many Bitcoin investors are getting worried about the future of the crypto, a renown investor is piling up more Bitcoin with a revised estimate that the token will reach a $10 trillion market cap and $250,000 in the next four years. Draper is an early Bitcoin investor and an influential figure in the crypto space.
New Reports Find That Tether Is Being Used To Manipulate Bitcoin Price. A new research work carried out at the University of Texas could be the answer to the current slump in the value of Bitcoin. A correlation between Bitcoin trading volumes during peak performance and stablecoin Tether’s spending volume is the basis for the research which claims to cover the late 2017 Bitcoin high prices. Whether this will change how people view cryptocurrencies will be reliant on a further research published by John M. Griffin and Amin Shams of the Department of finance.
Bitcoin and Ethereum are not securities, but some cryptocurrencies may be, SEC official says. With many ICOs and cryptocurrencies most notably Ripple XRP coming under scrutiny as an unregistered security, William Hinman who heads a Department of the Security Exchange Commission has come out clear to state the Bitcoin and Ethereum, the world’s most traded tokens are not securities in any way. ICOs and other cryptocurrencies, however, feature some similarities to traditional securities and will come under regulatory control and relevant security laws.
Member of the Board of Directors of Overstock Says Cryptos are Much Better than Credit Cards. Cryptocurrencies have stolen a match over credit cards for retail payments according to Jonathan Johnson of Overstock. A lower processing fee and not requiring a fraud department to check on transactions is the way to go and has offered more value to Overstock since it started accepting cryptos for online retail payments. $120,000 in weekly crypto payment has not been a bad return on investment, and the firm will look to increase current figures.
Bitcoin [BTC], Litecoin [LTC], Ether [ETH] now accepted by an Australian pharmacy! Excitingly, a pharmacy store somewhere in Sydney will under a new partnership with TravelbyBit accept payments in the some of the world’s largest cryptos – Bitcoin, Ethereum, Dash and Litecoin from its customers. This is a penetration into new territory and industry for cryptocurrency payments and will promote patronage at the pharmacy store from tourists.
For the past week, the rate has been hovering around $6,300 – $6,400 and the market has reacted with fear. As can be seen in the graph, the volume of trading decreases with the exchange rate.
As we reported at the beginning of the update this week that began with price hikes from $6,400 to $6,800 were met with resistance in the short term. Next step at $7,500, back to the rate we saw before the last dip.
Bitcoin traded around $6,745 in the Bitstamp arena as of the date of the update.
Against the dollar the falling trend has been somewhat halted at around $450, in this range resistance is at $560 and traded around $534.
Against Bitcoin there is strong support around 0.07 BTC with resistance at 0.083 BTC but remained to be traded around 0.079 BTC.
Against the dollar it support holds around $800 with resistance at $1,000 and traded around $906.
Against Bitcoin, the support areas marked by the green arrow hold around 0.13 BTC. A slight breach of support led the price to 0.126 BTC, but did not hold and the rate returned quickly. It traded around 0.133 BTC with resistance at 0.14 BTC in this range.
Against the dollar, a weekly chart is drawn out (marked with a yellow line) and we returned to the levels of support that at the beginning of April actually touched Fibonacci. It traded around $196 with support at $175 in this resistance the range is at $240.
Against Bitcoin, we show a weekly graph since the end of the downtrend and a breakout attempt that failed in May. The exchange rate resumed trading at low levels, but not in the floor. It traded around 0.029 BTC while these zones also found support and the resistance range is at -0.03 BTC.
Against the dollar by the calculation of (tradingview), it traded around $3. A floor in this range and support rate is around $2.5 with resistance at $3.3. There is a currency correction since May so its difficult to know if we saw the floor.
Against Bitcoin it traded around 0.0004 5BTC with support at 0.00042 BTC. Not far from the resistance its at 0.00048 BTC and in this range here too we saw a downward trend that was halted. However, in comparison to the graph we are already in the basement and it is still difficult to determine if we reached the bottom.
Against the Atrium trading beginning was full of enthusiasm which pushed it up to a peak at 0.014 ETH and since then only falling when the price traded around 0.0057 BTC these are also support areas. Resistance at 0.0065 BTC.
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