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

Travala.com, 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