Cryptocurrency Brief: Bitcoin wipes out weekend gains, altcoins follow suit, Japan’s FSA to introduce new regulations for ICOs – Monday, December 03

BTC/USD: Bitcoin prices have almost wiped out the weekend gains, only to witness a major selling pressure across the board, with total capitalization being pushed back down to $130 billion again. At the time of writing, BTC/USD lost 2.68 percent to 4,061.10. Meanwhile, the near-term support is seen at $3,600.00 and resistance at $4,400.00.

Market Update: According to a report from CryptpGlobe, Japan’s Financial Services Agency (FSA), the country’s financial watchdog is said to introduce a new regulatory framework for Initial Coin Offerings (ICOs), owing largely to the wide array of scams happening in the digital currency world. Local sources also said that business owners who issue their own digital currencies must first register with the FSA.

ETH/USD: In line with Bitcoin, Ethereum also immersed itself in the bloodbath, after suffering a humongous 48.63 percent in the month of November. However, ETH/USD maintained an almost range-bound trading throughout the day, with the day’s high seen at 117.53 and low at 112.50. At the time of writing, ETH/USD slumped 2.35 percent to 114.30. Meanwhile, the near-term support is seen at $95.00 and resistance at $130.00.

XRP/USD: Ripple, also remained in the red zone during Monday’s afternoon session, tracking a similar downfall in its wider peers, again owing to the previous sell-off that struck panic sentiment among the investors. At the time of writing, XRP/USD lost 2.14 percent to $0.36395. Meanwhile, the near-term support is seen at $0.3000 and resistance at $0.3800.

BCH/USD: Bitcoin Cash, remained no different, also plunged, albeit the range of trading remained on the tighter side. At the time of writing, BCH/USD (ABC) slumped nearly 4 percent to $163.69, and BCH/USD (SV) lost over 5 percent to 93.25.

EOS/USD: Nothing different, the EOS, also showed up red signals amid investors’ confusion to find a proper direction in the digital currency market. However, the degree of loss was comparatively lower than its peers. At the time of writing, EOS/USD traded 1.11 percent lower at $2.8430. Meanwhile, the near-term support is seen at $2.40 and resistance at $3.05.

LTC/USD: Litecoin, also matched its counterparts, falling, in line with the overall bearish momentum in the market. At the time of writing, LTC/USD remained over 5 percent lower to trade at $32.279. Meanwhile, the near-term support is seen at $2500 and resistance at $40.00.