Home Crypto Crypto Market Analysis Daily crypto update 10.07.2018 – Panic selling

Daily crypto update 10.07.2018 – Panic selling

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General overview


Market Cap: $253,116,207,195

24h Vol: $13,918,432,489

BTC Dominance: 43.3%

In the last 24 hours the cryptocurrency market capitalization fell from 276,940,000,000$ which was yesterday’s high to around $253B where it is currently sitting.

The market is consequently in red with an average percentage of change among top 100 coins being 11,4%.


News


There aren’t any fundamental news that is causing this crash that we are seeing in the market. There are some negative news headlines nevertheless but they aren’t that significant to cause this panic selling.

Harmless for Now, Dangerous in the Future: Here’s What EU Researchers Think of Cryptocurrencies

On July 9, a “Monetary Dialogue” session was held by the Committee on Economic and Monetary Affairs Committee (ECON) of the European Parliament. It’s a quarterly conference that is directly interlinked with the European Central Bank (ECB): Every three months, the president of the ECB (or, occasionally, another representative) appears before the Committee to report on the state of monetary policy in the union.

Exclusive: Following ‘Security Breach,’ Bancor Expects to Be Online in 24 Hours

Bancor halted operations this Monday due to an investigation of a “security breach,” which involved more than $12 million. The platform confirmed the breach on its Twitter account, saying that “no user wallets were compromised.” The cybercriminals reportedly exchanged some of the tokens through conversion service Changelly. Sources familiar with the matter told Cointelegraph that the stolen tokens included Bancor’s native token BNT, about 25,000 Ethereum (ETH) ($12.2 million), and 300,000 Pundi X (NPXS) ($1,200).

Former World Bank Chief Economist: Bitcoin Will Fail as Governments Increase Regulation

Three major American economists have recently spoken negatively about Bitcoin’s (BTC) chances for survival in an interview with Financial News today, July 9. Joseph Stiglitz, Kenneth Rogoff, and Nouriel Roubini all made statements arguing that Bitcoin will fail as a currency, namely criticizing the cryptocurrency’s absence of intrinsic value and its price volatility. Stiglitz, a Nobel Prize-winning economist and professor at Columbia University, in particular criticized Bitcoin’s anonymity, which he argued contradicts the idea of creating “a transparent banking system.”

Source: cointelegraph


Crypto Market Analysis


BTC/USD

From yesterday’s high at 6730$ the price of Bitcoin has fallen by 5,43% and is currently sitting at 6364$.



Looking at the hourly chart we can see that the support line at yesterday’s levels was broken with a massive red candle as the uncertainty overruled the market, so the price fell to the next support level is found. This support level can’t hold the momentum behind the move which is why I am expecting more downside in the following days.


Market sentiment 

Bitcoin is in the sell zone.

Oscillators signal a buy, but moving averages signal a strong sell.


Pivot points

S3 6294.4 
S2 6497.8 
S1 6582.3 
P 6701.2 
R1 6785.7 
R2 6904.6 
R3 7108.0

ETH/USD

From yesterday’s high at 484$ the price of Ethereum has decreased by 10,46% as its currently 433$.



As you can see from the hourly chart, the price fell steeply which is a strong indicator that the sell of has begun. The price found some temporary support on the first significant level, but as this levels isn’t that strong we can expect a small consolidation before another drop.


Market sentiment 

Ethereum is in the sell zone as indicated by hourly chart technicals.


Pivot points

S3 437.46 
S2 456.74 
S1 464.14 
P 476.02 
R1 483.42 
R2 495.30 
R3 514.58

XRP/USD

From yesterday’s high at 0.481$ the price of Ripple has fallen by 7,1% and is currently sitting around 0.446$


Looking at the hourly chart we can see that the price has fallen below the 0 Fibonacci retracement level which is the level of the prior low on the daily chart. As the momentum is strong I am expecting this downtrend to continue.


Market sentiment 

Hourly chart technicals signal a sell.


Pivot points

S3 0.45342
S2 0.46450 
S1 0.46889 
P 0.47558 
R1 0.47997 
R2 0.48666 
R3 0.49774

Conclusion


In my yesterday’s update I have stated that the uncertainty may cause panic selling, and that is exactly what happened. Now that the sell-off has started I am expecting the prices to create lower lows which would in the case of Bitcoin be around 5500$.

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