Cryptocurrency Market News: Ethereum slides below $400 again but manages to recover

Here is what you need to know on Saturday 22 August

BTC/USD is trading at $11,650 and it’s struggling to climb back above the crucial resistance level at $12,000.

ETH/USD has dropped below $400 although it did recover briefly. The daily uptrend is still intact.

XRP/USD is changing hands at $0.28 while the selling pressure continues mounting.

OMG Network is up again today after another price explosion at $7 and touching even $10. ZRX and REP are both up 30% in the past 24 hours.

Chart of the day: OMG/USDT daily chart

Market

Ethereum has slipped below $400 again but bears are not seeing a lot of continuation. Bitcoin hasn’t moved much today although it is down from the high of the day at $11,870. Other altcoins have seen significant downwards pressure, something not unusual when major cryptos are going down.

According to a recent report, around $50 billion in crypto was transferred outside of China in 2019. According to Chainalysis, around $18 billion was in Tether alone stating:

Stablecoins like Tether are particularly useful for capital flight, as their USD-pegged value means users selling off large amounts in exchange for their fiat currency of choice can rest assured that it’s unlikely to lose its value as they seek a buyer.

Industry

Infamous John McAfee, had some sort of breakdown and stated that he will no longer support Ghost, his new privacy coin. In a series of tweets, McAfee explained that he will be leaving the project because the management is incapable of making a success fo the project and that it will fail for sure.

Later on he also tweeted that Josh Case, a teammate of McAfee and founder of SwitchDEX, is simply not doing ‘what he has to’. However, his tweet was mistakenly directed to a random Josh Case on Twitter.

To be clear, I've got absolutely nothing to do with John McAfee or $GHOST and never will. (Shout to Queensland Health and/or AHPRA if you're reading).

Can 2020 get any weirder?
— Josh Case (@_JoshCase) August 21, 2020

Quote of the day

Any time a country transitioned to a fiat currency, they collapsed. That’s just world history; you don’t have to know about cryptocurrency to know that.

– Nipsey Hussle

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