Bitcoin and Ether Market Update: November 21, 2019
Total crypto market cap lost $14.2 billion to its value since Monday, November 18 and now stands at $220.1 billion. Top ten coins are mostly flat for the last 24 hours with Binance Coin (BNB) losing 2.6 percent of its value. At the time of writing bitcoin (BTC) is trading at $8,095 on the Bitstamp daily chart, while ether (ETH) stands at $174 and Ripple’s XRP moved down to $0.25.
Bitcoin was trading in the $8,636-$8,376 area on Sunday, November 17 and closed with a small increase to $8,504. It was 6 percent down for the week.
The most popular cryptocurrency fell off a cliff on Monday, November 18 and started the new seven-day period with a drop to $8,172. It lost 3.9 percent of its value and almost broke below $8,000 during intraday.
The 50 percent Fibonacci level at $8,454 cracked under bear pressure and we were already eyeing the above-mentioned level as the next line of defense.
On Tuesday, November 19, the BTC/USD pair continued to slide and moved South to $8,119 after another attempt from sellers to push the price below $8k.
The mid-week session on Wednesday, November 20 proved to be no different and Bitcoin ended the day at $8,085 after moving mainly in the $8,239 -$8,035 zone.
The Bank of Japan (BoJ) is actively researching digital currencies although it has no plans to launch its own crypto stablecoin for the moment. The news was shared by governor Haruhiko Kuroda on Tuesday, November 19 who also added that there is still a lot of work to be done globally in terms of digital asset regulation and control.
Just a few weeks back, Japan’s neighbors from China announced their plans to develop a government-controlled stablecoin.
At the same time, The Monetary Authority of Singapore (MAS), which is the country’s financial regulator published a proposal to allow cryptocurrency derivatives and its trading on regulated platforms.
The official consultation paper was published on November 20 and comes in response to rising interest from both institutional investors and retail traders for a regulated digital asset product. The platforms will be working under regulatory oversight and in compliance with the Securities and Futures Act to minimize users’ exposure to unnecessary risk and fraudulent activities.
The Ethereum Project token ETH closed at $183.9 on Sunday, November 17 after two consecutive days of gains. Still, it was 2.9 percent down on a weekly basis.
The ETH/USD pair started trading on Monday, November 18 with a sudden drop to $177. The coin lost 3.2 percent and fell below the $180 support level for the first time since October 26.
On Tuesday, November 19 it moved even lower and closed the session at $175. Naturally, the next support downwards is situated somewhere in the $170-$165 area.
The third day of the workweek also brought a third consecutive red candle for ETH as it lost more ground and dropped further to $174.
It is moving in a green territory in the early hours of November 21.