Crypto Today: Recovery mode intact, Ripple outperforms

Dhwani Mehta FXStreet

Bitcoin, the biggest and most traded cryptocurrency, extends rebound from multi-week lows of $ 9,231 into a third straight session, although remains confined within a tight trading range, with the upside capped by the $ 12000 mark.

The crypto market eroded $ 200 billion of its value earlier this week, as the cryptocurrencies crashed across the board amid mounting fears of the regulatory clampdown in China and South Korea. Bitcoin lost 50% of its value from the record peaks of near $ 20000 levels.

However, the bulls managed to fight back control over the last few trading sessions, as industry experts believe the regulations are good for the crypto markets in the long-run while adding that the virtual currencies are here to stay.

According to Spencer Bogart, a partner and head of research at Blockchain Capital, many of the smaller digital currencies seem overpriced these days, which is "not a sign of a discerning market," Bitcoin has demonstrated its ability to survive upheaval. "There's a legion of people out there right now that see this as a great buying opportunity."

Meanwhile, the further recovery appears restricted amid fresh headlines on the cryptocurrencies regulation from China and the US. The Chinese central bank (PBOC) has asked the Chinese payment institutions stop providing services for the trading of virtual currencies.

US SEC: Bitcoin funds raise 'investor protection issues' - RTRS

Bitcoin was trading up 1% around $11,183, with other cryptocurrencies also showing similar trading patterns. Ethereum is up +2.88%, Ripple rallies 15% while Bitcoin cash trades modestly flat on the day, according to the CoinMarketCap data. Meanwhile, the cryptocurrency market cap is on a steady rise, now at $ 568.65 billion versus $ 544 billion seen yesterday.

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.

EUR/USD looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.