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Cryptocurrency Brief: BTC/USD gains slightly after SEC decides to review ETF decisions, China issues joint statement against illegal fundraising schemes – Friday, August 24th, 2018

Fri, 24 Aug 2018, 12:06 pm UTC

BTC/USD: Bitcoin prices, during afternoon session Friday, retained some of its gains witnessed on Thursday, but the upside still remains capped, following a back-to-back rejection of ETFs by the Securities and Exchange Commission (SEC). However, latest media news confirms that the SEC is considering to review its ETF decisions. According to a report from Reuters, "SEC staff have delegated authority to make a decision on such applications, meaning the commissioners and the SEC chairman have the power to review the decision if they desire. The commissioners had previously voted 3-1 to reject another bitcoin ETF application, with Republican commissioner Hester Peirce dissenting on the basis she felt doing so stifled innovation,". At the time of writing, BTC/USD rose 0.30 percent to $6,546.80. Meanwhile, the near-term support is seen at $6,350.00 and resistance at $6,800.00.

ETH/USD: Similar to Bitcoin’s trend, Ethereum prices also gained, albeit remaining range-bound, after Chinese authorities have issued a new joint statement against the illegal fundraising schemes claiming the affiliation of cryptocurrency and blockchain technology. At the time of writing, ETH/USD rose 0.28 percent to $276.70, not much distant from its day’s low of 272.98. Meanwhile, the near-term support is seen at $250.00 and resistance at $305.00.

XRP/USD: Ripple remained on the backfoot, sliding in coherence to the pessimism created by SEC’s ETF rejections; further, crypto analyst Brian Kelly believes that the SEC’s Bitcoin ETF approvals may not come into effect until February next year, CryptoGlobe reported. Ripple’s CTO, Schwartz said on Thursday that the XRP Ledger has now been fully decentralized, adding " The XRP Ledger uses a consensus protocol that relies on a majority of validators to record and verify transactions without incentivizing any one party (this is one of the main reasons why I began working on XRP Ledger more than six years ago). Validators are different from miners because they aren’t paid when they order and validate transactions. Today, these validators operate at locations across the globe and are run by a broad range of individuals, institutions, asset exchanges and more. Put simply, the XRP Ledger is based on an inherently decentralized, democratic, consensus mechanism — which no one party can control", CryptoDaily reported. At the time of writing, XRP/USD slipped 0.18 percent to $0.32505. Meanwhile, the near-term support is seen at $0.3130 and resistance at $0.3700.

BCH/USD: Bitcoin Cash, followed Bitcoin’s footprints, climbing over 1 percent during late European session Friday. According to the latest report from Coindesk, "Bitcoin Cash stakeholders seemed unified in their goal of boosting the cryptocurrency’s block size parameter in the hopes of attracting more users and enabling more transactions. But a few cracks started to pop up in this united front over the past year, as bitcoin cash developers had one technical disagreement after another. And a new software release by leading bitcoin cash implementation, Bitcoin ABC, has been perceived by some as a subtle declaration of war within the developer community", CryptoDaily reported. At the time of writing, BCH/USD traded 1.55 percent up at $538.20. Meanwhile, the near-term support is seen at $515.00 and resistance at $570.00.

EOS/USD: The EOS, also displayed green patterns, surprisingly, hitting day’s high of 4.9790. At the time of writing, EOS/USD jumped 1.21 percent to $4.9566. Meanwhile, the near-term support is seen at $4.60 and resistance at $5.35.

LTC/USD: The Litecoin remained in the dark zone, advancing steadily towards the $60.00 psychological mark, during Friday’s afternoon session. At the time of writing, LTC/USD traded 0.44 percent lower at $57.00. Meanwhile, the near-term support is seen at $50.00 and resistance at $65.00.

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  • Bitcoin (BTC) $8,725.31 (+9.05%)
  • Ethereum (ETH) $267.92 (+7.19%)
  • XRP (XRP) $0.410300 (+7.03%)
  • Bitcoin Cash (BCH) $434.51 (+8.28%)
  • Litecoin (LTC) $113.90 (+11.94%)
  • Bitcoin (BTC) $8,725.31 (+9.05%)
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