THELOGICALINDIAN - On Tuesday July 31 a abundant majority of cryptocurrency prices alone in amount with abounding bill accident anywhere amid 310 percent during the aftermost 24hours Currently with the abrupt cryptocurrency bazaar turbulence bears accept taken ascendancy of the beat beasts In one intraday of trading the absolute cryptocurrency bazaar assets of all 1600 bill 270Bn USD has absent almost 25Bn in value
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Digital Asset Prices Turn Bearish as the Entire Cryptocurrency Economy Loses $25 Billion USD
Bearish affect is starting to abode cryptocurrency markets already afresh as abounding agenda assets saw prices tumble today. Bitcoin Core (BTC) prices alone to a low of $7,503 on July 31 as the currency’s barter aggregate had started to alluvion a bit lower afterwards the amount hovered about $8,125 the day prior. A ample allocation of added cryptocurrency markets followed clothing with BTC as the top ten basic currencies are seeing losses beyond the lath of advance except for binding (USDT).
Ethereum (ETH) continues to authority the additional accomplished bazaar appraisal with a bazaar assets that’s about $42.28Bn. One ETH is actuality traded for $418 and the bazaar is bottomward 7.6 percent today. ETH markets are followed by ripple (XRP) which is bottomward 2.8 percent over the aftermost 24-hours as one XRP is trading for $0.42 cents. Lastly, the fifth accomplished bazaar assets captivated by EOS is additionally bottomward 6.6 percent and the bill is trading at $7.13 per coin.
Bitcoin Cash Market Action
This Tuesday bitcoin banknote (BCH) markets are seeing losses as able-bodied as BCH is bottomward 8 percent over the aftermost 24-hours. Bitcoin banknote markets are additionally bottomward 13.2 percent for the aftermost seven days. One BCH is trading for $741, and the decentralized cryptocurrency has a bazaar appraisal of about $12.8Bn. The aftermost 24 hours appearance BCH barter volumes are about $432Mn at the time of publication. The top exchanges swapping the best BCH today accommodate Coinex ($106.53Mn), Huobi Pro ($69.38Mn), Okex ($64.81Mn), Binance ($46.80Mn) and Hitbtc ($34.79Mn).
The top bill traded with BCH on July 31 is binding (USDT) with 55.2 percent of swaps. This is followed by BTC (28.5%), USD (7.6%), QC (2.8), ETH (2.4%) and the KRW (1.2%). Bitcoin banknote holds the fifth accomplished aggregate over the accomplished 24-hours amid all 1,600 added cryptocurrencies.
BCH/USD Technical Indicators
Looking at the circadian and 4-hour archive on Bitfinex and Bitstamp shows bears accept affective the reins and still accept a acceptable allocation of control. RSI levels are agreeable oversold altitude (33), while the MACd has swooped bottomward to -85. The SMA 100 is far college now aloft the longer-term 200 SMA trendline which agency BCH beasts may lose a bit added anchor over the abbreviate term. Abounding traders can see attractive at archive that the amount was rolling alongside for abutting to three canicule and abounding were assertive of a balderdash banderole afterwards the changed arch & shoulders. But aloof afore the dip advertise orders on accepted exchanges common began stacking up. Attractive at adjustment books from the accepted angle point BCH beasts accept some aerial walls up until $775 but if they can administer to breach that attrition we could acknowledgment to antecedent levels. On the aback ancillary there’s solid abutment amid now and $710 but unfortunately, books are thinner until $650.
The Verdict: Flat Volumes and Bearish Sentiment Brings Market Skepticism
Overall skeptics and bearish cheerleaders are acquisitive for some stronger dips and they aloof may get them. Volumes beyond the lath for abounding cryptocurrencies has been accepting adulate as anniversary day passes. Traders and enthusiasts are now borderline the accessible ETF accommodation will cull prices up until afresh for two reasons: One the Winklevoss Twins armamentarium was denied again, putting a atramentous billow over absolute accordance against the Cboe ETF, and secondly anybody is borderline absolutely back the Securities and Exchange Commission (SEC) will accomplish their ultimate decision. This anniversary the current market sentiment, and our amount verdict, point to far added skepticism and adumbration appear bullish prices abiding soon.
Where do you see the amount of BCH and added bill headed from here? Let us apperceive in the animadversion area below.
Disclaimer: Price accessories and markets updates are advised for advisory purposes alone and should not to be advised as trading advice. Neither Bitcoin.com nor the columnist is amenable for any losses or gains, as the ultimate accommodation to conduct a barter is fabricated by the reader. Always bethink that alone those in ascendancy of the clandestine keys are in ascendancy of the “money.”
Images via Shutterstock, Trading View, and Satoshi Pulse.
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