daily crypto – Forex Academy

Bitcoin, along with the rest of the cryptocurrencies, didn’t move much during Christmas. The price tanked a bit due to a lack of volume, but the price drops are sporadic and negligible. Bitcoin’s price went down by 0.59% on the day. It is trading for $7,247 at the time of writing. Meanwhile, Ethereum lost 0.7%, while XRP lost 0.4%.

Tomo Chain gained 21.44% on the day, making it the biggest daily gainer. The biggest loser of the day was Silverway, which lost 7.88% of its value when compared to yesterday.

Bitcoin’s dominance gained half a percent during Christmas time. Its dominance is now at 68.7%, which represents an increase of 0.5% from when we last reported.

The cryptocurrency market capitalization lost around four billion dollars during Christmas. It is currently sitting at $191.32 billion at the time of writing. This represents a decrease of $3.69 billion when compared to the value it had 24 hours ago.

What happened in the past 24 hours

YouTube, the biggest video-sharing social media platform, has unexpectedly started to delete cryptocurrency-related content from the platform. Both big and small content creators are affected.

Countless Twitter and Reddit threads popped up, all about YouTube suddenly deleting a number of crypto-related videos Dec. 23. On top of the video deletion, YouTube sent out an official warning to content creators in the form of a “strike.” When the account gets “struck” 3 times, it gets shut down.

YouTube has yet to respond on why it censored these videos.

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Technical analysis

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Bitcoin

Bitcoin spent Christmas losing some value, but the loss is almost insignificant. Its price did fall under the 38.2% Fib retracement line of $7,260. After falling under the support level which now turned resistance, Bitcoin seems to have consolidated near the top of the range.

Bitcoin’s volume was quite low, which can be explained by the holidays. Its RSI was quite stable and around the middle of the value range.

Key levels to the upside Key levels to the downside

1: $7,260 1: $6,940

2: $7415 2: $6,640

3: $7,525 3: $6,415

Ethereum

Ethereum also spent Christmas losing some of its value. The price is still contained within the resistance of $128.1 and support of $122.5. The price is now consolidating in the middle of the range.

Ethereum’s RSI level is currently on the rise, with the volume being on the lower end of the spectrum.

Key levels to the upside Key levels to the downside

1: $128.1 1: $122.07

2: $130 2: $117

3: $141.15

Ripple

XRP’s broke a key support during Christmas. Its price dropped below $0.19 and could not make it back above. It is now consolidating just below this level, which currently acts as resistance. XRP has quite a free fall if it decides to drop in price. The next support level is at $0.178.

XRP’s volume is, just like Ethereum’s and Bitcoin’s, pretty low. This is, again, most likely due to fewer traders being involved with the market during the holidays. The key level of $0.19 is now acting as resistance.

Key levels to the upside Key levels to the downside

1: $0.19 1: $0.178

2: $0.198 2: $0.1678

3: $0.2058

Bitcoin, as well as the rest of the cryptocurrencies, lost some of their value in the past 24 hours. Bulls could not sustain the prices after the price spike, which resulted in consolidation below the most recent highs. Bitcoin’s price went down by 2.96% on the day. It is trading for $7,302 at the time of writing. Meanwhile, Ethereum lost 3.23%, while XRP lost 2.45%.

Bytecoin gained 42.47% on the day, making it the biggest daily gainer. The biggest loser of the day was Aeternity, which lost 9.00% of its value when compared to yesterday.

Bitcoin’s dominance finally stopped rising and took a healthy push to the opposite side. Its market dominance is currently 68.2%, which represents a decrease of 0.52% when compared to the value it had yesterday.

The cryptocurrency market capitalization lost some of its value when compared to yesterday. It is currently sitting at $195.01 billion at the time of writing. This represents a decrease of $4.92 billion when compared to the value it had 24 hours ago.

What happened in the past 24 hours

Whoever invests their time in learning about cryptocurrencies, knows that China is one of the biggest players in the game. What many people do not know, however, is that China is already designing its cryptocurrency.

The People’s Bank of China’s deputy director Mu Changchun announced that China will be introducing the world to a digital form of the yuan. However, the digital currency will be different to Bitcoin (BTC) and stablecoins. China’s digital currency will be made, so there is no room to speculate on its value. However, it will not be backed by a basket of currencies either.

Mu recently indicated that the digital Yuan would operate in a two-tier system. The top layer would be governed by the PBoC while the bottom layer would be reserved for commercial banks.

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Technical analysis

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Bitcoin

Bitcoin is trying to find a price at which it could consolidate safely. That price, it seems, is below the 38.2% Fib retracement line of $7,260. Bitcoin spent the past 24 hours dropping past the levels beat to the upside just a day ago. The price breezed through the $7,525 and $7,415 levels to the downside just as it did to the upside yesterday.

Bitcoin’s volume during the price drop was at almost the same level as it was during the price spike. However, the volume is now slowly reducing. RSI has left the overbought territory and is hurling towards the lower part of the value spectrum.

Key levels to the upside Key levels to the downside

1: $7,260 1: $6,940

2: $7415 2: $6,640

3: $7,525 3: $6,415

Ethereum

Ethereum also spent its day losing all of the gains it made yesterday. The price managed to reach past the $128.1 and $130 resistances yesterday, and even stay above it for some time now. However, the bull presence faded, and Ethereum lost all of its gains, returning its price to almost exactly the same spot as before the price spike.

Ethereum’s RSI level is currently in the lower part of the value register, with its volume dropping as the bear presence faded.

Key levels to the upside Key levels to the downside

1: $128.1 1: $122.5

2: $130 2: $117

3: $141.15

Ripple

XRP’s price did not move much to the upside yesterday, which resulted in not moving as much to the downside in the latest crypto price drop. The price drop was contained within a range, as it dropped from XRP’s immediate key resistance level of $0.198 to its key support level of $0.19. XRP’s price seems to have stabilized above $0.19 and there is no indication of it dropping down further unless the market as a whole loses much of its value due to some unexpected event.

Key levels to the upside Key levels to the downside

1: $0.198 1: $0.19

2: $0.2058 2: $0.178

3: $0.2121 3: 0.16