- Bitcoin hit a new all-time high of around $61,096 but lost ground toward $50,000.
- India is proposing a complete ban on cryptocurrencies that prohibits even holding the assets.
- Ethereum is seeking support at the 200 SMA to avoid losses toward $1,360.
- Ripple’s former CTO, Jed McCaleb, sells 150 million XRP as overhead pressure intensifies.
Cryptocurrencies across the market have lost some of the gains accrued over the weekend following news regarding India ‘calibrating’ its position on the proposed bill to ban cryptocurrencies in the vast nation. The new report hints at a total ban on trading, owning, and mining digital assets.
Bitcoin rallied above $60,000 and traded a new all-time high at $61,096; however, it has been forced to revisit downstream levels toward $55,000. The instability in the market is not leaving any stoned unturned because other assets such as Ethereum, Ripple, Binance Coin, and Cardano are in the red.
Bitcoin loses over $5,000 in less than 24 hours
Bitcoin has lost a significant amount of its value following the spike to a new all-time high. The volatility has been connected to India’s impending ban on cryptocurrencies. The country has a large population that depends on the trading and mining of digital assets. News on the ban likely to cut their income is bound to lead to panic and market volatility.
Bitcoin is trading at $55,600 at the time of writing. The ongoing losses are likely to extend further, especially with 50 Simple Moving Average (SMA) support giving in. For now, the least resistance path is downwards, as indicated by the Relative Strength Index. Support is highlighted at the 100 SMA near $50,000, whereby buying orders are likely to surge as investors take advantage of the low prices.
BTC/USD 4-hour
Ethereum eyes downswing to $1,360
Ethereum is in the middle of a correction after slicing through the rising wedge pattern support. Immediate support at the 200 SMA helps to keep the bears in check. However, the wedge has a downward target of $1,360.
The Moving Average Convergence Divergence (MACD) has confirmed the bearish picture. If the situation remains unchanged, Ether will continue with the breakdown under the 200 SMA.
ETH/USD 4-hour chart
Note that action above $1,800 would see ETH abandon the bearish outlook in favor of a bullish upswing toward $2,000. Bulls must focus on overcoming the hurdle at the 50 SMA on the 4-hour chart.
Ripple bleeds as former CTO dumps 150 million XRP
The former Chief Technology Officer at Ripple, Jed McCaleb, is still offloading his XRP stash I to the market. The latest report shows that McCaleb sold 150 million XRP from “tacostand,” his known wallet. The wallet has roughly $450 million XRP that he may continue selling for the rest of 2021.
At the time of writing, XRP is doddering at $0.44 amid a recovery from the intraday low of $0.41. On the upside, XRP will face acute selling pressure at the 100 SMA and the descending trendline. The MACD shows that the trend is likely to flip bullish, allowing buyers to focus on $0.5.
XRP/USD 4-hour chart
Ripple will remain in the woods as long as it is stuck under $0.5. The hurdle at this point hinders bulls from looking toward higher levels such as $0.65 and $0.75. Therefore, price action above $0.5 could jumpstart the uptrend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.