Cryptocurrency Market Update: Crypto sell-off returns as Bitcoin dives under $8,500


  • NEM spiked 20% higher on Wednesday, riding on partnership news with Travala.
  • A Bitcoin ETC is possible in the next 12-18 months if Grayscale submits a proposal.

The cryptocurrency market is back in the red, erasing the shallow gains posted on Wednesday. All the major digital assets are struggling with losses between 1% and 6%. The most affected cryptoassets are IOTA, Ethereum Classic and Bitcoin gold, having shed off 5.5.65, $5.74 and 4.66% in that order.

NEM surges massively after partnership news

Interestingly, NEM (XEM) is in the green after the price corrected higher 8% in the last 24 hours. NEM soared 20% on Wednesday following news that the network had struck a partnership with a popular online-based travel company. The partnership the Travala will see XEM used in hotel bookings alongside 20 other cryptocurrencies.

Bitcoin ETF Seems imminent in the next 12 months

The hopes of having the first Bitcoin exchange-traded fund (ETF) hit rocks in 2019. Most of the proposals sent to the Securities and Exchange Commission (SEC) were rejected. However, an analyst, Ryan Selkis says that “we'll finally see a Bitcoin ETF in the next 12-18 months.” Selkis believes that it is Grayscale that will receive the first go ahead. Developments in the past three months have placed Grayscale in SEC’s good books. The company is now officially allowed to report to its financial records to the regulator as well as be open to financial auditing.

Bitcoin price technical picture

Bitcoin is making a comeback below $8,500 (previous week support). Prior to the ongoing bearish activity, Bitcoin surged briefly above $8,600. Unfortunately, upward movement stalled short of $8,700. Also limiting price movement towards $9,000 is the descending trendline, forming part of the falling triangle.

As long as the support at $8,450 holds, Bitcoin still has the potential to correct in the direction of $9,000, especially if a break occurs above the triangle resistance. Bitcoin is also almost oversold, which signals that a reversal could be around the corner.

BTC/USD 1-hour chart

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

More Bitcoin News

Maker Price Analysis: MKR whales could be getting ready to dump again at $470

Maker has been one of the most affected coins after the last crypto crash, losing around 50% of its value in practically one month. MKR is currently ranked 37th with a market capitalization of $500 million.

More Cryptocurrencies News

Kyber Network Price Prediction: KNC could be on the verge of a 50% correction

Kyber Network was trading as high as $2.04 on August 14 but plummeted to $1.04 just 22 days later, a 48% loss that clearly shows bears are in full control in the short and mid-terms.

More Cryptocurrencies News

Aave Price Analysis: LEND bulls will have to fight for $0.65 to regain control

Aave's LEND is the 29th-largest digital asset with the current market capitalization of $751 million and an average daily trading volume of $167 million. The token is most actively traded on Binance. 

More Crypto News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast

BTC

ETH

XRP