Bitcoin loses nearly $300 on the day, continues to float above $7000

Bitcoin drops as the hard-fork gets canceled.
$8000 becomes the next critical resistance.

Eren Sengezer FXStreet

Following another record-setting rally on Wednesday, the BTC/USD pair lost its momentum on Thursday and lost nearly 4%, or $300, on the day. As of writing, the pair is trading at $7170 and looking to end the day lower for the second time this week.

Mike Belshe, the CEO and co-founder of bitcoin wallet software provider BitGo, sent out an e-mail explaining the recent decision to suspend the upcoming hard-fork, which has been fueling the cryptocurrency's rally since the start of the month. “Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x," Belshe noted.

Since the start of the week, the BTC/USD pair's price action had been extremely volatile with deep corrections following new all-time highs. For now, the $8000 level seems to have formed as the next threshold and a decisive break above this level is likely to trigger another sharp increase. On the downside, the correction could extend lower towards the $6000 handle if buyers stop defending the $7000 level.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD faces some resistance near 100-SMA on H4, around 1.1830 zone

The EUR/USD pair gains some follow-through positive traction for the second consecutive day and climbs to the 1.1830 region during the Asian session on Thursday. The US Dollar remains on the back foot amid concerns about the economic fallout from US President Donald Trump's erratic trade policies and acts as a tailwind for spot prices.

GBP/USD extends recovery to near 20-day EMA as US Dollar weakens

The Pound Sterling holds onto weekly gains around 1.3565 against the US Dollar during the Asian trading session on Thursday. The GBP/USD pair trades firmly as the US Dollar remains under pressure due to uncertainty surrounding the United States trade policy outlook.

Gold looks to build on strength beyond $5,200, eyes monthly peak amid safe-haven flows

Gold touches a fresh daily high heading into the European session on Thursday, with bulls looking to build on the momentum beyond the $5,200 mark. This marks the second straight day of a positive move and is supported by sustained safe-haven flows, bolstered by uncertainties surrounding US President Donald Trump's trade policies and US-Iran nuclear talks.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.