Cryptocurrency Market News: Ethereum slides below $400 again but manages to recover

Here is what you need to know on Saturday 22 August

BTC/USD is trading at $11,650 and it’s struggling to climb back above the crucial resistance level at $12,000.

ETH/USD has dropped below $400 although it did recover briefly. The daily uptrend is still intact.

XRP/USD is changing hands at $0.28 while the selling pressure continues mounting.

OMG Network is up again today after another price explosion at $7 and touching even $10. ZRX and REP are both up 30% in the past 24 hours.

Chart of the day: OMG/USDT daily chart

Market

Ethereum has slipped below $400 again but bears are not seeing a lot of continuation. Bitcoin hasn’t moved much today although it is down from the high of the day at $11,870. Other altcoins have seen significant downwards pressure, something not unusual when major cryptos are going down.

According to a recent report, around $50 billion in crypto was transferred outside of China in 2019. According to Chainalysis, around $18 billion was in Tether alone stating:

Stablecoins like Tether are particularly useful for capital flight, as their USD-pegged value means users selling off large amounts in exchange for their fiat currency of choice can rest assured that it’s unlikely to lose its value as they seek a buyer.

Industry

Infamous John McAfee, had some sort of breakdown and stated that he will no longer support Ghost, his new privacy coin. In a series of tweets, McAfee explained that he will be leaving the project because the management is incapable of making a success fo the project and that it will fail for sure.

Later on he also tweeted that Josh Case, a teammate of McAfee and founder of SwitchDEX, is simply not doing ‘what he has to’. However, his tweet was mistakenly directed to a random Josh Case on Twitter.

To be clear, I've got absolutely nothing to do with John McAfee or $GHOST and never will. (Shout to Queensland Health and/or AHPRA if you're reading).

Can 2020 get any weirder?
— Josh Case (@_JoshCase) August 21, 2020

Quote of the day

Any time a country transitioned to a fiat currency, they collapsed. That’s just world history; you don’t have to know about cryptocurrency to know that.

– Nipsey Hussle

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram