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Latest cryptocurrency news and prices, 17 October 2019

Bitcoins has seen extremely bearish action in the past 24 hours as several altcoins suffer in the red. Here are your latest cryptocurrency news and prices.

Bitcoins price endured an extremely bearish Wednesday, with BTC dropping back below $8,000, while most of the altcoins are seeing losses yet again. Here are your latest cryptocurrency news and prices.

BTC/USD suffered a heavily bearish Wednesday, wherein its price fell from $8,158 to $7,994, going below the $8,000-level in the process. So far today, the price has fallen further to $7,975. The hourly breakdown shows us that BTC/USD was trending horizontally before it dropped from $8,151.38 to $7,984 in just two hours. The daily confluence detector shows a resistance level at $8,185, while there are two healthy support levels at $7,775 and $7,715.

(Trading at $8,215.45 at 14:00 16 October 2019)

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Yesterday, we saw bearish signs for Ethereum below the $185 resistance area against the US Dollar. ETH price remained in a bearish zone and even broke the $180 support. Moreover, there was a close below $180 and the 100 hourly simple moving average. It opened the doors for more downsides and the price broke the key $175 support area. It traded close to the $170 level and a swing low was formed near $171.

At the moment, the price is consolidating losses above the $172 level. An immediate resistance is near the $175 level. Moreover, the 23.6% Fib retracement level of the recent drop from the $188 high to $171 low is near the $175 level. Besides, yesterdays highlighted key bearish trend line is intact with resistance near $175 on the hourly chart of ETH/USD.

In the past few hours, there was an increase in selling for bitcoin, ripple and Ethereum against the US Dollar. XRP price failed to hold a couple of important supports such as $0.2880 and $0.2850. As a result, there was a bearish break below the $0.2850 support area. Moreover, there was a close below the $0.2850 support and the 100 hourly simple moving average.

More importantly, this weeks followed key bullish trend line was breached with support near $0.2855 is intact on the hourly chart of the XRP/USD pair. The pair even spiked below $0.2800 and traded as low as $0.2782. Recently, the price started an upside correction above the $0.2800 level. Additionally, there was a break above the 23.6% Fib retracement level of the recent drop from the $0.2992 high to $0.2782 low.

(Trading at $0.285097 at 14:00 17 October 2019)

Tether the parent company behind the leading stablecoin in the cryptocurrency market USDT has been at the center of the ongoing controversy regarding its role in manipulating Bitcoin prices. Now the on-chain metrics of tether revealed another worrying stat which suggested that 70% of the total market supply of USDT is controlled by just 104 accounts.

IntoTheBlock recently conducted an analysis of Tethers on-chain transactions which revealed several interesting stats for the controversial stablecoin. The analysis found out that 104 wallet addresses for Tether contain $2.2 billion worth of USDT which is equivalent to 70% of the total market supply of USDT.

Bitcoin Cash could no longer defend that support discussed on Wednesday at $220. As predicted in the price analysis, a break under the support tested the next target support around $215. Moreover, Bitcoin Cash bears extended the action to a low of $213.

Meanwhile, Bitcoin Cash is trading at $215 following a shallow recovery. Pressing down on the price is the descending trendline resistance. The 50 Simple Moving Average (SMA) on the one-hour chart crossed below the longer-term 100 SMA suggesting that a lower consolidation should be expected. The widening gap between the SMAs emphasizes that the bears have control over the price.

LTC/USD is on course for charting three bearish days in a row. The price met resistance at $57.10 three days back and has been trending downwards ever since. Yesterday, LTC/USD fell from $54.65 to $52.60 and has gone down to $51.70 so far today. The price is trending below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. The hourly chart shows us that LTC/USD struggled to break past resistance at $55.15 before dropping down from $54.85 to $52.15 in just five hours. The price then trended horizontally for a bit before falling to $51.70.

A bond issued by the problem-ridden Deutsche Bank has been tokenized on the EOS network. The creation of tokenized assets is nothing new, but this time, the decision raised eyebrows.

EOS, a much-touted project, is still seen as dubious, hosting significant bot activity in its distributed app market. Possibly, the high level of transactions on the EOS network is also simulated. Hence the sharp Twitter reaction to the tokenized Deutsche Bank bond.

Binance has managed to successfully complete its 9th BNB coin burn. The event saw a total of 2,061,888 BNB burned, which is roughly around $36,700,000. This represents 20% of Binances quarterly profits.

Its interesting to note that the last burn took place back in July and it saw BNB worth about $23,838,000 million taken out of the supply.

This implies a growth of about 56% in the companys profits over the past three months alone. During this period, Binance launched Bitcoin futures trading, which already surpassed the spot trading in terms of volumes, perhaps adding to the companys revenues.

Based on the observations drawn from the candlestick chart linked to the BSV/USDT pair on tradingview, the data from Huobi showcases the growth of bearish momentum. For the past 3 weeks, price consolidation has occurred. Resistance may be felt near the $96.51 mark and the support level has been formed close to $79.3675. The daily RSI [for 14 periods] after a period of brief recovery has managed to head to 40.55, which exemplifies BSV being immersed in the neutral zone.

For the last 17 days, the peaks tied to the Awesome Oscillator have all possessed the green shade, but no noticeable pump has been observed till now. Even if BSV heads towards $100, sellers are quick to capitalize and ensure this controversial digital asset doesnt overcome too many barriers. The MACD line has lingered atop the signal line in the aftermath of 6th October, but the green histogram looks faded [signifying the disappearance of bullish momentum].

Stellar price started trading in August with a heavy fall. The price first fell from $0.0837 to $0.0737 by 11.25%. There was a slight improvement that took it to trade around $0.0802 by 8.52%. Later, unable to hold, the price fell tremendously to $0.068 by 14.69%. The monthly movement in price brought a loss of 25.20%.

In September, the price was initially seen slipping. However, there was an escalation that took it to $0.090 but soon dropped to $0.052 by 42.90%. The month closed with a recovery of 17.60% as the coin closed the month trading at $0.062. The ongoing month has recorded a moderate hike of 7.66% until now, as the trading price counters have changed from $0.062 to $0.066.

(Trading at $0.062399 at 14:00 17 October 2019)

For your daily top cryptocurrency news and price updates, be sure to check in daily at 14:00.

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