General Overview
Market Cap: $236,022,628,955
24h Vol: $11,779,795,926
BTC Dominance: 42.9%
In the last 24 hours, the evaluation of the cryptocurrency market capitalisation has decreased from 249,806,000,000$ on yesterday’s high to 233,162,000,000$ which was today’s low. These are the lowest levels the crypto market has been this year, and the last time it was on these levels was on 18th of November last year.
News
Some of the most significant headlines that came out in the last 24 hours can be listed in the ‘exchange related’ category. Those are significant in general as exchanges are considered as large players in the market and they can impact the market significantly. When the cryptocurrency exchange Bithumb got hacked, the market reacted negatively, while other times like when Bittrex announced that they are going to introduce the service of Fiat deposits, the market reacted positively.
While we have mentioned the Bithumb hack, one of the headlines that fit into this category is that this exchange has reduced the estimated amount of money lost in the hack from $31 million to $17 million, according to yesterday’s announcement.
In another related news, third largest crypto exchange by volume Huobi opens a London Office, set to OTC Trading.
“London was selected as the first office in Europe, due to its preminence as a global financial centre and the largest cryptocurrency trading centre in the region with an active blockchain community and fast developing market,”
Binance is going to launch a Crypto-Fiat exchange in Uganda. Binance Uganda will be the company’s first endeavour into fiat-crypto trading – supporting the Ugandan Shilling, alongside major cryptocurrencies – and is set to launch imminently. This new option for fiat deposits was announced by Binance and now we are seeing that taking place.
While there are advancements in the crypto exposure to the retail investors, these are also toward institutional ones.
Blockchain.com has recently launched an institutional platform, Blockchain Principal Strategies (BPS), according to yesterday’s blog post.
BPS offers a number of trading and research tools, such as an over-the-counter (OTC) trading desk, a smart Order Management System (OMS), custom portfolio view, risk metrics, as well as access to a research team that staffs Garrick Hileman, the University of Cambridge’s first “cryptocurrency academic,” hired by Blockchain.com in May this year. The OTC services through BPS will be managed by a team of experts from Goldman Sachs, JP Morgan, and UBS.
Another significant headline is the one coming from South Korea, as it reviews its stance on crypto to become blockchain haven, reported by cointelegraph.
South Korea, the country that has been in the forefront of the crypto industry since the 2017 investor boom, is gradually changing its views regarding cryptocurrencies. While the lift on the ICO blanket ban was announced by the officials last month, the country has recently been vocal about its intention to lead the fourth industrial revolution, powered by blockchain initiatives.
This news is reassuring and highly positive. More and more countries are starting to shift their stance as they realise the potential of cryptocurrencies and blockchain technology.
Analysis
BTC/USD
From yesterday’s open at 6150$ the price of Bitcoin fell by 4.43% and is currently sitting at 5876$. The price spiked to 5786$ to retest the last dip levels but left a wick on the hourly chart.
Looking at the hourly chart we can see the price’s instability. I think that the price is going to go to the 6000$ levels now after which the sellers are going to push the price to the 5660$ level where the unconfirmed wedge support line is.
Market sentiment
Bitcoin is in the sell zone as indicated by hourly chart technicals.
Pivot points
S3 5249.9 S2 5598.5 S1 5723.3 P 5947.1 R1 6071.9 R2 6295.7 R3 6644.3
ETH/USD
From yesterday’s open at 442$, the price of Ethereum has decreased by 7% and is now sitting at the 410$ level.
The price has found support on the ending diagonal support line. I am expecting this support to hold for now, and we are going to see it go to the diagonal’s resistance line again. As I am expecting the price to start a trend reversal at the diagonal end, I would be looking if the resistance holds or not. If it holds then another lower low is expected before a breakout.
Market sentiment
Ethereums hourly chart technicals indicate a sell.
Pivot points
S3 375.75 S2 401.54 S1 411.16 P 427.33 R1 436.95 R2 453.12 R3 478.91
EOS/USD
From yesterday’s open at 7.84$ the price of EOS has decreased by 8.5% as it’s currently sitting at 7.19$.
As you can see from this hourly chart, I am expecting another low after this downtrend is finished, to the 6.58$ level.
Market sentiment
EOS is in the sell zone.
Oscillators are on neutral and moving averages on a strong sell.
Pivot points
S3 6.04 S2 6.80 S1 7.08 P 7.57 R1 7.85 R2 8.34 R3 9.10
Conclusion
The next sell-off has started. We have seen the prices interact with their prior lows, and now they are likely going for a small recovery before another drop that will form a lower low, which would in my mind be the last one of this last downtrend.
Related posts
EOS Breakout Trade Ahead
Daily Crypto Update 03.07.2018 – Slight Retracement After The Pop
Daily Crypto Review, Oct 13 – G7 Will Continue to Oppose Libra; Bitcoin Consolidating After Another Bull Run
Daily Crypto Review, Oct 15 – JP Morgan Says Bitcoin is Overvalued; XRP Crashes As it Breaks Major Support