THELOGICALINDIAN - Cryptocurrency prices are sliding downwards back our aftermost markets amend as the top ten agenda assets are all seeing a accident of assets on January 8 BTCUSD markets accomplished a aerial of 17200 on Saturday black on January 6 but the amount has alone back again to a low of 13900 per BTC The amount has back rebounded and is aerial amid 1480015050 during this afternoons trading sessions
Also read: Japan’s GDP Grows Due to Bitcoin Wealth Effect
FUD from South Korea and Coinmarketcap Data Brings a Price Storm
Bitcoin markets accept apparent a two-day abatement back extensive its aerial of $17,200 this accomplished Saturday. Yesterday afternoon the decentralized bill hovered aloof aloft the $16K zone, dipping to the $15,800 ambit a few times. On Monday, January 8, the amount of BTC has sunk added demography best added agenda asset markets with it. During the aboriginal trading sessions, (EDT) bitcoin prices affected $13,900 with about $15.8Bn in 24-hour barter volume. Many traders and cryptocurrency enthusiasts are blaming this week’s tumble on South Korea and its admiral inspecting bounded banks angry to agenda asset trading platforms.
Today the U.S. dollar is the top bill traded with BTC advantageous 37 percent at the time of writing. This is followed by the Japanese yen (35%), binding (USDT 9%), and the South Korean won has alone appreciably to 4.7 percent. A few canicule ago back markets were added bullish, tether USDTs were averaging about $1, but back today’s dip, USDT is now $1.02. Additionally, binding has the third accomplished agenda bill aggregate common at the moment which happens consistently during dips.
Another affair to agenda is the cryptocurrency website Coinmarketcap has dropped South Korean exchanges from its aggregated all-around amount averages. The website has larboard an asterisk abutting to anniversary amount that states “* Amount Excluded.” Coinmarketcap bottomward South Korean exchanges has fabricated the website’s amount abstracts abatement by over 100 billion, as the absolute appraisal of all markets is alone $721Bn afterwards extensive a aerial of $850Bn.
Technical Indicators
Looking at the archive shows bitcoin amount markets accept alone several legs bottomward back bygone evening’s trading sessions. During our aftermost report, the two Simple Moving Averages has a nice gap amid the 100 SMA and 200 SMA. Today things are alteration as it looks like the two trend curve may cantankerous hairs soon. This indicates there is added abundant attrition appear the aisle to the upside and sellers are in control. 12 hours ago RSI and Stochastic levels were assuming overbought altitude but both oscillators are leveling out at the moment.
Bulls could bound backlash from the accepted angle point as adjustment books appearance there’s not abundant attrition advanced but new positions are bushing up. Look for added continued pit stops in the $15,300-15,700 territory. On the aback side, there is affluence of basal abutment in the $14,000-$13,800 ambit if bears managed to account a added all-encompassing bazaar sell-off.
Overall Most Digital Currency Markets Are Seeing Deep Losses
Digital asset markets, in general, are all in the red seeing abysmal allotment losses today. Ethereum (ETH) has repositioned itself as the additional accomplished bazaar cap but markets are bottomward 2.2 percent. One ETH is averaging $1,089 today afterwards the bill hit an best aerial aloft $1,200. Ripple (XRP) markets are bottomward decidedly as XRP has absent its $3.40 amount high. XRP’s amount is beneath by 28 percent and the all-around boilerplate per badge is $2.40. Bitcoin banknote (BCH) prices are additionally dipping as the amount per BCH has absent 18 percent. One BCH is almost about $2,398 and markets are seeing $1.2Bn in all-around barter volume. Lastly, the fifth better bazaar appraisal is still Cardano (ADA), but its prices are bottomward 15 percent. ADA prices are averaging about $0.86 at columnist time. Additionally, the best traded agenda bill pairs on the swapping platforms Shapeshift and Changelly is BTC/ETH by a landslide.
Bear Scenario: Bears currently administration the bazaar appropriate now and accept managed to advance the South Korean rumors accompanying with fear, uncertainty, and agnosticism (FUD). If agitation affairs continues, the amount could tumble beneath the $13.6K range. Watch for the Displaced Moving Average (DMA) to breach $13,600 for some lower scalps.
Bull Scenario: Bulls accept some assignment to do to get aback able-bodied aloft $15K and $16K amount territories. There’s some acceptable admeasurement advertise walls throughout these positions, but adjustment books appearance it’s still acquiescent for a ample backlash to booty place. At the moment, continued positions and big players are dispatch off to the sidelines cat-and-mouse for a bigger access point.
Where do you see the amount of bitcoin and added agenda assets branch from here? Do you anticipate cryptocurrencies will see added gains? Let us apperceive in the comments below.
Disclaimer: Bitcoin amount 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 address of Shutterstock, Pixabay, Shapeshift, Coinmarketcap, Reddit, and Bitstamp.
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