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Cryptocurrency Brief: Bitcoin touches 2-week high following Short Squeeze on BitMex, UAE-based ADAB Solutions to launch first Shariah-compliant crypto exchange – Wednesday, August 22nd, 2018

Wed, 22 Aug 2018, 12:22 pm UTC

BTC/USD: Bitcoin prices touched a two-week high during late European session Wednesday, climbing to a high of $6,899 after a Short Squeeze on BitMex, a popular derivatives exchange forced investors to buy more to cover their short positions. The exchange went into a scheduled maintenance today afternoon, leading to a large amount of liquidation and hence, a climb in BTC prices, CryptoGlobe reported. At the time of writing, BTC/USD jumped 2.83 percent to $6,662.80. Meanwhile, the near-term support is seen at $6,250.00 and resistance at $7,000.00.

ETH/USD: Following Bitcoin’s trend, Ethereum prices also rose, albeit quite below the $300 psychological mark, proportionately lower than its wider peer. This also coincides with Ethereum co-founder Joseph Lubin’s comments on Tuesday that the recent bearishness in crypto prices will not pose a hurdle to growth in the digital industry. At the time of writing, ETH/USD rose 0.80 percent to $283.50, hitting day’s low of 277.20. Meanwhile, the near-term support is seen at $270.00 and resistance at $305.00.

XRP/USD: Ripple also followed its wider counterparts, after yesterday’s gains, rising slightly during Wednesday’s afternoon session. In other news, ADAB Solutions, a financial services company functioning in the UAE, has announced its plans to launch the world’s first Shariah-compliant cryptocurrency exchange, reports from CryptoGlobe confirmed. At the time of writing, XRP/USD surged 1.32 percent to $0.33878. Meanwhile, the near-term support is seen at $0.3100 and resistance at $0.3700.

BCH/USD: Bitcoin Cash, remained no different, marching, in line with its counterparts, after news of a Shariah-compliant crypto exchange floated in the market. Further, Bitcoin ABC, BCH’s development team have unveiled the complete details of a Bitcoin Cash hard fork yesterday, scheduled to be held on November 15 this year. In other news, China has shut down WeChat crypto accounts, aimed at a fresh crackdown on digital currency activities, after imposing a ban on ICOs in 2017. At the time of writing, BCH/USD traded 1.68 percent up at $545.70. Meanwhile, the near-term support is seen at $510.00 and resistance at $575.00.

EOS/USD: The EOS, also displayed green patterns, hitting day’s high of 4.8339. In other news, the United States government has awarded researcher and software architect Subhashini Sivagnanam with $818,433 to help in the development of Open Science Chain (OSC) project, a distributed ledger technology (DLT) based system for efficient management of data from scientific experiments, according to a report from CryptoGlobe released yesterday. At the time of writing, EOS/USD rose 2.15 percent to $5.0089. Meanwhile, the near-term support is seen at $4.6500 and resistance at $5.3525.

LTC/USD: The Litecoin also advanced, similar to its peers, nearing the $60.00 psychological mark, during Wednesday’s afternoon session. At the time of writing, LTC/USD traded 1.31 percent higher at $57.21. Meanwhile, the near-term support is seen at $50.00 and resistance at $67.00.

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  • Bitcoin (BTC) $10,688.40 (-0.15%)
  • Ethereum (ETH) $197.31 (-1.69%)
  • XRP (XRP) $0.274700 (-4.22%)
  • Bitcoin Cash (BCH) $319.74 (-0.52%)
  • Litecoin (LTC) $75.75 (-2.80%)
  • Bitcoin (BTC) $10,688.40 (-0.15%)
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