Cryptocurrency brief: bitcoin surges over 10 pct in 24 hours following massive tether sell-off, Hong Kong SFC to introduce crypto regulations to protect investors – Monday, October 15th, 2018
Source: FxWire Pro - Commentary / 15 Oct 2018 13:06:02 Europe/London
BTC/USD: Bitcoin prices jumped across the board during late European session Monday, hitting a 2-1/2-month high, with market participants believing that a massive sell-off in Tether (USDT) has forced investors to buy alternatives like bitcoin, leading to a surge in prices. At the time of writing, BTC/USD jumped 9.50 percent to $6,937.90, marking a high of $7,788. Meanwhile, the near-term support is seen at $6,300.00 and resistance at $8,000.00.
Market Update: According to various media reports, BTC has witnessed a surge of over 10 percent over the past 24 hours, crossing the $7k mark, following sell-off in the USDT that sparked a panic shift to bitcoin, altcoins and stablecoins.
According to a report from CCN, Bitfinex has announced that launch of a new suite of reporting tools aimed at helping users gain greater control over their trades and give them useful insights into their activities on the platform.
ETH/USD: In line with strict competition to Bitcoin, Ethereum also sparked off a huge buying interest among the investors, surging over 13 percent during Monday’s afternoon trade; the day’s high was seen at $242.62 and low at $194.49. At the time of writing, ETH/USD jumped nearly 13.50 percent to 223.44. Meanwhile, the near-term support is seen at $200.00 and resistance at $246.00.
Market Update: According to a report from CoinTelegraph, Hong Kong’s Securities and Futures Commission (SFC) is planning to introduce crypto regulation to protect investors, the SFC chairman told Hong Kong English-language newspaper the South China Morning Post (SCMP) earlier today.
XRP/USD: After having witnessed a steep plunge late last week, Ripple prices are again on the rise today, keeping up the overall bullish sentiment in the digital currency market. Sell-off in Tether has spiked prices of its counterparts, with altcoins tracking movements of crypto king, Bitcoin. At the time of writing, XRP/USD climbed 16.58 percent to $0.47770. Meanwhile, the near-term support is seen at $0.4300 and resistance at $0.5500.
BCH/USD: Bitcoin Cash, too matched the footprints with its immediate peers, surging in the aftermath of the large sell-off seen on Thursday last week. At the time of writing, BCH/USD jumped nearly 9 percent to $483.60. Meanwhile, the near-term support is seen at $440.00 and resistance at $528.00.
EOS/USD: Nothing different, the EOS, also climbed on Monday, tracking its peers as investors engaged in a massive buying spree amid mixed news in the cryptocurrency market. At the time of writing, EOS/USD traded 10.50 percent higher at $5.7650. Meanwhile, the near-term support is seen at $5.17 and resistance at $6.28.
LTC/USD: Litecoin, also matched its peers, keeping up the green trading, continuing the widespread recovery across all cryptocurrency trading. At the time of writing, LTC/USD surged nearly 10 percent to trade at $57.797. Meanwhile, the near-term support is seen at $50.00 and resistance at $66.00.© FxWire Pro 2019. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.