Bitcoin and Ether Market Update: July 18, 2019
The total crypto market cap lost another $25 billion of its value since Monday, July 15, and dropped down to $264.5 billion. The top ten coins are mostly in green for the last 24 hours with most of them registering double-digit gains. Bitcoin SV (BSV) and Litecoin (LTC) are the best performers with 15 and 13 percent increase respectively. At the time of writing bitcoin (BTC) is trading at $9,748 on the Bitstamp daily chart, while ether (ETH) stands at $215 and Ripple’s XRP dropped down to $0.312.
Bitcoin closed the previous week at $10,186 with a 9.6 percent decline and was already eyeing $10,000 and the levels below this mark.
The BTC/USD pair started the new seven-day period with some positive vibes as it moved up to $10,822 on Monday, July 15. Bulls were doing their best to defend the important support at $10k as a break below would mean a bear reversal and new crypto-winter at least in the mid-term.
On Tuesday, July 16, however, the most popular cryptocurrency formed another red candle and smashed through support levels to stop at $9,400. The move represented a 13.2 percent loss.
Wednesday, July 17, found buyers attempting yet another comeback by climbing to $9,713 and temporarily breaking above $10k during the intraday trading session.
David Marcus, head of Facebook’s crypto wallet Calibra testified in front of the United States Senate Banking Committee on July 16 and again on July 17, this time answering to questions raised by the US House of Representatives Financial Services Committee.
During the first session, Marcus was mainly attacked on the privacy and security vectors and had to discuss matters in regards to digital currencies regulations, and how the company will guarantee users data and funds safety in the light of its history of violating privacy policies.
The second hearing billed as “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System”, was even more focused on the Libra currency itself and how it will satisfy financial regulators once launched, without exposing the current system to a major risk.
The Ethereum Project token closed last week at $226 on Sunday, July 14 and registered 27 percent of losses for the seven-day period.
It opened the session on Monday, July 15 with a price increase to $228, but during the intraday bears were able to push price all the way down to $202 where it was rejected.
Still, the ether smashed through that level on July 16 when it erased 13 percent of its value and moved South to $198. Bulls are now hoping for $200 to turn into solid support in order to prevent further loses and freefall towards $150.
On Wednesday, July 17, the ETH/USD pair regained some of its territory and climbed back up to $211.