The market is completely red with losses of double digits in many currencies in a drop that was coming due to the pressure that the market has had all week. The market is showing its volatility again and I see there are some effects (not proven) according to news from Japan. The Financial Services Agency (Regulator in the country) has ordered six exchanges to improve their businesses and to improve their anti-money laundering measures. Some of them stopped adding new clients and started to review the identities of existing account holders. The pressure continues in the crypto field and we will surely see new minimums in many of the cryptos before seeing a reversal.
General Overview
Market Cap: $261.006.460.133
24h Vol: $14.560.479.309
BTC Dominance: 40.7%
The Market Capitalization dropped 20B in just 24 hours which shows the power of sellers at the moment, I think the market will have another bearish boost before Sunday where BTC could lose its $6000 value and very probably will test the $5,700
News
Japan Slaps 6 Licensed Cryptocurrency Exchanges with Business Improvement Orders
Japan’s financial regulator has targeted six licensed cryptocurrency exchanges to issue business improvement orders, ramping up its scrutiny of the
sector.
Breaking: Mt. Gox Case Moved to Civil Rehabilitation, Creditors May Be Paid in Crypto
Creditors holding bitcoins at infamous cryptocurrency exchange Mt. Gox may recover their funds, after all, a court has ruled.
NANO Issues Alert on Android App Vulnerability, Urges Users to Move Funds
NANO, which recently rebranded from RaiBlocks in January 2018, has issued a statement alerting users about a vulnerability in their android wallet, urging them to move their funds to a new wallet. This applies to anyone who generated a wallet seed using the NANO android wallet, which was released just a few hours ago.
Japan’s Biggest Cryptocurrency Exchange Suspend New Accounts amid Stricter Regulation
Merely three days after the Japanese government and local financial authorities requested cryptocurrency exchanges improve their infrastructures, bitFlyer, the country’s biggest cryptocurrency exchange, has suspended the registration of new accounts to overhaul its Anti-Money Laundering (AML) and Know Your Customer (KYC) system.
Source: ccn.com
Analysis
XRP/USD
Market sentiment
4-H chart technicals signal a sell sentiment.
Oscillators are showing sell signals and pointing down.
Pivot points
R3 0.5655 R2 0.5575 R1 0.5459 P 0.5379 S1 0.5263 S2 0.5183 S3 0.5067
LTC/USD
Litecoin price comes under heavy selling pressure as are all the currencies in the charts. The price has dropped almost 12% in the last 24H and it is at the lowest levels seen since 7th December 2017, now the price is sitting at $85.03 and the immediate support is $82.69.
Market sentiment
4-Hourly chart technicals signal bearish.
Oscillators are showing sell signals and pointing down.
Pivot points
R3 102.19 R2 100.70 R1 98.71 P 97.02 S1 95.20 S2 93.80 S3 91.84
EOS/USD
EOS price dropped considerably during the trading session and reached reach a 2-month low of $8.20 loosing over 15.71% in the last 24H. The RSI and Stochastic indicators are showing oversold and pointing down, the bear’s strength is completely high and the negative hype can continue during the weekend for the pair.
Market sentiment
4-Hourly chart technicals signal bearish.
Oscillators are showing sell signals and pointing down.
Pivot points
R3 11.48 R2 11.17 R1 10.78 P 10.47 S1 10.09 S2 9.78 S3 9.38
Conclusion
Many of the major cryptocurrencies have contributed with their losses to the market drop of around $18 billion in the past 24 hours, it seems to be a short-term decline but this significant momentum could continue if the Bitcoin price manages to pass the important level of $ 6,000. You will see the drop down all weekend until we see a recovery.
