Cryptocurrencies under selling pressure. Bitcoin(-1.64%) and its variants BCH(-1.12%) and BSV(-2.29%) behave weak, while XRP(1.36%), ADA(0.88%), ATOM(2.3%) are still bouncing. XLM (+8.78%) was the most bullish yesterday and still show buying interest.
Market Cap descended 1.1% to $219.8 billion, while Bitcoin dominance is 68.48%. The traded volume fell during the Asian session.
What is Happening?
The European Central Bank, in their latest hearing, analysed the importance of stablecoins such as Libra in the payment system.
A number of so-called “stablecoin” initiatives, backed by large technology or financial firms and built on blockchain technology, are designed to address at least one and, in the case of Libra, both of these failings. Although private digital forms of money have been around for decades, these new initiatives have access to large networks of existing users and customers, which suggests that they could be the first to have a truly global footprint.
Lloyds Bank is partnering with Komgo, a blockchain platform to optimise its commercial banking division. According to Cointelegraph.com.
A crypto debit card will be available in Mexico brought bu Tauros. The company says its digital account allows its users to keep fiat and tokens, including BTC. Currently, the card only allows peso transactions, but the company said customers would be able to pay using cryptocurrencies in the coming months. Source: cryptonews.com.
Coinbase adds ALGO, LINK, and Stellar (XLM) to its NY trading platform listing. Source: sludgefeed.com.
Thether became the fourth largest crypto by market cap. Source: news.u.today.
Bitcoin, on its daily chart, is creating descending pennant. Now the price is supported by its 200-day MA. While this last line of support holds BTC is still officially in a bullish trend. We can also observe that the price is creating a base, as did the highlighted area in August. Therefore, although there is a lot of bearish calls for more drops in the price, technically there are still signs that this might resolve to the upside. Of course, this is a time of wait and see.
Ethereum is forming a base above the $166 level. The MACD is turning and soon to make a bullish crossover. The price seems to point to a bounce searching for challenging the $180-181 area, which is close to the Bollinger mean line.
Ripple has bounced, and its price was rejected by the 0.246 level. But the current situation of the price, with a MACD soon to make a bullish transition, seems to wait for a push of the buyers to drive its price further up to the $0.256 level.
Stellar is recovering from the sharp decline, and it seems its drop was caused by the general sentiment of the market and not by the fundamental factors of this token. The price is now above the 0.0578 level and moving up with buying pressure. We have to see the price cross to the upper side of the Bollinger band for confirmation of this scenario.