Cryptocurrency Brief: Bitcoin plummets to new 2018 low, market loses over 80 pct of total value in circulation, Indian govt plans to draft crypto regulations – Tuesday, November 20
Nov 20, 2018 12:22 pm UTC
BTC/USD: Bitcoin prices once again plunged to fresh 2018 low during late European session Tuesday, as the crypto bloodshed continues amid a panic sell-off among investors. A report from FxStreet confirmed that the digital currency market has lost over 4/5th of its total value in circulation since the beap reached at USD815 in January this year.
In addition, regular reports of scams and digital hacking that led to terrible losses in the crypto industry also led to investors seeking safe-haven and winding up their short positions. Following this, the United States’ Justice Department has launched a probe to cross-check whether last year’s steep rally was caused by manipulations with USD-backed stable coin Tether. At the time of writing, BTC/USD plunged 7.50 percent to 4,551.18. Meanwhile, the near-term support is seen at $4,000.00 and resistance at $5,100.00.
Market Update: The Reserve Bank of India (RBI) had earlier imposed a strict ban on cryptocurrency businesses and commercial banks were directed to part ways with all crypto-related businesses, especially those on the exchanges. However, surprisingly, the Indian government is reportedly considering to draft regulations for the digital currency world, the onus being given to the Ministry of Finance.
ETH/USD: In line with Bitcoin, Ethereum also plummeted, also hitting a fresh 2018 low again, after a similar pattern achieved yesterday, following a range of pessimism that emerged in the cryptocurrency industry off late; the day’s high was seen at $154.89 and low at $127.00. At the time of writing, ETH/USD lost 9.50 percent to 136.61. Meanwhile, the near-term support is seen at $100.00 and resistance at $178.00.
Market Update: According to a report from NewsBTC, "Token development platform seeks to launch Ethereum like Blockchain with increased speed, low development costs, and improved security".
XRP/USD: Ripple, also remained in the red zone, albeit suffering by a lesser extent than its wider peers, as many investors have started to shift positions from Bitcoin and Bitcoin Cash towards Ripple, on hopes of better returns. At the time of writing, XRP/USD suffered 4.76 percent to $0.45963. Meanwhile, the near-term support is seen at $0.3700 and resistance at $0.5700.
BCH/USD: Bitcoin Cash, too continued its freefall, owing all credits to the hard fork that led to the emergence of Bitcoin Cash ABC and Bitcoin Cash SV. The latter two are now competing vs each other to prove themselves as better versions of the parent coin. At the time of writing, BCH/USD (ABC) plunged 4.55 percent to $210.00, its lowest since its emergence out of the hard fork and BCH/USD (SV) plunged 31 percent to 39.21.
EOS/USD: Nothing different, the EOS, also suffered as investors wait to find direction in the digital currency market amid a slew of sell-offs that shook the digital currency space since the past few days. At the time of writing, EOS/USD traded 9.31 percent lower at $3.7548. Meanwhile, the near-term support is seen at $3.85 and resistance at $4.80.
LTC/USD: Litecoin, also matched its counterparts, losing out in line with its wider peers, tracking overall bearishness in the market. At the time of writing, LTC/USD remained 10.61 lower to trade at $33.206. Meanwhile, the near-term support is seen at $29.00 and resistance at $45.00.
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