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On Tuesday, August 13, most digital money prices fell in value between 2-5% while crypto trading volumes worldwide fell to $ 46 billion in the last 48 hours. Despite the board's downturns, bitcoin cash (BCH) continues steadily, up 2% today and now commands the fourth largest market valuation.
Also read: Twitter Crypto-Scammers Continues to Fly Under the Company's Radar
The Top Digital Money Markets
Most crypto markets today are in the red, as many popular digital assets have lost a few points over the last day. At the time of writing, the total market capitalization is about $ 286 billion. BTC prices are down more than 3% this Tuesday as each BTC trades for $ 10,984. BTC captures 68% of the $ 286 billion with a market valuation of $ 196 billion this week. The cryptocurrency is down 6.6% over the last seven days and has about $ 15.1 billion in global trading volume.
Behind BTC is ETH, which today fell more than 3% while each ETH traded $ 205. Ethereum markets have an estimated $ 22 billion total and there are approximately $ 5.6 billion in ETH trades worldwide. Ripple (XRP) was extremely boring, but fell from $ 0.32 to $ 0.29, losing 2% in the last 24 hours. Lastly, litecoin (LTC) saw the worst of the declines this week, losing more than 10.9%. Each LTC is traded for $ 84 per coin and markets are down 2.5% on August 13th.
Basics of Bitcoin Cash seem alcoholic
Bitcoin money (BCH) markets are leading the top 10 crypto pack as BCH has gained 2.17% in the last 24 hours. BCH is trading for $ 337 per currency and the market capitalization of cryptocurrency today is around $ 6 billion. There is $ 1.27 billion in global BCH trades and bitcoin cash currently holds the sixth largest trading volume. The highest pair traded with bitcoin money is tether (USDT), which accounts for about 48.7% of all BCH trades today.
This is followed by BTC (32%), USD (9.4%), ETH (6.4%) and KRW (2%). The exchanges exchanging the largest BCH include Coinbene, Huobi Pro, Huobi Korea, Huobi Japan and the EXX trading platform. Many traders have noticed that BCH has outperformed a lot of other digital assets this past week, spiking by more than 10% on Sunday. The well-known digital currency trader Don Alt explained that bitcoin cash may be seeing a price soon. On August 11, Don Alt tweeted:
[Bitcoin Cash] is one of the lists with the most potential out there right now. It looks as if it wants to pull a BTC as it runs soon. As long as it can close through resistance (0.035) I suspect BCH will return blue (0.075) which would be + 150% from here.
Goldman Charts Index Bally / USD Rally Al 14K $
A series of BTC / USD slides originating from Goldman Sachs suggests that the current BTC stock price could be a buying opportunity for investors. The slides were created for institutional clientele and implied that a BTC possibility could touch $ 13,971 per coin. "Any retracement of $ 12,916 – $ 13,971 should be regarded as an opportunity to purchase a weakness, provided it does not withdraw more than the low $ 9,084," one slip details. The Goldman Sachs analyst used Elliott Wave analysis, a tool that attempts to track market cycles and trends in wave patterns. However, critics of the Elliott Wave principle believe that the charts are too broad and inaccurate because it is very difficult to recognize the beginning and end of each wave.
SEC postpones Three Exchange Funds
The BTC / USD price skyrocketed after U.S. Securities and Exchange Commission (SEC) delayed the Vaneck Solidx Bitcoin Trust, Wilshire Phoenix and the Bitwise Bitcoin ETF Trust. Almost immediately after the announcement by the US regulator, BTC / USD prices dipped from a high of $ 11,560 to $ 11,350 on Monday. Reports reveal that the Wilshire Phoenix proposal decision may come on September 29, while the Vaneck Solidx Bitcoin Trust could be made by mid-October.
The regulator has delayed Bitcoin exchange-traded funds (ETFs) for years starting with the Bitcoin ETF supported by the Winklevoss twins. Speaking during the Bakkt Digital Asset Conference, Hester Peirce, an SEC commissioner told the crowd that regulators are tough on the crypto industry because regulators are the ones to blame when things go wrong. "It's very natural for regulators to be conservative because if we make a mistake, then people will blame us and I know if people lose money, they always blame the regulator," Peirce told the crowd.
Crypto Price Decline Could Last Much Longer
According to to the popular retailer Cryptowolf, if the current BTC / USD price follows historical data, the current correction could continue. BTC prices have failed to break the upper resistance over the $ 12K region over the last two weeks. Cryptowolf says the current fix will only take six and a half weeks if prices follow historical data. "One of the reasons why I'm not expecting a new high soon in bitcoin is the lack of time in this fix," the trader noted on Sunday. "History has shown that each reversal manifestation was then followed by a correction of 189 – 203 days before breaking its previous high – Currently only 45 days are correct." If the analyst's timing is correlated with previous prices, it has started beyond the $ 12K rejections. a month as BTC / USD stopped short before the $ 14K zone at the end of June.
Trade Wars, Bankruptcy Debt and Hyperflation Could Be a Systemic Risk to the Global Economy
Overall digital currency prices are still going up as the world's economic calamities continue to grow. Fears of a deep recession have begun to seem certain, as particular regions pose a systemic risk to the global economy. There is concern about an imminent Brexit between the US and the Eurozone as well as the possibility of Italy leaving the currency system.
Economists note that Hong Kong is not only suffering the US-China trade war, but the protests are also hampering the country's business. On August 12, the country's most popular airport suspended all flights as protesters brought the international travel position. The airport in Hong Kong is one of the busiest in the world with more than 1,100 daily flights. Reports detail that more than 700 protesters were arrested for "involvement in rioting" and an illegal assembly.
Meanwhile all eyes are on the German economy this week, where economists and data reveal a coming recession. Data expected this week will show how the country's economy performed during the first two quarters of the year 2019. Additionally, while the world has concentrated on the 10,000,000% inflation rate in Venezuela, people are now watching the economic chaos in Argentina. With all the global fears growing, larger gold prices hit monthly highs above $ 1,500 per ounce. Despite the 45-day long corrections, with the global economy in distress, cryptocurrency market prices remain strong.
Where do you see the cryptocurrency markets from here? Let us know what you think of this topic in the comments section below.
Disclaimer: Price items and marketing updates are for informational purposes only and should not be considered as business advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the last decision to do business is made by the reader. Always keep in mind that only those who own the private keys control the "money." Cryptocurrency and gold prices referred to in this article were recorded at 12 noon. EST on Tuesday, August 13, 2019.
Images via Shutterstock, Trading View, Markets Bitcoin.com, Getty, Goldprice.org, Wiki Commons, and Pixabay.
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