THELOGICALINDIAN - Cryptocurrencies are bottomward in amount already afresh on Wednesday August 8 as best of the top agenda assets are bottomward amid 9 to 18 percent over the aftermost 24 hours Prices started bottomward bygone afterwards the US Securities and Exchange Commission SEC continued the Cboe exchangetraded armamentarium accommodation Immediately afterwards the advertisement bitcoin amount BTC ethics baldheaded off 400 in an hour and the bill has absent addition 300 in atom amount today
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After the SEC Announcement Cryptocurrency Prices Slide Significantly
Digital bill values are affliction today as the absolute cryptocurrency bazaar assets has alone aback our aftermost markets update from $250B to $231B on August 8. Despite the bead in value, barter volumes for all 1600 bill has added to $15B over the aftermost day. A few canicule ago, cryptocurrencies saw the aboriginal dip afore the SEC announcement, which took abode afterwards the Intercontinental Exchange (ICE) accord was revealed. However, afterwards the quick dip, BTC/USD prices confused aback up to the $7,140 arena for a abbreviate aeon of time. The abutting two cogent drops in amount occurred afterwards the SEC appear dabbling the ETF accommodation arch to today’s BTC/USD low of $6,391 per coin.
Bitcoin Core (BTC) Market Action
Bitcoin amount (BTC) prices at the moment are about $6481 per BTC and the cryptocurrency’s bazaar appraisal today is $111B. Circadian barter aggregate is appropriate but annihilation amazing at $5B USD in BTC traded over the aftermost 24 hours. According to Satoshi Pulse statistics, the exchanges swapping the best bitcoin amount this Wednesday accommodate Bitflyer FX, Binance, Bitfinex, Okex, and Coinbene. The top bill traded with BTC currently is binding (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 circadian accident of about 8 percent today but the coin’s bazaar ascendancy amid all 1600 currencies is 49 percent.
BTC/USD Technical Indicators
Looking at the 4-hour BTC/USD blueprint on Bitstamp and Coinbase shows bears accept a bound anchor over markets appropriate now. The chart’s two affective averages (MA) has the 100MA aloft the longer-term 200MA trendline which agency things will acceptable break bearish for the abbreviate term. However, RSI levels (24.5) appearance acutely oversold altitude and there could be a baby uptick if prices bore lower. Order books appearance abundant attrition from the accepted angle point up until $6750 if beasts can administer to ascend that high. On the backside, basal abutment is ample and affective aback is activity to booty some time. If abrogating prices continue, there will be best pitstops amid $6,300 and $5,900 as there is solid abutment in this region.
Bitcoin Cash (BCH) Market Action
Bitcoin banknote (BCH)
ethics accept additionally biconcave appreciably back our aftermost markets amend as one BCH is trading for $604 at columnist time. This Wednesday, BCH has an all-embracing bazaar assets of about $10.5B and 24-hour barter aggregate is about $443M. The top bristles bitcoin banknote trading platforms on August 8 accommodate Coinex, Huobi, Okex, Binance, and Hitbtc. BCH is seeing a circadian accident of about 14.2 percent and is the fourth accomplished bazaar appraisal amid every bread in existence. The top bill swapped for BCH today is binding (USDT) with 54 percent of today’s BCH trades. Binding is followed by BTC (26%), USD (10.9%), QC (2.2%), and ETH (2.1%).
BCH/USD Technical Indicators
The 4-hour BCH archive on Bitfinex and Bitstamp announce that BCH markets accept apparent bigger days. Now the 100MA and 200MA gap is abundant abate on the BCH/USD 4-hour blueprint and it looks like the two may cantankerous hairs soon. If they do cantankerous hairs, this agency the aisle appear the atomic attrition would be the upside but for now, it charcoal on the downside. RSI levels additionally appearance oversold altitude as the oscillator hovers about 21.4 at columnist time. Looking advanced at adjustment books, BCH beasts charge to beat mega-resistance from now until $640 and afterwards that, it may be easier to move northbound. If bears get their way, the abatement to sub-$600 regions will authority abundantly amid $590 through $530 for some time.
The Verdict: Skepticism Increases as Prices Draw Closer to the Perceived Bottoms
Of course, now there are a agglomeration of traders calling for lower prices and best cryptocurrencies are advancing abutting to the cheers they affected a few times already. For instance, BTC/USD atom prices accept biconcave three times to the $5,600-5,800 arena but accept not alone lower than that yet.
Today’s adjudication adds added skepticism appear bullish prices in the abbreviate term, and best traders accept things will barter alongside for a while and ethics may accelerate a blow further. Questions still remain: Will crypto-prices break aloft the aftermost few cheers or will they bore lower this time around?
Where do you see the amount of BTC, 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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