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Cryptocurrency brief: bitcoin suffers setback on increased regulations by U.S. authorities, ethereum hits 1-year low; bch/usd tests $400 Mark – Wednesday, September 12th, 2018

Source FxWire Pro Wednesday, 12 Sep, 2018 12:16:13 GMT
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BTC/USD: It is a bad day for the cryptocurrency market, with all coins suffering a setback during European session Wednesday as heated pessimism have crept in, with the United States’ financial regulators speeding up their actions on crypto firms. An array of law enforcements and hearings by the top officials have forced bitcoin prices to suffer below the $6,300 level. At the time of writing, BTC/USD fell 0.88 percent to $6,237.60. Meanwhile, the near-term support is seen at $5,850.00 and resistance at $6,500.00.

Market Update: According to a report from The Globe and Mail, the Financial Industry Regulatory Authority (FINRA) have accused Timothy Ayre, owner of Rocky Mountain Ayre, of being involved in a securities fraud after he sold and marketed the digital asset HempCoin. This was only first of the three separate actions unveiled on Tuesday by the Wall Street regulators.

A separate hearing from the U.S. Securities and Exchange Commission (SEC) noted that TokenLot and its owners Lenny Kugel and Eli Lewitt have agreed to bear $471,000 in disgorgement, in addition to interest to settle charges that they acted as an unregistered broker-dealer for the sale of digital tokens.

Lastly, the SEC also said that hedge fund Crypto Asset Management LP have bowed to pay a $200,000 penalty after it was found guilty in offering a fund it falsely claimed was regulated by the SEC when it was not.

ETH/USD: One of the worst performers of the day, Ethereum slumped to over 1-year low during Wednesday’s afternoon session, as the onus for the decline shifts to ICO projects, after they have dumped ETH that was raised during funding and cashing out of the markets. A report from NewsBTC also said that some analysts are predicting further losses in the coin, reportedly the second largest in terms of market capitalization, as ICO have only cashed in 5 percent of their ETH holdings as of now. At the time of writing, ETH/USD plunged nearly 8 percent to $170.97; the day’s low was seen at 167.32. Meanwhile, the near-term support is seen at $155.00 and resistance at $200.00.

XRP/USD: Ripple also suffered, tracking bearish sentiments across the crypto globe as a high range of volatility and stricter regulations have forced investors to dump this highly risky asset. Panic sell-off continues to dominate the digital asset market and Ripple remains responsive to the Fear, Uncertainty and Doubt (FUD) despite positive developments related to the Ripple company and XRP. At the time of writing, XRP/USD lost 3.15 percent to $0.25501. Meanwhile, the near-term support is seen at $0.2200 and resistance at $0.3000.

Market Update: According to a report from FxStreet, Ripple Labs and R3 Consortium were engaged in a year-long fight, which reached an out-of-the-court solution and the press release dated September 10 reads, "R3 Hold Co LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce that they have reached a settlement of all outstanding litigation between the parties. The terms of the agreement will remain confidential and both sides look forward to putting these disputes behind them".

BCH/USD: Bitcoin Cash, followed the footprints of its wider peers, also plunging to fresh 2018 low on Wednesday, testing the $400 mark in a highly volatile and bearish scenario that swiped off all altcoins, sparked by increased regulations by Wall Street authorities. At the time of writing, BCH/USD plummeted 6.53 percent to $411.20. Meanwhile, the near-term support is seen at $363.00 and resistance at $425.00.

EOS/USD: The EOS, headed for some deep losses during Wednesday’s afternoon session as pessimism has crept in the virtual currency market. At the time of writing, EOS/USD lost over 4 percent to $4.79. Meanwhile, the near-term support is seen at $4.40 and resistance at $5.15.

LTC/USD: Litecoin remained no different than other altcoins, facing a one-year low and tracking bears in the cryptocurrency market amid a panic sell-off that groped investors. At the time of writing, LTC/USD suffered 8.35 percent to $47.854. Meanwhile, the near-term support is seen at $35.00 and resistance at $54.00.

Source: FxWire Pro - Commentary
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