Cryptocurrency Brief: Altcoins remain tad higher in muted session, U.S. SEC’s Peirce argues for self-regulation in crypto markets, ETH/USD breaks above trendline resistance at $132.67
Tue, 12 Mar 2019, 14:39 pm UTC
BTC/USD: Bitcoin prices traded tad higher during North American session Tuesday, as investors’ overall sentiment improved compared to last week. However, the crypto king did not succeed in witnessing any major push on the crypto exchanges, owing to lack of major market news, thus caught in a range-bound trading throughout the day. At the time of writing, BTC/USD edged tad 0.43 percent higher to trade at 3,966.10. Meanwhile, the near-term support is seen at $3,785.00 and resistance at $4,200.00.
Market Update: The EU’s Blockchain Observatory and Forum has recently published a report that states that "the first wave of blockchain adoption will be characterised by a large number of permissioned, purpose-built blockchain platforms geared towards a specific use case." This was first reported by CoinDesk on March 12.
Another report from CryptoDaily stated that Hester Peirce, a commissioner of the United States Securities and Exchange Commission (SEC), has off late argued the potential of self-regulation in the cryptocurrency markets, during one of her public appearances with former Commodity Futures Commission Chairman Gary Gensler at the MIT Bitcoin Expo 2019 held on March 9.
"One really important thing to remember is that people regulate each other in their interactions with one another, and that’s the whole purpose of the Bitcoin idea, that it would be a community that would be able to regulate itself. As problems arise, people in that community are thinking about how to deal with those problems. One model would be to have a government regulator, but I don’t think that’s the only model," she commented.
ETH/USD: In line with Bitcoin, Ethereum also remained on the edge of upside, albeit again caught in a tight trading range, but breaking above the trendline resistance at $132.67. At the time of writing, ETH/USD gained 0.88 percent to 136.60. Meanwhile, the near-term support is seen at $125.00 and resistance at $170.00.
XRP/USD: Ripple, showed barely any significant movement, tracking lack of market news amid a muted trading session on Tuesday. At the time of writing, XRP/USD remained flat at $0.31699. Meanwhile, the near-term support is seen at $0.29250 and resistance at $0.3420.
BCH/USD: Bitcoin Cash, too mirrored the movements in its other counterparts, remaining flat through the day. At the time of writing, BCH/USD (ABC) remained flat at $128.00, and BCH/USD (SV) traded tad 0.62 percent higher at 64.99; the near-term support for ABC is seen at 113.00 and resistance at 155.00 while that for SV is seen at 55.00 and resistance at 75.00.
EOS/USD: Nothing different, the EOS too displayed movements in green, but at a rate higher than its counterparts, for reasons unknown, or possible because investors are shifting hands from other altcoins towards EOS and Litecoin. At the time of writing, EOS/USD surged 2.51 percent to trade at $3.7278. Meanwhile, the near-term support is seen at $3.27 and resistance at $3.85.
LTC/USD: Litecoin, also matched its counterparts, majorly in line with EOS, but reflecting the overall investors’ sentiment in the market. At the time of writing, LTC/USD gained 2.80 percent to trade at $57.532. Meanwhile, the near-term support is seen at $50.00 and resistance at $61.00.
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