Cryptocurrency Market News: Ethereum crashes below $400 hinting at a possible reversal

Here is what you need to know on Thursday 20, August

BTC/USD is trading around $11,690 after convincingly losing the crucial $12,000 support level.

ETH/USD is doing worse and has lost $400 and its daily 12-EMA. However, looking at the big picture, Ethereum is still ahead of most coins as it had an early breakout.

XRP/USD is the worst performing coin among the top three with a 6% dip today towards the daily 26-EMA and close to confirming a daily downtrend.

We don’t have many winners today as most of the market is in red. Curve DAO Token had a significant 20% pump followed by OMG Network which takes the 37th spot by market capitalization.

Chart of the day: ETH/USD daily chart


It was a red day for the market but nothing out of the ordinary as a pullback was expected, especially after such a massive bull rally. The market capitalization of the entire space has gone up by $100 billion from July 16 until this month. This impressive increase definitely needed a pullback which is not even the first one.

Back on August 2, the market fell from $361 billion mcap to $337 just one day later. Something similar happened on August 11 from $361 billion again to $346 billion. Again, this last drop is not bigger and doesn’t pose a threat for the bulls, it is in fact welcomed. 

Bitcoin lost $12,000 but bears are not seeing a notable continuation. On the other hand, Ethereum is seeing far more bearish action now after losing the $400 support level. 

Industry, one of the most popular crypto projects in the past few months has announced another partnership, this time with VeChain. Travala will support VET tokens as a payment option for travelers.

Huobi Global, one of the biggest crypto exchanges is finally launching its own crypto savings accounts, similar to the ones on Binance and others. 

We have a lot of users who want to keep their assets in one place and want to earn a good profit worry-free. We hear their demand loud [and] clear, we react to it fast

Quote of the day

Bitcoin seems to be a very promising idea. I like the idea of basing security on the assumption that the CPU power of honest participants outweighs that of the attacker. It is a very modern notion that exploits the power of the long tail. – Hal Finney

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