Home Crypto Crypto Market Analysis Daily Crypto Update 27.06.2018 – More Stagnation

Daily Crypto Update 27.06.2018 – More Stagnation

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General Overview


Crypto Market Capitalization Chart:

Market Cap: $246,600,162,313

24h Vol: $11,274,713,968

BTC Dominance: 42.5%

In the last 24 hours, the evaluation of the cryptocurrency market capitalisation has decreased from $256B to 242,426,000,000$ and has recovered slightly since.

Crypto Market Capitalization Chart

The market is currently in red with an average percentage change among top 100 coins ranging from 3 to 6%. Monaco, Nebulas and Qtum are the only ones in green with an increase of 11, 8, 7%, respectively and everything else is in red with biggest losers being around 11%.


News


In the last 24 hours, the most significant headlines that came out, many of them regarding cryptocurrency exchanges, are as follows. The first that came out is Binance suspended trading and withdrawals due to a risk warning, according to a note from Binance.

“Due to a warning from a pre-trade check in our risk management system, we will postpone the start of trading and withdrawals.

Please stay tuned for more information regarding the reopening of trading and withdrawals.

We apologise for any inconvenience and thank you for your patience.”

 

Meanwhile Singapore-based CoinBene and Hong Kong-based Bit-Z have introduced a new “transaction fee mining” model which made them the largest volume holders in the last 24 hours, with the first one ranked as first with more than $2.1 billion in trading volume, and second one ranked as second with about $1.5 billion in trading volume over a 24 hour period.

This impacted the rank of Binance, which previously sat in the number one spot and is now ranked fourth, with 629$ million in daily trading volume.

The third largest cryptocurrency exchange in the world by 24-hour trading volume, Huobi has announced in an email sent to investors in Japan on Wednesday, that they are to remove the Japanese option from its homepage and suspends trading services from July 2, as reported by Coinpost.

As suggested in the Coinpost report, Huobi Pro made the decision to withdraw Japan-based services because is not registered with the Financial Services Agency (FSA), Japan’s financial watchdog, as mandated under a money transaction law introduced in 2016. It is not currently clear if the exchange has been contacted by the FSA over the issue.

While we are on watchdogs, another significant headline that fits into the exchange category is that Korean Watchdog is to tighten the rules on crypto exchange bank accounts.

South Korea’s financial regulator has amended the anti-money laundering rules that apply to cryptocurrency exchanges in the country, requiring domestic banks to tighten up monitoring of related bank accounts.

According to an announcement from the Financial Services Commission (FSC) on Wednesday, the amendment – which will initially be in effect for a year – means domestic banks who provide services to crypto exchanges must now monitor all the accounts held by an exchange.

Out of the news items that’s not in the exchange related category, the most significant one is that Facebook has updated its policy to allow cryptocurrencies to once again be advertised, while upholding its ban on the promotion of initial coin offerings (ICOs), in an announcement published Tuesday, June 26, as reported by cointelegraph.


Analysis


BTC/USD

From yesterday’s open at 6251$, the price of Bitcoin has decreased by 2.66% as it’s now sitting at 6090$.



As you can see on the hourly chart, from the resistance found at 6277$, the price has been in a constant steady decline. The price interacted with the downtrends resistance line with a quick spike in order to test that resistance. We can expect that the price is going to continue its downward movement today and go to the support line at 6000$.


Market sentiment 

Bitcoin is in the sell zone.

Oscillators are on neutral and moving averages signal a strong sell.


Pivot points

S3 5673.6 
S2 5904.2 
S1 5988.8
P 6134.8 
R1 6219.4 
R2 6365.4 
R3 6596.0

ETH/USD

From yesterday’s open at 461.22$ the price of Ethereum has decreased by 6% coming to around 432$ where it is currently sitting.



Looking at the hourly chart we can see that the price is currently on the levels of the downtrend resistance line where the price is looking for support, but as the trend is down the support goes down as well. We will see if the support hold, but lower low is more likely at this point.


Market sentiment 

Hourly chart technicals signal a sell.

Oscillators are signalling neutral and moving average a strong sell.


Pivot points

S3 374.87
S2 407.37 
S1 418.35
P 439.87 
R1 450.85
R2 472.37 
R3 504.87

XRP/USD

In the last 24 hours, the price of Ripple has decreased by 3.91% from 0.4819$ to 0.4629$.



Looking at the hourly chart we can see that the price is on the same levels of the recent low as it retested the 0 Fibo level. It has recovered slightly but not nearly that fast in order to show some sign of strength, which is why I think we are in for more downside today.


Market sentiment 

Ripple is in the sell zone.

Oscillators are on neutral and moving averages signal a sell.


Pivot points

S3 0.39681 
S2 0.42945 
S1 0.44081 
P 0.46209 
R1 0.47345
R2 0.49473 
R3 0.52737

Conclusion


Looking at the charts of the three cryptos we covered in this report, I am under the impression that the prices are struggling and aren’t stable. They are at or close to the levels of the recent low as the recovery was short-lived. We are potently going to see another low today, but the continuation of the stagnation with some sideways movement is more likely.

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