Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, August 21 – Back Down!

Daily Crypto Brief, August 21 – Back Down!

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Early morning, cryptocurrencies had yet another sudden drop on high volume. Bitcoin moved down over $500 ( 4.8%), Ripple lost all its recent gains, in a -4.92% movement. The rest of the altcoins behave similarly. The relative exception was Litecoin, with a small 3% loss, gaining almost 2.5% to Bitcoin. Market cap is currently $266.6 billion, and Bitcoin dominance is 69%.

The current 24h heat map shows the sector drop:

What is happening?

Israel Bitcoin Association has filed lawsuits against the country’s banks, and traders registered a formal petition asking for the financial industry to explain its policies on funds coming from cryptocurrency exchanges. More information by cryptoslate.com.

SEC Charged ICO Website icorating.com for failing to disclose the revenue from paid ICO reviews.

The law not only seeks to punish the seller or creators but also portals that were involved in the promotion of the sale. According to the SEC, the paid promotions require proper disclosure for the investors.

In anticipation of a legal movement, the firm offered a monetary settlement of about $269 thousand to the SECm which has been accepted.

Source: coingape.com.

One of the largest Austrian mobile Austrian companies, A1, is testing cryptocurrency payments at specific store locations. Dash, Ethereum, Litecoin, Stellar and Xrp will be acceptable forms of payments in the selected stores. Source: coindesk.com

The increased transaction costs are hurting Ethereum’s blockchain adoption, said Vitalik Biterin, in a conversation with the Toronto Stat this week. Buterin spoke about the current problems Ethereum is facing regarding its blockchain costs

“If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining, but improvements in scalability can do a lot in improving that.”

source: coindesk.com.

Technical Analysis

Bitcoin


Bitcoin’s price dropped early this morning, on high volume, and breaching the ascending trendline. This time the price didn’t make it to the $11,000, making a lower low. Now the price is fighting to hold the $10,100 support. MACD and Stochastics turned bearish. Most of the volume is produced by sellers so it may be headed to test its latest low of $9,478.

Ripple


Ripple has retraced 100% of its prior upward move. XRP’s price continues following the descending trendline. MACD is bearish, and stochastics is oversold. We should expect a period of sideways movement.

Ethereum


Ethereumis heading down and crossed below its descending trendline. Its MACD and Stochastics signal for ETH’s price to push down to seek liquidity in what has been its supply area (cyan), between $179 and $175.

Litecoin


Litecoin is obeying the lead of the Bitcoin and has removed 100% of his upward move. As we see above, MACD and Stochastics point to more falls. Its next support level is $72 and then $70.

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