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Latest cryptocurrency news and prices, 18 October 2019

Bitcoins price has dropped back below the $8,000 support as the altcoin markets see red. Here are your latest cryptocurrency news and prices.

Bitcoins price has stumbled back below $8,000 as the altcoin markets all bleed red on the day. Here are your latest cryptocurrency news and prices.

The worlds number one cryptocurrency traded flat for the better part of yesterday, with an intraday high at $8,400. At around 20:00 last night, the OG crypto took a sudden dip below the $8,200 price area, thus recording a loss of more than 2% on the day.

As Bitcoin statistician and commentatorWilly Woonoted on Oct. 18, the largest cryptocurrency has been around 40% as long as the average government-issued currency.

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Woo was referencing a 2018 study by DollarDaze. Out of 775 fiat currencies past and present, researchers concluded the average lifespan is just 27 years.

The longest-living fiat currency, the British pound sterling, has lost practically all its value since its inception, not helped by leaving the gold standard in 1931.

Bitcoin has already reached 40% of the life expectancy of the average fiat currency (27yrs). The most successful fiat currency has lost 99.5% of its value, Woo summarized.

(Trading at $8,215.45 at 14:00 18 October 2019)

Yesterday, we saw an extended decline in Ethereum below the $180 support against the US Dollar. Moreover, ETH price settled below the $180 support and the 100 hourly simple moving average. The decline was such that the price traded close to the $170 level. A swing low was formed near $171 before the price started an upside correction. It recovered above the $174 and $175 resistances.

Additionally, this weeks followed major bearish trend line was breached with resistance near $174 on the hourly chart of ETH/USD. The pair climbed above the 23.6% Fib retracement level of the last decline from the $188 high to $171 low. Finally, the price spiked above the $178 resistance area. However, the upward move is facing hurdle near the $180 resistance and the 100 hourly simple moving average.

Yesterday, we saw a downside correction in ripple below the $0.2850 support area against the US Dollar. XRP price traded as low as $0.2783 and recently started a fresh increase. It is up more than 4% and cleared many hurdles near the $0.2900 and $0.2920 resistance levels. Moreover, there was a close above the $0.2900 level and the 100 hourly simple moving average.

During the rise, there was a break above a declining channel with resistance near $0.2860 on the hourly chart of the XRP/USD pair. The pair gained momentum above the $0.2950 and $0.3000 resistance levels. A new monthly high is formed near $0.3040 and the price is currently correcting. It is trading below the 23.6% Fib retracement level of the recent wave from the $0.2783 low to $0.3040 high.

(Trading at $0.290371 at 14:00 18 October 2019)

The fiat gateway would enable transactions between local fiat currency Lira and dollar stablecoin Tether (USDT). Once users purchase tether through their bank account, they could trade it with any other cryptocurrencies on Huobi Global.

The company believes that the Lira-USDT pairing makes transactions in the local market much easier, compared to offering hundreds of pairing between Lira and the other cryptocurrencies.

Its very difficult for any exchange to offer liquidity in the 250 coins that we hold against the local currency, Davar said.

One could also convert Lira to dollar-pegged tether at the rate they are comfortable without worrying volatility of cryptocurrencies during the transaction, he added.

Already widely available for trading across the world, bitcoin cash continues to expand into new markets and platforms. The latest venue where users can soon exchange the cryptocurrency is Binances decentralized exchange. The system will feature a token pegged to BCH issued on Binance Chain.

The head of the worlds largest crypto exchange by volume, Changpeng Zhao, has proposed adding support for trading bitcoin cash on the decentralized exchange developed on top of Binance Chain. This will be done by listing a new token on the DEX (BCH-1FD), which is backed by real BCH assets and issued on Binance Chain. Bitcoin cash will thus become only the third cryptocurrency chosen to be added to the platform, following a BTC-pegged token which was issued in June and another tracking the price of Ripples XRP which was launched last Thursday.

Litecoin price managed to stay above the $51.50 and $50.00 support levels. LTC price is currently recovering and is trading above the $54.00 level. However, there are a few key hurdles near the $55.50 and $56.00 levels, above which the price could revisit the main $60.00 resistance area.

Tron price declined recently and tested the $0.0145 support area. TRX price remained well bid and recently started a nice upward move above the $0.0150 resistance area. The price is up more than 3% and it could continue to rise towards the $0.0155 resistance level in the near term.

Over on EOS, there are similar problems stacking up. Unlike Ethereum, EOS isnt really gunning for the decentralized finance crown, but it does share one thing in common: growing demand for finite resources. On Ethereum, those resources manifest as block space which pushes up gas prices. On EOS, it takes the form of computational resources: RAM (virtual storage) and CPU, which is the amount of time a block producer will allocate to transactions from a particular account.

The worlds leading crypto exchange Binance has just completed its quarterly coin burn resulting in the destruction of just over 2 million BNB.

The exchange based token had been one of the years top performing altcoins until it dumped over 60% in a fall from $40 to $15. It is still up overall though and the coin burns serve to decrease the circulating supply.

At todays prices the burn is the equivalent of $36.8 million and the supply has dropped to 185.5 million tokens. The company plans to destroy BNB each quarter based on the trading volume on the exchange, this will continue until 50% of the total supply, 100 million BNB, is burned.

This is certainly a strange thing to say for a man who himself claims to be Satoshi Nakamoto despite not being able to definitively convince almost anyone, barring a few diehard Bitcoin SV (BSV) supporters.

Of course, there are two sides to the story and Wrights supporters are vouching on Twitter that it was just a figure of speech. Expectedly, what followed next was the usual bitter exchange of words between the two sides.

Stellar price also declined recently and tested the $0.0600 support area. XLM price is now climbing higher and is trading above the $0.0625 resistance area. However, there is a major resistance near $0.0650, above which the price could continue to rise towards $0.0682 and $0.0695.

(Trading at $0.062543 at 14:00 18 October 2019)

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

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