Bitcoin weaker on Japan hacking news, Ethereum & Ripple rally

Dhwani Mehta FXStreet

After consolidating in a $ 2000 narrow range almost throughout the last week, Bitcoin, the world’s most renowned cryptocurrency, started a new week on the back foot, confined within the familiar range near $ 11,500 levels, as the reports of the Japanese crypto exchange hacking incident weigh down on the sentiment.

Moreover, the latest news that the Japanese regulators are now stepping up measures to conduct inspections on other cryptocurrency exchanges also added to the downbeat tone around the spot.

Despite the subdued trading activity, Bitcoin.com’s weekly trading analyst, Eric Wall, wrote in his most recent report: “I believe we are about to break out from an extended period of consolidation. I’m opening a medium-sized long position (saving some of my trading balance in case we do get a chance at ~$8k).”

Meanwhile, Ripple and Ethereum ditched its counterparts Bitcoin and Bitcoin Cash and enjoyed solid gains amid a lack of fresh catalysts. Ethereum gained 5% to $ 1222, Ripple rose 5.56% while NEM, the 10th-largest cryptocurrency with a market capitalization of $7.6 billion, dropped 7%, according to the CoinMarketCap data. Meanwhile, the cryptocurrency market cap advanced to $ 583 billion, with Bitcoin’s market cap testing the $ 200 billion figure.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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