Bitcoin, Ether, and XRP Weekly Market Update March 14, 2019
The total crypto market cap remained flat for the seven-day period and still stands at $134.5. By the time of writing bitcoin (BTC) is trading at $3,950 while ether (ETH) stands at $134. XRP’s Ripple is at $0.32.
Bitcoin managed to climb up to $3,964 on the Bitfinex daily chart on March 7 but remained in the range-trading zone between $3,890-$3980 since February 25.
The BTC/USD pair made another price correction on March 8 and closed at $3,938 after breaking above $4,000 for a short period of time during the day. Buyers were able to push the price above the mentioned level on March 9 as the most popular cryptocurrency gained more than 2 percent of value and stopped at $4,018.
It made a slight correction in price on Sunday, March 10, but managed to hold the $4,000 line and successfully closed the 7-day period with a 2.4 percent increase.
Bitcoin started the new week with a red candle to $3,950, which represented a 1 percent loss. The pair once again entered the range-trading corridor between $3,890-$3980 in what many believe was an accumulation phase before an attack of the 2019 high at $4,211.
The most popular cryptocurrency moved to $3,955 in a highly volatile trading session on March 12.
On March 13, BTC was still not able to find its direction and closed at $3,45 with a small loss.
Six mining pools, five of which are based in China, hold approximately 75% of the Bitcoin network’s hashrate according to the Think Tank analysis team under Chinese media outlet Chain DD. As per the 2018-2019 Cryptocurrency Market Annual Report, these pools are BTC.com, Antpool, ViaBTC, F2Pool, and SlushPool.
All of them are located in mainland China with the exception of the last one, which is based in the Czech Republic. What’s more – BTC.com, Antpool, ViaBTC are directly related to the mining equipment producer Bitmain and have received investment from it.
North Korea is using blockchain technology to perform cyberattacks and accumulate funds, which are later used to circumvent economic sanctions. This was concluded by the United Nations Security Council’s North Korea sanctions committee in its annual report. Kim Jong-un’s rogue regimen has reportedly piled up more than $670 million in fiat and cryptocurrencies stolen by a special task force team of hackers – most probably the mysterious group known as Lazarus, which is also responsible for breaking into cryptocurrency exchanges Coincheck and Bithumb.
The U.K.-based fintech company Revolut now offers an “auto-exchange” feature on its platform. The company first introduced cryptocurrencies in December 2017 and is now looking to expand its service by offering users more trading options. The “auto-exchange” like the name suggests will automatically exchange your funds from fiat to crypto and vice-versa based on a previously set target rate. In case of a high volatility market, the exchange won’t be performed if rate moves more than 0.75% for fiat currencies or more than 5% for cryptocurrencies
After two consecutive days of gains, the Ethereum Project token moved South on March 7 losing some ground. Yet still it remained in the $140 area, well above the dangerous area around $130.
The ETH/USD pair dropped to $136 on March 8 in a highly volatile session, which saw a price jump between $143-$131.
The weekend of March 9-10 started with a 3 percent jump to $140 on Saturday as bulls compensated for the losses generated the previous day.
The ether dropped from $140 to $138 on Sunday, March 10 and ended the week 3.3 percent higher. At the beginning of the current week, it was trading mainly in the $133-$139 zone, but lost another 2 percent of its value on March 11 to stop at $135.
On March 12, the ethereum token formed a green candle on the daily chart and climbed to $136.5. On the next day, however, it once again erased gains and moved down to $134.
In a letter sent to CoinCenter on March 7, the chairman of the U.S. Securities and Exchanges Commission (SEC) Jay Clayton confirmed Ethereum and similar cryptocurrencies are not securities. As reported by BTCManager, in June 2018, the Director of Corporate Finance at the SEC, William Hinman shared his opinion that ETH cannot be treated as a security in its present form. A few months later, the non-profit research and advocacy center asked for confirmation if his analysis is in line with the SEC’s official stance. According to Clayton, a digital asset may be classified security at the beginning, but that may change over time if the asset is offered in a way that it will no longer meet that definition of such an instrument.
Ripple’s XRP token formed a red candle on the daily chart and closed trading session on March 7 at $0.32. It was the end of a two-day long winning streak for the XRP/USD pair.
The $0.32 line remained an important psychological level to hold; even still, bull traders were not able to defend it and the XRP lost 1.8 percent on March 8 to stop at $0.314.
It started the weekend of March 9-10 with a jump to $0.32 on Saturday after it was trading as high as $0.325 during the day session. XRP lost some ground on Sunday, however, and fell down to $0.319 after yet another attempt to break and hold above $0.32.
One of the most popular cryptocurrencies was flat for the 7-day period with trading volumes of $600 to $800 million.
The “ripple” dropped even more on Monday, March 11 and stopped at the Fibonacci 50% level at $0.316. Bear traders were keeping the pressure on the XRP price and pushed it down to $0.311 midday on March 12. Buyers took control later in the evening and regain their territory stopping at $.316.
In a highly volatile session on March 13, XRP price grew to $0.32 after peaking at $0.332 during the day.
In an official blog post from March 12 Binance crypto wallet, TrustWallet announced it had added XRP to the list of 16 cryptocurrencies it supports. Additionally, it enables in-app credit and debit card payments in collaboration with Israel-based payments processor Simplex, who already worked with the exchange on a similar solution.