Cryptocurrency Brief: Bitcoin tumbles to lowest in one year, altcoins follow suit, BCH/USD hit by hard fork
Nov 15, 2018 12:18 pm UTC
BTC/USD: Bitcoin prices tumbled to a one-year low during late European session Thursday, after the United States Securities and Exchange Commission (SEC) published its annual enforcement report, pinning down several regulatory actions against the ICOs and digital assets taken so far this year. At the time of writing, BTC/USD plunged nearly 5 percent to 5,638.30. Meanwhile, the near-term support is seen at $5,000.00 and resistance at $6,400.00.
Market Update: According to a report from CryptoGlobe, "Instead of laying down guidelines for people to follow however, the agency seems to be classifying blockchain businesses in ways that they can be fined under traditional laws. While the industry has yet to see clear guidelines, it is beginning to see enforcement".
Further, last Thursday, the SEC also announced that it had settled charges against Zachary Coburn, the founder of decentralized exchange EtherDelta, the report added. Market participants believe that this regulatory chaos played an important role in this week’s massive sell-off, in which many coins suffered over 20 percent, with Bitcoin witnessing below $6,000 mark for the first time in several months.
ETH/USD: In line with Bitcoin, Ethereum also slumped to the lowest level seen since September this year, following concerns over SEC’s regulatory norms; the day’s high was seen at $190.00 and low at $175.01. At the time of writing, ETH/USD slumped 5 percent to 177.83. Meanwhile, the near-term support is seen at $160.00 and resistance at $210.00.
XRP/USD: Ripple, also remained in the red zone, after witnessing a sharp fall on Thursday, a level seen since October 15, tracking similar movement in all its peers. At the time of writing, XRP/USD lost 5.50 percent to $0.45782. Meanwhile, the near-term support is seen at $0.3700 and resistance at $0.5200.
BCH/USD: Bitcoin Cash, too matched the shadows of its immediate peers; however, the trend is range-bound for the day, having the high at 467.00 and low at 421.8. At the time of writing, BCH/USD edged 1.38 percent lower to $446.30. Meanwhile, the near-term support is seen at $415.00 and resistance at $535.00.
Market Update: According to a report from CoinGape, "BCH, which seems to have inflected the crypto market meltdown due to is forking event, is down almost 18 percent. It has lost nearly all the gains that it had collected over the past two weeks and this high selling is a sign that investors are not interested in the crypto units resulting from a hard fork event".
EOS/USD: Nothing different, the EOS, also suffered as investors wait to find direction in the digital currency market amid mixed news. At the time of writing, EOS/USD traded 5.21 percent lower at $4.5175. Meanwhile, the near-term support is seen at $4.40 and resistance at $5.35.
LTC/USD: Litecoin, also matched its counterparts, losing out proportionately lower than yesterday. At the time of writing, LTC/USD crashed 4 percent to trade at $43.245. Meanwhile, the near-term support is seen at $40.00 and resistance at $51.00.
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