Market Analysis

Market Update Sep.25: Is Optimism back?

from Crypto Potato 5 years ago 0 0 1364

A bug in the Bitcoin Core software shook the Bitcoin ecosystem and caused heated debate across the Web. Can we rely on the Bitcoin Core developers? What if the bug had been exploited? What prevents similar bugs in the future and how could this affect an economy that Bitcoin is part of? These are questions that the market will have to deal with in the near future. However, Bitcoin has maintained a relatively stable rate, another sign that the Bitcoin maximalism do not break so quickly.

Ripple, whose value has plummeted by tens of percentage since the beginning of the year, jumped 100% in a few hours until Bitcoin lowered the entire market and calmed the enthusiasm that had already begun to consolidate its status..

More in the alternative coins arena. This week Steem announced an additional hard fork to improve the platform and regulate the effect of whales, which led to an immediate increase in the rate.

Ethereum also continues to provide news, and this time Vitalik says the technology of ZK-SNARKS can help the platform’s scalability problem. Zcash rate continues its upward trend.

At the end of last week, $20 billion entered the Crypto market, raising its value to $218 billion.

Market value at the time of writing: $206 billion

Weekly change in market value: +6 billion

Bitcoin dominance: 53.6%

Market Report

The Bitcoin Hash Rate Continues to Increase despite the Bear Market. The low price of the cryptocurrency has not had an equivalent effect on the amount of computing power securing the blockchain.

SEC Delays VanEck ETF. As expected, the regulators announced that the proposed ETF by VanEck has not been approved and still needs public contribution.

U.S. Congressman to Lead Pro-Blockchain and Crypto Legislation. A set of rules and regulations for the emerging industry is a new objective for congressman, Tom Emmer.

$2.4 Trillion Asset Manager Fidelity planning to Launch Crypto Products before Year-end: Confirms CEO. CEO Abigail Johnson has confirmed the institution’s involvement with cryptocurrency.

The Bitcoin Cash and BU developer who discovered CVE-2018–17144 Shares Insights. After discovering one of the most significant Bitcoin bugs ever the developer describes the story behind it.

Bitmain Announces Next-generation ASIC Chip. The mining chip makers have released a new set of products that improve mining efficiency and profitability.

Charts

A relatively stable week and it seems that the downtrend continues. Each time there is a sharp downward correction there comes the jump that encounters 0.618 Fibonacci levels marked in the graph, a move that has been repeated since December. The price traded around $6374. The resistance at $7,000 seems to be extending support in this range at $6,100 a week ago.

Against the dollar, it seems that support has been found around $167 in this resistance range around $250 traded around $205 and being tested for support in this range. Around $200 we noticed that the volume has risen during this period around Ethereum. Is this support? Or demand?

Against Bitcoin, we seem to be trading around 0.032BTC support around 0.03BTC resistance at 0.037BTC. Is the support since December in these areas holding or would it seem to be a new floor?

Against the dollar support for the test around $430 USD with resistance at $500 and in this range it seems that support is weakening, but even the declines and fluctuations have moderated and traded around $432 in this range.

Against Bitcoin the situation is different, and it seems that the volume of trading rose this week and support around 0.067BTC held trading status not far from 0.068BTC and resistance in this range was at 0.075 BTC.

Against the dollar, the trend declined as most of the market traded around $0.86 trying to break through the resistance levels at $1 since August and failed to support that range at $0.8.

Against Bitcoin, it traded around 0.00013BTC resistance at 0.00016 BTC in this range we seem to have reached the floor since December support at 0.00012BTC.

Against the dollar, Ripple traded around $0.44 support in this range around $0.4 resistance at $0.6 seems to be around $0.25 floor held.

Against Bitcoin, it traded around 6990SAT support is being built in this resistance area at 9000 SAT since the last jump we saw last week.