It is Ether that has led the downward movement in cryptocurrencies so far today. The fall below 1900 added pressure on Bitcoin, despite Bitcoin faring better in relative terms. However, the major currency has now dropped below 32k. The potential for further downside was heightened yesterday and so it's not exactly a surprise to see it lower this morning. The minimum seen so far has been set at 31,655. Today's further drop highlights once again the potential for another test of the 30k level, while it cannot bounce back above 33,650 on a more sustained basis. The technical set up on the direction of the moving average also remains unfavorable. Bitcoin is currently trading at around 31,930.
The past week was high and low, with cryptocurrencies trading in various directions. Several crypto assets have undergone a correction after the previous upward movement. However, some altcoins managed to trade higher.
The news scene has had some ups and downs.
- The Chinese central bank has again put pressure on cryptocurrencies by declaring Bitcoin and stablecoin speculative instruments that could undermine the stability of the financial system.
- More negative news has come from the British division of Spanish bank Santander, which has decided to block payments to the cryptocurrency exchange Binance. Barclays had recently announced a similar decision.
- There has been some good news for cryptocurrencies, such as the Bank of America's changing attitude towards them. The bank created a group to study blockchain and cryptocurrencies, calling them one of the emerging and fastest growing sectors.
graphic from tredingview.com
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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
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