Crypto Currency Brief: Bitcoin, Altcoins attempt minor recovery; Bittrex adds XRP/USD on trading platform; Charlie Lee launches Litecoin SMS Payments – Thursday, August 9th, 2018

Crypto Currency Brief: Bitcoin, Altcoins attempt minor recovery; Bittrex adds XRP/USD on trading platform; Charlie Lee launches Litecoin SMS Payments – Thursday, August 9th, 2018

Thursday, August 9, 2018 11:39 AM UTC

BTC/USD: Bitcoin prices started to recover during European session Thursday after falling to near 1-month low yesterday, albeit failing to cross the $6,500 mark. The downfall was marked by an announcement by the United States Securities and Exchange Commission (SEC) that it will delay the decision on whether to approve a Bitcoin Exchange Traded Fund (ETF), as was proposed by VanEck and SolidX. Also, a report from Coingape explains that experts feel Bitcoin does not need the support of an ETF to create new heights. At the time of writing, BTC/USD rose 0.80 percent to $6,331.00. Meanwhile, the near-term support is seen at $6,000.00 and resistance at $6,700.00.

ETH/USD: Following Bitcoin’s trend, Ethereum prices also started on a rebound, but hovering near yesterday’s lows. Investors shall take time to digest the huge round of pessimism created by the SEC’s ETF postponement decision yesterday. At the time of writing, ETH/USD traded nearly 1 percent up at $358.97, hitting day’s low of 355.10. Meanwhile, the near-term support is seen at $345.00 and resistance at $373.00.

XRP/USD: Reaching to this year’s low yesterday, the Ripple has also reacted sharply down to the SEC’s ETF setback after a major sell-off almost shook the digital currency market as investors panicked to withdraw their investments. However, it is almost halfway in correcting the previous losses, following news that Bittrex, a popular crypto trading platform has added XRP/USD, apart from other tokens, to its existing list of tradable instruments. At the time of writing, XRP/USD jumped 3.61 percent to $0.34415. Meanwhile, the near-term support is seen at $0.3000 and resistance at $0.3750.

BCH/USD: The Bitcoin Cash, also started to trade in green as bulls tried to make a comeback, after hitting April lows on Wednesday. Bitcoin ABC, a software for Bitcoin Cash nodes is almost ready to roll out a package of changes for the planned BCH hard fork scheduled in November; that includes an aim to control the network spams and reducing transaction costs to some extent. At the time of writing, BCH/USD gained 1.54 percent to $597.90. Meanwhile, the near-term support is seen at $567.00 and resistance at $610.00.

EOS/USD: The EOS barely moved up, in a forced push to correct its previous losses, after panic sell-off drove crypto investors crazy following the SEC’s announcment that its verdict on the VanEck-SolidX ETF will be delayed by 45 days. At the time of writing, EOS/USD traded 0.25 percent higher at $5.6040. Meanwhile, the near-term support is seen at $5.0000 and resistance at $6.0000.

LTC/USD: The Litecoin is also on the same path as its immediate counterpart, resting near Wednesday’s lows, when it dropped to levels last seen in November. However, the attempt seems nearly futile, as the LTC/USD pair is unable to break past the $70 hurdle. Litecoin Creator, Charlie Lee expressed his thoughts via Twitter, saying, “A bear market is the best time for people to work on adoption”. This came along with the Litecoin’s SMS Payments hitting live. At the time of writing, LTC/USD traded 0.48 percent higher at $62.45. Meanwhile, the near-term support is seen at $60.00 and resistance at $67.00.