Bitcoin Pulls Back From Key Technical Marks

Bitcoin Pulls Back From Key Technical Marks

Bitcoin Pulls Back From Key Technical Marks

$BTCUSD

Bitcoin drifted further away from the $12,000 mark on Tuesday, as a popular cryptocurrency exchange faced allegations of insider trading and mishandling the launch of a new asset on its platform.

Tuesday morning, bitcoin BTCUSD, -7.04%  slumped 4.5% to $10,918.35 after hitting a high of $11,432.98 on the day. The # 1 digital currency was well off a 2-week high of $11,660.24 seen Monday, as it faces Key resistance at the $12,000 mark.

Currently, Bitcoin is trading at: 10,752.687500, -483.267578, or -4.301073%, as of 9:54p GMT, the market is open.

Traders were assessing the news that Coinbase, a popular cryptocurrency exchange, has been slapped with 2 class-action lawsuits, 1 of the lawsuits accuses the exchange’s employees of unfairly profiting from a December listing of bitcoin cash.

Despite the rejection of $11,500, Bitcoin is still ranged within $9,000 – $12,000, and closer to the Top.

The overall Bull market is in the up-trend phase

In other news, Illinois is exploring the idea of accepting state tax payments in cryptocurrency. The bill was introduced by Rep. Michael Zalewski: “In addition to any other method of payment provided for by law, the Department shall accept payment for any tax imposed by the State and administered by the Department by cryptocurrency.”

Rep. Zalewski has not responded to a call on the issue.

Illinois follows Arizona and Georgia that have both submitted similar bills to recognize cryptocurrency as a legitimate form currency for state tax payments.

Elsewhere

Bitcoin cash was down 4.2% on Tuesday at $1,213.79, off a $4,000 high seen on 20 December 2017.

Ether was trading at $831.01, down 2.5%

Litecoin was down 4.5% at $201.95.

Ripple rose 7% + on speculation that it could be listing on Coinbase. Those gains faded after the exchange said it had no plans to add additional assets currently. Ripple moved down 2.4% to 93 cents on Tuesday.

Bitcoin futures markets opened in the red, with the Cboe Global Markets March contract XBTH8, -7.26%  off 5.4% to $10,940, while the CME Group Inc. March contract BTCH8, -7.66%  was down 5.5% at $10,980.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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