Bitcoin and Ether Market Update: December 19, 2019
Total crypto market cap lost $2.3 billion of its value since the morning of Monday, December 16 and now stands at $190.7 billion. Top ten coins are all in green for the last 24 hours with EOS (EOS) and Bitcoin (BTC) being the best performers with 9.4 and 7.3 percent of increase respectively. At the time of writing bitcoin (BTC) is trading at $7,163 on the Bitstamp daily chart, while ether (ETH) stands at $128 and Ripple’s XRP dropped to the levels around $0.188.
Bitcoin coin hit the $7,000 support on Saturday, December 14 for the first time since November 27, but managed to keep above this important support level.
It successfully rebounded from the above-mentioned level on Sunday and closed the week in green, at $7,113. Still, it was 5.5 down on a weekly basis.
The most popular cryptocurrency opened the new trading period with a huge drop on Monday. It fell as low as $6,878 losing 3.3 percent of its value.
On Tuesday, December 17, the BTC-USD pair continued to slide and moved South to $6,600. It erased another 4.1 percent and reached territories not seen since May 2019.
The mid-week session on Wednesday brought some relive to bulls as the coin managed to recover to $6,884 midday and then moved above the mid-term downtrend channel and closed at $7,292 in the evening, adding 9.3 percent.
The European Central Bank (ECB) has reportedly established a new proof of concept (PoC) for a central bank digital currency.
According to the newly published “Exploring Anonymity in central bank digital currencies” paper, the European System of Central Banks (ESCB) is using the model to explore the possibility of having anonymous transactions with digital currencies without breaking privacy laws and ensuring that money transfers are subject to anti-money laundering checks.
The PoC has been developed by the ECB’s EUROchain research network in collaboration with Accenture and R3 and using distributed ledger technology (DLT).
The Ethereum Project token ETH closed the week at $142 after moving in the $144 -$139 range during the session on Sunday, December 15. It was 5.9 percent down for the seven-day period.
Bulls were unable to break above the downtrend line which resulted in further losses. The leading altcoin fell off a cliff on Monday and lost 7 percent to close at $132.
Naturally, the next solid support level was $130. Bears, however, had different plans. On Tuesday, December 17, they pushed the price down to $121 or 8 percent lower compared to the previous session. The last time we saw the ether trading this low was in February 2019.
The trading day on Wednesday was somehow more positive for the whole crypto community as the major coins managed to regain some of their positions.
The ETH/USD pair moved up to $133, but not before touching $116 during intraday. It was 10 percent up on a daily basis.