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Cryptocurrency Brief: Altcoins engage in bloodbath, Ethereum loses over 7 pct in past 24 hours, EOS hits 2-week low

Mon, 04 Mar 2019, 15:51 pm UTC

BTC/USD: Bitcoin prices slumped during North American session Monday, albeit at a proportionately lower rate than its immediate peers, owing to what analysts believed as the technical and sentimental reasons. Given this, any slight negative sentimental news can actually thrash it below the $3,462 level. However, looking at the recent trend, any major breakthrough upside seems a difficult task for the crypto king right now. At the time of writing, BTC/USD suffered over 2 percent to trade at 3,804.30. Meanwhile, the near-term support is seen at $3,462.00 and resistance at $4,500.00.

Market Update: According to a report from CryptoDaily, "The Coinbase director of institutional sales, Christine Sandler has defended the crypto exchange controversial move of blockchain intelligence company Neutrino. In a recent interview last week, Sandler said that the previous client data providers were selling Coinbase user data to outside sources".

Coinbase is listed as one of the biggest cryptocurrency exchanges and wallets in the United States which first announced the Neutrino acquisition on February 19 this year. "The firm said that they would be making use of the startup’s advanced blockchain analytics tools, Know Your Customer technology and Anti-Money Laundering."

"The move came under controversy as details of the Neutrino’s co-founders’ backgrounds came to light. Specifically their prior involvement with commercial software company Hacking Team, whose spyware has allegedly been used by a broad canopy of global governments and law enforcement agencies with authoritarian regimes allegedly among them", CryptoDaily added.

ETH/USD: In line with Bitcoin, Ethereum also plummeted, losing over 7 percent in the past 24 hours, days after the Ethereum network upgrades including Constantinople and St. Petersburg hard fork. However, on a 30-day scale, the crypto coin is up by over 17 percent, thereby keeping hopes alive for a U-turn. At the time of writing, ETH/USD lost 4 percent to 127.93. Meanwhile, the near-term support is seen at $100.00 and resistance at $140.00.

XRP/USD: Ripple, also remained in the red zone during Monday’s evening session, not spared by the overall bloodbath in the crypto family, led by Bitcoin as sentiments remain bearish. Although significantly down, the third rank-holder Ripple has been seen to remain most resilient to the downside as compared to its counterparts. At the time of writing, XRP/USD slumped nearly 3 percent to $0.30864. Meanwhile, the near-term support is seen at $0.2800 and resistance at $0.3400.

BCH/USD: Bitcoin Cash, too mirrored the movements in its other counterparts, outpacing the prior three in line during American session Monday. At the time of writing, BCH/USD (ABC) lost over 4.50 percent to $122.50, and BCH/USD (SV) lost 3.35 percent to 62.34; the near-term support for ABC is seen at 110.00 and resistance at 150.00 while that for SV is seen at 50.00 and resistance at 72.00.

EOS/USD: Nothing different, the EOS plunged to 2-week low on Monday, marking the largest decline among the top crypto losers in the day, in line with its peers as investor sentiments remain ripped amid no plausible signs of an immediate recovery. At the time of writing, EOS/USD gave up 8.65 percent to trade at $3.2802. Meanwhile, the near-term support is seen at $2.90 and resistance at $3.78.

LTC/USD: Litecoin, also matched its counterparts, slumping, in line with the overall sentiment in the market. At the time of writing, LTC/USD gave up 4.50 percent to trade at $46.679. Meanwhile, the near-term support is seen at $40.00 and resistance at $55.00.

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  • Bitcoin (BTC) $8,628.25 (+7.08%)
  • Ethereum (ETH) $265.09 (+5.13%)
  • XRP (XRP) $0.405400 (+4.73%)
  • Bitcoin Cash (BCH) $430.98 (+6.03%)
  • Litecoin (LTC) $110.08 (+7.45%)
  • Bitcoin (BTC) $8,628.25 (+7.08%)
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