Bitcoin and Ether Market Update: February 8, 2019
Bitcoin lost 1.7 percent of its value on February 6 in an unexpected drop to $3,450. It managed to hold above the low end of the $3,600 to $3,450 trading corridor, but the move suggested the top cryptocurrency might see a return of volatility in the coming weeks. On February 7, the BTC/USD pair lost $13 and moved down to $3,437.
Markets are currently in a 12-week low when it comes to bitcoin volatility, Marketwatch reports. According to the financial media outlet, the 30-day bitcoin volatility index Buy Bitcoin Worldwide now stands at 2.41 percent, the lowest level since November 19, 2018.
In an interview for Bloomberg Fundstrat Global Advisors strategist Robert Sluymer said “the price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows” adding that Fundstrat’s main advance/decline indicator is at risk of breaking new lows. Fundstrat is a market strategy company co-founded by Tom Lee, who is known mainly for his extremely bullish bitcoin predictions.
The American crypto exchange announced on February 5 its Coinbase Wallet app now supports Bitcoin. The new feature will be included by default in the upcoming application update and will be rolled out to all users on iOS and Android. The Coinbase Wallet already offers support for ether, ethereum classic, and over 100,000 different ERC20 tokens and ERC721 collectibles built on Ethereum. Unlike Coinbase’s main application, where digital assets are stored by the company, the wallet offers customers a way to store cryptocurrencies and protect them with unique personal private keys.
On February 6, BTCManager reported that Coinbase had unlocked PayPal withdrawal services for European customers.
The global investment app Abra also introduced feeless ETF and stock investing features. The crypto-collateralized contracts (C3) system will allow users to invest in financial instruments and cryptocurrencies by using bitcoin and smart contracts as the underlying technology. According to the press release, “users in 155 countries will be able to invest in popular U.S. stocks and commodities like gold and even use bitcoin to make stock investments”. Additionally, Abra offers zero trading fees on its new equities offerings through the rest of 2019 for everyone that signs up for early access.
Ether lost 2.7 percent on February 6 and dropped to $106 after trading as low as $102 during the day. One of the most popular altcoins remains in the $114 to $105 zone, but the lack of fundamentals suggest further decline might be in sight. On February 7, the ETH/USD pair lost less than a dollar, staying above $105.
ETH bulls will be looking to defend $100 and initiate a short-term recovery towards $118 to $120 levels before $130
The Norwegian web browser company Opera announced their cryptocurrency buying feature. Scandinavian users will be able to purchase ETH and store it directly on their browser wallet thanks to the partnership with cryptocurrency brokerage firm Safello, which is registered with the Financial Supervisory Authority in Sweden. The first Web 3-ready Opera browser for Android was introduced in December 2018 with a built-in crypto wallet and decentralized apps (dApps) explorer. Now the company takes another step towards reaching wider crypto adoption.