Bitcoin and Ether Market Update: September 12, 2019
Total crypto market cap lost $7.3 billion to its value since Monday, September 9, and now stands at $259.4 billion. Top ten coins are mostly in red for the last 24 hours with Binance Coin (BNB) and Bitcoin SV (BSV) being the worst performers with 5 and 3.7 percent of losses respectively. At the time of writing bitcoin (BTC) is trading at $10,080 on the Bitstamp daily chart, while ether (ETH) moved down to $177 and Ripple’s XRP dropped to $0.252.
After peaking at $10,952 on September 6, bitcoin was pushed back down to the mid-$10k levels two days later. It closed the seven-day period at $10,400 on Sunday, September 8 with 5.6 percent of increase for the period.
The BTC/USD pair opened the new trading week with a volatile session during which we saw it moving in the $10,600-$10,200 range. It closed the day on Monday, September 9, at $10,297.
On Tuesday, September 10, it moved even lower losing 2.4 percent of its value by closing at $10,070. The coin was now once again close to the last five-figure support.
The $10,000 level was not quite stable during the past few weeks, still bulls were hoping to hold it for a longer period this time in order to consolidate.
The mid-week session on September 11 brought some stability as the most popular cryptocurrency erased some part of the loses from the previous session and climbed to $10,158.
It is trading at $10,062 in the early hours of September 12.
Swiss Financial Market Supervisory Authority FINMA issued a supplement to its ICO guidelines focused on the digital asset stable coins. The government body will continue taking into consideration the economic function and the purpose of a token when deciding what kind of approach to take for a particular digital stable coin, and additionally it will analyze the stability of the backing asset when applying regulations.
The market supervisory authority also confirmed they were contacted by the Libra Association with questions in regards to the future classification of the upcoming Libra stablecoin.
FINMA already published its regulatory framework for initial coin offerings (ICO) in 2018.
The Ethereum Project token ETH was fighting to go back into the $190-$180 zone since the beginning of the month. It peaked at $184 during intraday on Sunday, September 8 and closed at $182 with 4 percent of increase for the week.
On Monday, September 9, the ether was trading in the wide $187-$176 range, reaching new monthly high. Bulls were not able to hold their gains, however, and closed at $180.
We saw the exact same pattern repeating the next two sessions as the ETH/USD pair formed two more red candles on the daily chart and dropped first to $179 on Tuesday, September 10 and then to $178 on September 11.
The first three days of the week were quite volatile, still the tight closing levels were suggesting that neither bulls nor bears were able to take over control and establish a valuable trend.
The ETH is trading at $176 in the early hours of Thursday, September 12.