Cryptocurrency Market News: Ethereum slides below $380 as the market starts to lose its positive sentiment


Here is what you need to know on August 12, Wednesday

BTC/USD is currently trading at $11,407 losing around 4% in the last 24 hours from a peak of $11,935. Bulls are fighting to stay above the daily 12-EMA at $11,415, a crucial short-term support level.

ETH/USD dropped below $380 for the first time since August 7 but the bulls are still defending the daily 12-EMA. The daily uptrend is intact while the RSI is cooling off.

XRP/USD tried to crack $0.30 again before getting rejected and dropping to $0.284. 

Swipe is up 16% again as Binance acquisition continues helping the digital asset to reach new highs. Verge and Ocean Protocol are both up, OCEAN is by far one of the best-performing coins during 2020 and it’s now aiming to become a top 50 coin by market capitalization.

Chart of the day: XTZ/USD 4-hour chart

XTZUSD

Market

MicroStrategy Inc, a business intelligence software listed on NASDAQ, just bought $250 million worth of Bitcoins, around 21,454. According to the official report, the move came after Michael Saylor, the CEO, stated that he wanted to explore Bitcoin, gold or other alternative assets.

Those macro factors include, among other things, the economic and public health crisis precipitated by Covid-19, unprecedented government financial stimulus measures including quantitative easing adopted around the world, and global political and economic uncertainty,

The firm also stated that Bitcoin seems to have global acceptance and network dominance as well as technical utility. 

Industry

According to a recent report by BitPay, the platform is expanding its services with Coinbase and enable instant blockchain payments without any fees. 

Customers who have a Coinbase account are looking for a fast, secure and easy way to pay for goods and services with crypto globally now have additional options through BitPay enabled merchants, said Sean Rolland, Director of Product at BitPay. Integration between Coinbase and BitPay lets users pay directly from their Coinbase account, opening up new global businesses opportunities to accept and pay with crypto.

Quote of the day

Well, I think it is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin— People have made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off of volatility too.

– Richard Branson

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

ICON looks extremely bullish in the long-term as ICX price targets $3

A brief technical and on-chain analysis on ICON price. Here, FXStreet's analysts evaluate where ICX could be heading next as it looks ready to continue surging.

More Crypto News

BNB price marches toward $400 regardless of Binance legal woes

A brief technical and on-chain analysis on Binance Coin Inu price. Here, FXStreet's analysts evaluate where BNB could be heading next as it seems primed to advance further.

More Binance Coin News

Uniswap price has gathered the steam for UNI to advance to $30

A brief technical and on-chain analysis on Uniswap price. Here, FXStreet's analysts evaluate where UNI could be heading next as it seems bound to advance further.

More Uniswap News

These two DeFi tokens are primed to skyrocket

SushiSwap continues to trade in a horizontal channel. Aave emerging from an ascending triangle pattern, breaking the 200-day SMA resistance. 

More Crypto News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP