Cryptocurrency market update: Bitcoin, Ethereum and Ripple recovery cut short ahead of the weekend
- Global stock markets shake as the US economy stares into recession.
- Bitcoin, Ethereum, and Ripple try and failed to sustain recovery.
The trade dispute between the United States and China effects have been felt mostly in the stock market. In fact, there have been talks of the US economy sliding in recession. While stocks bleed, gold has remained relatively stable.
According to a report by eToro, a United Kingdom-based multi-asset investment platform, retail investors are turning to gold and Bitcoin as hedging assets against the volatile global market. The platform has recorded an increase in both gold and Bitcoin positions. This data clearly indicates that the two assets are attracting investors who fear tougher financial times in the United States.
Bitcoin, Ethereum and Ripple price update
Bitcoin price stepped above $9,600 after a superficial recovery from an intraday low of $9,344.91. The buyers are fighting to hold on to the subtle 1% gains on the day, however, the sellers seem to be regaining control.
On the other hand, Ethereum is slugging below $170. Attempts to push the gains higher hit a snag at $170.49. Unfortunately, the prevailing trend is strongly bearish and likely to push Ether against the support at $164.
Ripple is the only in the red among the top three cryptocurrencies. The correction comes after a misfired attempt to break above the resistance at $0.26. The support at $0.24 remains vulnerable to losses as long as Ripple stays below $0.28 hurdle.
Read more: Retail investors seek refuge in Bitcoin and gold as US-China trade war worsens
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
