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Latest cryptocurrency news and prices, 6 August 2019
Bitcoins price has smashed through another key support in light of tensions between the US and China. Here are your latest cryptocurrency news and prices.
As a result of the Dow Jones and other fiat stocks suffering in light of tensions between China and Americas trade war, Bitcoin has skyrocketed and re-taken its $12,000 price high. Here are your latest cryptocurrency news and prices.
Data gleaned from CoinMarketCap indicates that BTC/USD is trading at $12,180 at the time of writing which brings BTCs weekly gains to over 25%.
BTC/USD is currently trading at its highest since July 11. Bitcoins rally comes hot on the heels of growing tensions between Chinas and the USAs trade war.
Coupled with unrest in Hong Kong and news of the U.S designating China a currency manipulator earlier this week, the pressure felt by the stock markets resulted in Bitcoin spiking over the weekend.
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(Trading at $12,180.11 at 14:00 6 August 2019)
Ethereum is said to be breaking away from the altcoins to become an independent cryptocurrency like Bitcoin. However, at the moment the second largest crypto is still reacting to Bitcoin price actions. For instance, as Bitcoin pierced $12,000 today, Ethereum price zoomed above $230 resistance.
The hourly chart places Ethereum at above the moving averages where the 50 Simple Moving Average offers support at $227.78 while the 100 SMA at $224.50 (slightly below the trendline support). In the event of a reversal from the current market value at $233.94, other key support areas traders can lookout for range from $220, $210 and the major support at $200.
Ripples XRP touched the area above $0.33 on Monday, but failed to hold the ground and retreated quickly towards $0.3200 by the time of writing. The third-largest digital asset with the current market value of $13.8 billion has stayed mostly unchanged both on a day-on-day basis and since the beginning of Tuesday. The coin has returned to the tight range that limited its movements during the previous week.
BCH/USD has had a bearish start to the day as its price went down from $347.50 to $343.15. Before this Bitcoin Cash has had three straight bullish days, wherein the price went up from $328.25 to $347.50. The hourly price chart shows that the price went up to $353.65 this Monday before the bears kicked in and dropped the price down to $341.50. After that, the bulls came back and pulled the price up to $343.15.
At the time of writing, Litecoin is trading up over 6% at its current price of $99.3, which is up significantly from its daily lows of $92.
Over a one week period, the crypto has been able to climb from lows of below $90, but is down slightly from its highs of nearly $105 that were set earlier today.
Although this price surge did coincide closely with the halving, which was successfully conducted earlier this morning, it also aligned perfectly with Bitcoins price surge thats sent BTC from lows of $10,700 to highs of nearly $12,000.
Binance coin (BNB) price climbed above the $28.00 resistance, but it failed to continue above $28.25. As a result, there was a break below $28.00 and it seems like BNB price is currently consolidating above the $27.20 support. If there is an upside break above $28.00, the price could climb towards $28.25 or $28.50. Conversely, a break below $27.20 might call for $26.40.
EOS has bounced off the uptrend line, which is a positive sign. If the price sustains above the 20-day EMA, it will move up to $4.8719. A breakout and close (UTC time frame) of this level will complete an ascending triangle pattern. Though the 50-day SMA is just above it, we expect it to be crossed. The target objective is $6.4438 and above it $7.60.
Paolo Ardoino, a technical director of Tether company and a cryptocurrency exchange Bitfinex, announced recently that USDT tokens would be partially transferred from Omni protocol to ERC-20.
@Tether_to is working with an exchange to perform a swap from Omni to ERC20 of part of its USDT cold wallet, he wrote in his Twitter account.
In the next tweet, Ardoino pointed out to one of such transactions in whale alerts that involved over 100 million USDT. He also explained a series of whale alerts by the transition.
With the recent historic Quasar protocol upgrade, which saw Bitcoin SVs (BSV) maximum block size increased to 2GB, Operation Data Blast immediately proved that the upgrade was successful, creating world record block sizes from transactions full of content data. Just recently, Chinese BSV supporter Aaron Zhou wanted to test the blockchains ability to handle as many transactions as possible.
As he reveals in his blog post, Bitcoin SV main network stress test report @ 2019-08-03, Zhou felt a stress test for a massive amount of transactions was necessary. During the test, which lasted for more than two hours, he broadcast more than 2 million transactions, creating a blocks of 808,000 transactions with a size of 210MB and another of 702,000 transactions, with size 183MB. All told, this resulted in transaction fees of over 2 BSV for each of the mentioned block.
Monero (XMR) has risen to the tenth spot in terms of market capitalization, hence, it has been included in todays analysis. The correction stalled just above the 61.8% Fibonacci retracement level of the recent rally. The bulls have resumed the up-move and pushed the price back above both moving averages, which is a positive sign.
For your daily top cryptocurrency news and price updates, be sure to check in daily at 14:00.
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