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Market Update Report September.4

Another green week was marked in the crypto markets, although it was accompanied by a sense of manipulation. Manipulations by leverage of the Bitmax exchange stimulate discussion among traders who are feeling the manipulation attempts. These claims have been heard in the past and it is known that Bitcoin’s trading behavior is sometimes influenced by individual players as it is still a relatively small market and a small number of whales can perform significant manipulations on the exchange rate in the short term. In Reddit the traffic is raising around Bitcoin and perhaps it is a sign of a renewed awakening. In addition, we have also seen an entry of 100 million USDT to bitfinex, another hint at the possibility that high rates ahead. But, it should be taken cautiously and maybe we’re talking about another attempt of manipulation.

Meantime, in the alternative coins arena, we recognize the first signs of recovery, while in the background we saw very significant increases in some prominent coins and it can be said that another Alt season might begin soon. At the same time, one should not forget that in the Crypto space there is still a great deal of concern, and despite the sharp rises, we still do not see the enthusiasm in the market with the big hype still sitting in a downward trend.

Ethereum, one of the prominent Altcoins, loses strength in the trades, appearing to be still within the framework of the correction. On the other hand, the famous DOGE coin experienced a massive bull run, rose around 110% and woke up the Alt traders. It is also possible to say in passing that we noticed a pattern that with increases in DOGE, the rest of the market is affected. This may even prove to form the beginning of the Alt’s season.

The market dominance is 53% in favor of Bitcoin, with a total market capitalization of $235 billion.  Trading volume remained similar to around $10 billion in 24 hours.There is not too much change from last week.

A little tip before you get into FOMO:

Do not invest an amount you can not risk! The crypto market in the short term is very volatile and unpredictable. Remember that an investment is measured over time and there is no need to be moved by any rate change.

Cryptopotato Infographic Sept 4

Worldwide Crypto News

Institutional Investors Are Ready For Bitcoin. A new research from professional services firm, Deloitte revealed that many of its clients within the Technology and Media industries are set to invest in blockchain technology and bitcoin in the near future. This will mean more money to be pumped into the crypto space.

Crypto Market Cap may Hit $1 Trillion this Year Predicts Kraken CEO Jesse Powell. The major adoption of most cryptocurrencies by the public will lead up to the next bull run in the markets. By the end of the year, Jesse Powell of Kraken exchange, predicts a $1 trillion market cap for cryptos and it may come true.

Bitcoin Hashrate Going Insane with over 50% Jump, Experts say a New ATH Coming. A tremendous rise in the value of BTC hash rates had a corresponding outcome on the market prices of the top coin. The computing power of the Bitcoin network broke over 60 quintillion hashes per second in August and it may signal growing interest in the crypto industry.

Malaysian Investors Remain Bullish on Crypto’s Long-Term Potential. There is no reason to fear about the long-term future of cryptocurrencies according to statistics from Malaysia. Investors in the country have continued to grow while the number of buyers continues to outnumber sellers.

NASDAQ Ready to List & Trade Bitcoin, Ethereum & other Cryptos by 2019. Listing of cryptocurrencies on the American exchange could happen next year with sources revealing that a framework is already being put in place. A regulatory guidance and new coin exchange services may happen in Q1 and Q2 of 2019.

You Can Now Buy Fruits and Vegetables with Bitcoin in Kyiv. Through a decentralized payment protocol, Paytomat, bitcoin owners can now purchase fruits and vegetables at the Famous Bessarabian market in the heart of Ukraine’s capital. It may be in a test mode but it is a landmark moment for merchants in the city.

Eminem’s Latest Album Kamikaze Name-Checks Bitcoin. The famous rapper has mentioned bitcoin in a track on one of his latest albums. It is an important step towards mainstream bitcoin adoption with the rapper saying that “now everyone is doing bitcoin.” Bitcoin is definitely not a criminal activity since everyone’s doing it.

Yahoo Finance launches cryptocurrency trading features. Yahoo Finance, a popular and most visited website has taken us a step closer to cryptocurrency adoption. A partnership with API developer Trade It has made the trading possible and the feature is now available on the Yahoo Finance IOS app. Bitcoin Litecoin, Ethereum are listed now.

Charts

Bitcoin

A positive week is slowly rising with minor revisions to test the support. It traded around $7,324 with support being built up around $7,000 and resistance is at $7,600.

BTCUSD

Ethereum

Against the dollar, it seems that support holds at around $275. It traded around $288 with resistance at $300 in this range.

ETHUSD

Against Bitcoin, its approaching the support we saw in December and traded around 0.039 BTC. Support in this range is down more at 0.037 BTC with the resistance difficult to determine and further declines are looking around 0.045 BTC.

ETHBTC

Bitcoin Cash

Against the dollar there is a weak shuffling below the support levels which caused fear in the market in the areas of $470. In recent days, a slight jump has returned the rate to safer areas around $633 with support in this range at $600 and resistance at $650.

BCHUSD

In front of Bitcoin we saw a floor could be in this range at 0.077 BTC. With a bit of volume, nothing too extreme, would make the rate jump back to 0.09 BTC. This is also where the resistance in this range is currently trading around 0.086 BTC.

BCHBTC

Doge Coin

Stochastic trading against the dollar, there is simply no trade for such value. All trading is conducted against Bitcoin and alternative currencies.

In this daily chart from 2015, you can see the cyclicality of the ups and downs over time in a repeating currency.

DOGEBTC

Traded around 72 SAT with resistance in this range at 80 SAT and support at 58 SAT. The volatility started from the correction that began at 90 SAT.

Pivx

Against the dollar. Was this what the floor looked like? It seems that all the support attempts broke down and the graph was at an interesting point when we saw the floor of $0.80, a record of $16 was traded. At the time of writing this update it was around $1.2. Support in these areas also looked stable with last week the most stable week since the beginning of 2018. Have interesting figure traders calmed down or woke up?

PVXUSD

Against Bitcoin, similar to trading against the dollar, a slightly less extreme decline is still trading at rates higher than 2017. Regardless it underwent a correction, and it seems that here too trading calmed down with the rate around 0.00016 BTC which stood at 0.0002 BTC giving support at 0.00015 BTC.

PVXBTC

Cryptocurrency charts by TradingView.

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