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Cryptocurrency Brief: Bitcoin plunges to fresh 2018 low on panic sell-off, world's first crypto ETP to be listed on SIX Swiss Exchange, BCH hard fork adds to investors’ pessimism – Monday, November 19

Nov 19, 2018 12:02 pm UTC

BTC/USD: Bitcoin prices plunged to fresh 2018 low during late European session Monday, as investors continued panic sell-off after a flood of regulatory warnings thronged the digital currency industry. The crypto king has witnessed a downtrend since a hard fork happened in one of its peers, bitcoin cash, splitting the coin into two halves – bitcoin ABC and bitcoin SV. At the time of writing, BTC/USD plunged 5 percent to 5,380.50. Meanwhile, the near-term support is seen at $5,000.00 and resistance at $5,700.00.

Market Update: Amid all the shackles of bitcoin plunge, the market has witnessed a lining of good news that the Amun Crypto Basket ETP will commence trading on the SIX Swiss Exchange this week, The Financial Times reported. This will now allow market participants to buy/sell digital assets without having to own any of them.

ETH/USD: In line with Bitcoin, Ethereum also plummeted, on way to securing this year’s low, following a range of pessimism that emerged in the cryptocurrency industry off late; the day’s high was seen at $178.99 and low at $154.00. At the time of writing, ETH/USD lost 10.60 percent to 160.00. Meanwhile, the near-term support is seen at $135.00 and resistance at $190.00.

XRP/USD: Ripple, also remained in the red zone, albeit not suffering to the extent of its wider peers, as many investors have started to shift positions from Bitcoin and Bitcoin Cash towards Ripple, on hopes of better returns. Despite this, the XRP/USD failed to cheer market participants, breathing in the free fall offered by its counterparts. At the time of writing, XRP/USD suffered 4.79 percent to $0.49097. Meanwhile, the near-term support is seen at $0.4000 and resistance at $0.5700.

BCH/USD: Bitcoin Cash, too continued its freefall, reaping the brutal fruits of its hard fork that led to the emergence of Bitcoin Cash ABC and Bitcoin Cash SV. The latter two are now racing against each other to secure the higher position and prove themselves as the better versions of the parent coin. At the time of writing, BCH/USD (ABC) plunged 15.08 percent to $259.00 and BCH/USD (SV) plummeted 18.53 percent to 70.44.

Market Update: According to a report from Coin Desk, "U.S.-based cryptocurrency exchange Kraken has warned users against trading in the new bitcoin cash token, Bitcoin SV (BCH SV) – one of two competing versions of the cryptocurrency created when the blockchain split during last week’s hard fork upgrade".

In a blog post, the exchange noted that although it has credited BCH SV tokens to its clients since the fork and has also introduced trading in SV, the new crypto "does not meet Kraken’s usual listing requirements" and "should be seen as an extremely high-risk investment".

EOS/USD: Nothing different, the EOS, also suffered as investors wait to find direction in the digital currency market amid a slew of slaughtering news that groped the crypto market since last week, leading to panic sell-off towards the end of the year, compared to last year, when bitcoin and its peers were flying high. At the time of writing, EOS/USD traded nearly 10 percent lower at $4.1963. Meanwhile, the near-term support is seen at $3.85 and resistance at $4.80.

LTC/USD: Litecoin, also matched its counterparts, losing out proportionately by a similar amount, tracking overall bearishness in the market. At the time of writing, LTC/USD suffered 8.85 percent to trade at $38.805. Meanwhile, the near-term support is seen at $29.00 and resistance at $45.00.

[Correction: The heading and the second para have been edited to mention that crypto ETP will be listed on SIX Swiss Exchange, not ETF as mentioned previously. For more information click here]

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  • Bitcoin (BTC) $3,259.34 (-1.69%)
  • XRP (XRP) $0.289700 (-3.17%)
  • Ethereum (ETH) $84.82 (-2.26%)
  • Stellar (XLM) $0.098900 (-5.95%)
  • EOS (EOS) $1.84 (-0.85%)
  • Bitcoin (BTC) $3,259.34 (-1.69%)
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