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Cryptocurrency Brief: Bitcoin breaks below 6,500 mark on increased regulations, ASIC suspends five ICOs since April – Tuesday, September 25th, 2018

Tue, 25 Sep 2018, 11:45 am UTC

BTC/USD: Bitcoin prices remained on the downside during late European session Tuesday, for the fourth consecutive day, following increased level of regulations from various financial authorities. The cryptocurrency broke below the 6,500 mark, hitting a 5-day low after Japan’s Ministry of Finance (MoF), the country’s financial watchdog imposed "administrative penalties" on Osaka-based Tech Bureau, operator of the licensed cryptocurrency exchange Zaif, CCN reported. At the time of writing, BTC/USD lost 2.66 percent to $6,410.30. Meanwhile, the near-term support is seen at $6,100.00 and resistance at $6,700.00.

Market Update: According to another report from CryptoDaily, the Australian Securities and Investments Commission (ASIC) have made an announcement that they have stopped five Initial Coin Offerings (ICOs) since April 2018, signaling a tough patch of regulations so as to prevent threats to innocent cryptocurrency investors.

ETH/USD: Similar to Bitcoin prices, Ethereum slumped as well, losing over 8 percent during Tuesday’s afternoon trade, following a rise in regulation levels from top global financial authorities. At the time of writing, ETH/USD slumped 8.22 percent to $209.12; the day’s high was seen at $227.85 and low at $207.12. Meanwhile, the near-term support is seen at $190.00 and resistance at $245.00.

Market Update: A recent report from CryptoGlobe stated that Vitalik Buterin, Ethereum’s co-founder have recommended the use of privacy-oriented Zcash’s zk-SNARKs technology, so as to help boost the Ethereum blockchain to process 500 transactions per second.

XRP/USD: Ripple, also plunged to steep lows, albeit not fully reversing the heightened gains seen towards the end of last week. The reason for the freefall remains common to all crypto pairs – higher levels of investigation and regulations so as to minimize the margin of threats faced by digital currency investors. At the time of writing, XRP/USD plunged 9.33 percent to $0.44694; however, the digital coin still remains in an uptrend. Meanwhile, the near-term support is seen at $0.3200 and resistance at $0.5800.

BCH/USD: Bitcoin Cash, remained no different than its global peers, losing heavy during afternoon trade Tuesday as a slew of negative news crept into the cryptocurrency market. At the time of writing, BCH/USD slumped nearly 6 percent to $436.00. Meanwhile, the near-term support is seen at $405.00 and resistance at $490.00.

EOS/USD: The EOS, also suffered, heavily as bearish sentiments continued to overpower bullishness, only leading to a massive sell-off through the day, following a similar movement in its wider counterparts. At the time of writing, EOS/USD plunged over 9 percent to $5.1538. Meanwhile, the near-term support is seen at $4.90 and resistance at $6.00.

LTC/USD: Litecoin, was also not spared by the cloud of bears that grasped the cryptocurrency market, leading to a panic sell-off as financial authorities decide to level up their degree of regulations for a better trading and investment experience. At the time of writing, LTC/USD lost nearly 5 percent to $55.166. Meanwhile, the near-term support is seen at $50.00 and resistance at $61.00.

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  • Bitcoin (BTC) $8,708.35 (+8.79%)
  • Ethereum (ETH) $267.50 (+7.02%)
  • XRP (XRP) $0.409700 (+6.86%)
  • Bitcoin Cash (BCH) $433.20 (+8.00%)
  • Litecoin (LTC) $113.25 (+11.27%)
  • Bitcoin (BTC) $8,708.35 (+8.79%)
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