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

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