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Bitcoin and Ether Market Update: March 6, 2019

The top ten cryptocurrencies are all in the green for the 24-hour period with Litecoin (LTC) leading the pack with 13 percent gains. The total market cap increased by $2 billion since March 4, 2019, and now stands at $131.7 billion. At the time of writing bitcoin (BTC) is trading at $3,920, while ether (ETH) hangs around $138.

BTC/USD

Bitcoin closed the trading session on March 3 with a $30 drop to $3,884 on the Bitfinex daily chart. The most popular cryptocurrency, however, managed to gain 1.4 percent in value for the seven-day period even with decreasing trading volumes.

The BTC/USD pair formed its third consecutive red candle on March 4 and lost 2.1 percent before closing at $3,800. Bulls were looking to defend their territory above the mentioned price level, hoping to target $4,000 later this month.

On March 5, bitcoin registered solid gains adding $150 to its value. It closed the day at $3,950 in its best day since February 23.

One of the biggest gainers since the beginning of the new year, Tron (TRX) announced on March 4 a new partnership with Tether, the company behind the controversial USD-pegged stablecoin USDT.

As per the official press release, the two companies will collaborate to issue a TRC20-based USDT, which will be compatible with TRON-based protocols and Decentralised Applications (dApps). Till this moment the “tether” has only been used on the Bitcoin blockchain, via the Omni Layer Protocol and Ethereum network, via an ERC20 collaboration with Ethfinex.

In the meantime, some of the biggest cryptocurrencies are under fire in Asia. The Securities and Exchange Commission of Thailand (SEC) has reportedly decided to prohibit the use of Ethereum Classic (ETC), Litecoin, and Bitcoin Cash (BCH) in ICO funding and also in base trading pairs for digital asset trading. This was announced by the local media Bangkok Post on March 1. The move, however, won’t impact crypto investors or businesses in the country as there are currently no authorized ICOs or digital exchanges using the above-mentioned crypto trading pairs.

In January, the SEC granted digital asset licenses to four companies looking to operate in Thailand.

BTC Price Movement Chart

ETH/USD

The Ethereum Project token found itself down by 1.5 percent for the week closing March 3 at $133.

Ether moved even lower on March 4 and opened the week with a drop to $128. Trading volumes were stable between $3.3 and $3.8 billion during the weekend and on Monday.

On March 5, one of the most popular altcoins followed the general trend and jumped to $140. The move represented a nine percent price increase.

The leading Swiss stock exchange, SIX Swiss Exchange launched a new Ethereum-based exchange-traded product (ETP). The new instrument, called Amun Ethereum (AETH), is backed by the local startup Amun AG and it’s the third crypto-related product offered on the platform, the other two being the Amun Bitcoin (ABTC) and Amun Crypto Basket Index. Which tracks the movement of bitcoin, ether, litecoin, Ripple’s XRP and bitcoin cash.

ETH Price Movement Chart

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