Bitcoin (BTC) +15% Driving Market Value of Cryptocurrencies Due North

Bitcoin (BTC) +15% Driving Market Value of Cryptocurrencies Due North

Bitcoin (BTC) +15% Driving Market Value of Cryptocurrencies Due North

$BTCUSD, $ETHUSD

Wednesday, all digital currency prices spike due North, with most major coins/token recording double-digital gainers.

BitcoinBTCUSD, the world’s #1 digital currency, was trading at $4,370.30, up 15% since Tuesday at 5:00p. ET on the Kraken exchange and on track for its best day in 4 months.

Currently, Bitcoin is trading at: 4,252.71,-10.81, or -0.2535%, as of 12:19a, GMT, the market is open.

After a rough November and a rougher year, Bitcoin found some support over the past 48 hours and is attempting to set a base around the $3,500-$4,000 mark, and may just have put in a Key reversal day, we will know if that happened in the next 5 trading sessions.

“It is worth paying attention to the market behavior near $3,500. This is an area that saw drastic increase back in September 2017, so technical analysis urges us to track the price dynamics near these levels,” wrote the digital coin markets analyst at FX Pro Insights.

Tuesday, the Securities and Exchange Commission (SEC) Chairman Jay Clayton said a Bitcoin-backed ETF (exchange-traded fund) would not be approved until nefarious behavior, including manipulation, is cleaned up in the underlying markets that trade cryptocurrencies.

“Those kinds of safeguards do not exist currently in all of the exchange venues where digital currencies trade,” Mr. Clayton said, speaking at the Consensus Invest conference in New York.

Altcoins and futures follow Bitcoins move North

Altcoins — the collection of cryptocurrencies other than Bitcoin moved higher with Bitcoin Wednesday.

  • Ether ETHUSD was up 14.8% at $124.76
  • Litecoin LTCUSD was up 15.8% at $35.37
  • XRP XRPUSD was up 10.9% at 40c
  • Bitcoin Cash BCHUSD was up 12.8% at $197.40.

The broad-based rally added $20-B to the market value of all cryptocurrencies, which was last at $142-B, according to data from CoinMarketCap.

Bitcoin futures also moved higher Wednesday

The Cboe Global Markets December contract XBTZ8 finished the session + 15.1% at $4,240, and the CME Group November contract BTCX8 closed +15.6% at $4,300

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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