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Cryptocurrency brief: bitcoin plunges to 14-month low in major bloodbath, ethereum down to double digits, bitcoin cash sv overtakes bitcoin cash abc – Friday, December 07

Source FxWire Pro Friday, 7 Dec, 2018 12:03:47 GMT
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BTC/USD: Bitcoin prices continues to be in the bearish zone, plunging to a 14-month low during late European session Friday, with crypto markets crashing to their lowest this year today. According to a report from NewsBTC, over 12 percent of cryptocurrency has been dumped resulting in a USD15 billion plunge to below USD110 billion market capitalization, a new low for the year. At the time of writing, BTC/USD lost 2 percent to 3,461.20. Meanwhile, the near-term support is seen at $2,900.00 and resistance at $3,900.00.

Market Update: Major cryptocurrency exchange Coinbase has filed to get new trademark approval for "BUIDL" and has submitted the request to get an approval for the miss-spell word “Build” trademark as "BUIDL", CoinGape reported.

ETH/USD: In line with Bitcoin, Ethereum also immersed itself in the bloodbath, losing out proportionately higher than Bitcoin and plummeting to double-digits during Friday’s afternoon trading hours. On a weekly basis, Ethereum lost around 31.4 percent, while monthly losses have approached 60 percent; the day’s high was seen at 93.60 and low at 83.00. At the time of writing, ETH/USD slumped over 6 percent to 86.22. Meanwhile, the near-term support is seen at $75.00 and resistance at $105.00.

XRP/USD: Ripple, also remained in the red zone during Tuesday’s afternoon session, tracking a similar downfall in its wider peers, again owing to the massive previous sell-off that struck panic sentiment among the investors. At the time of writing, XRP/USD lost 2.50 percent to $0.30289. Meanwhile, the near-term support is seen at $0.2500 and resistance at $0.3500.

BCH/USD: Bitcoin Cash, remained mixed, with BCH/USD (ABC) tracking the footprints of its wider peers, while BCH/USD (SV) has actually flipped the momentum to trade higher. Not only that, the latter has also managed to outperform the former, twisting the whole hard fork that happened off late. At the time of writing, BCH/USD (ABC) slumped 3.35 percent to $102.456, while BCH/USD (SV) gained nearly 4 percent to 104.093; the near-term support for SV is seen at 93.00 and resistance at 113.00.

Market Update: According to a report from CryptoPotato, "After losing the contest for popularity, Craig Wright’s BSV and his team claimed they would build their brand without laying claims to Bitcoin Cash. This development helped to increase the credibility in the project and shot the coin to the 7th position in CMC global cryptocurrency ranking".

EOS/USD: Nothing different, the EOS, also showed up red signals amid investors’ confusion to find a proper direction in the digital currency market. However, the degree of loss was comparatively way higher than its peers. At the time of writing, EOS/USD plummeted 8.13 percent to $1.6990. Meanwhile, the near-term support is seen at $1.60 and resistance at $2.00.

LTC/USD: Litecoin, also matched its counterparts, falling, in line with the overall bearish momentum in the market. At the time of writing, LTC/USD remained over 4 percent lower to trade at $25.741. Meanwhile, the near-term support is seen at $16.00 and resistance at $30.00.

Source: FxWire Pro - Commentary
© FxWire Pro 2018. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.
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