Bitcoin and Ether Market Update: January 23, 2020
Total crypto market cap erased $1.6 billion of its value since Monday morning and now stands at $236.1 billion. Top ten coins are all in red for the last 24 hours with Bitcoin SV (BSV) and Binance Coin (BNB) loosing 12.4 and 5.4 percent respectively. At the time of writing bitcoin (BTC) is trading at $8,502 on the Bitstamp daily chart, while ether (ETH) stands at $162 and Ripple’s XRP hovers around $0.228.
Bitcoin lost 4 percent of its value in just 1 hour of trading on Sunday, January 19, but managed to recover partially in the evening after rebounding from the $8,500 support. It closed at $8,690, 6.3 percent up on a weekly basis.
The BTC/USD pair started trading on Monday by forming its second consecutive red candle on the daily chart. The coin dropped down to $8,624 and registered a small loss after bears once again tested the $8,500 line during intraday.
On Tuesday, January 21, the leading cryptocurrency climbed up to $8,719, completely erasing all losses from the previous session, still we lacked a general trend.
Trading volumes started decreasing since the beginning of the new week, which might be the cause of the ranging market for that period. The 24-hour volumes dropped from $40 billion during the weekend to $25-28 billion in the subsequent days.
The mid-week trading day on Wednesday found BTC moving down to $8,656, still without being able to find a direction.
The national banks of England, Sweden, Switzerland, Japan, and Canada are exploring the potential of digital currencies alongside the European Central Bank (ECB) and the Bank for International Settlements (BIS). According to the press release from January 21, the financial institutions will form a group to evaluate multiple use cases including cross-border interoperability, emerging technologies, and economy.
The Ethereum Project token ETH followed the general crypto market trend on Sunday, January 19 and corrected its price down to $166, erasing 4.5 percent of its value. The ether ended the 7-day period 13 percent higher. One of the most popular altcoins opened the new trading week by moving in the $169-$161 zone without registering any change in value compared to the previous session.
On Tuesday, January 21, the coin climbed up to $169 in its first green day since Saturday as bulls were looking for a proper consolidation before attempting an attack of the $180-$190 area.
Just like with bitcoin, trading volumes for ETH were going lower and lower since the weekend when they registered values near $16 billion. They fell by almost 50 percent to $8-$9 billion on Wednesday. The third day of the workweek came with yet another red session. The ETH token moved down to $167.7 and registered a small loss.