Cryptocurrency Analysis: Bitcoin, Litecoin, Ethereum, Dash, etc.

[FXOpen_broker]

Ether Teeters on Support


Ether is quoted at 0.06946 BTC right now, desperately trying to climb back above the 0.07 BTC figure. Two days ago a new multi-week low of 0.06734 BTC was hit but as you can see on the chart below we bounced back quickly from here. While the support is now technically broken, we can’t call for a downtrend yet. For that to happen we need to see a decisive breakdown of a level not just a quick and shallow break.





A break of 0.06734 BTC is now needed for a new downtrend. Weak support below here can be found at 0.06606 BTC followed by the former swing high at 0.05906 BTC. On the upper end, we need to see a break above 0.08015 BTC for a new rally. Higher up there’s resistance at 0.08542 BTC followed by the 0.08829 swing high. Higher still we have the 0.09 and 0.1 BTC round figures as potential resistance levels. A breakout above may open to door to this year’s high at 0.121 BTC. On the weekly charts ETH/BTC is also range-bound. The monthlies are still looking bullish.


Read about DSH/BTC on FXOpen blog

[FXOpen_broker]

Possible breakout for Bitcoin

Bitcoin finally ended the downtrend started back in May of this year. The crypto rallied by 4.5% yesterday. Today we’re gaining more ground with BTC/USD quoted at $6,712 right now. Bitcoin looks set to test the important resistance at $6,840 dollars per coin. A decisive breakout above here would start a new BTC rally.



Above here there’s weak resistance at the previous swing low of $7,046 dollars. Resistance higher up can be found at the $7,775 swing high. This is followed by more levels at $8,590 and 8,880 dollars. The $10,000 round figure is another notable resistance level. A breakout above here could lead to more gains.

On the lower end the first major support stands at the 2018 low of $5,766 dollars. A break below here would restart the downtrend. Further down we have strong support around the $5,000 round figure. Besides being a major round figure, $5,000 was also a notable 2017 swing high. It’s unlikely that this support will be broken on the first try. If the $5,000 mark breaks the losses could intensify.

On the longer-term charts there’s no change from our last week’s article. The weekly chart is still in a downtrend while the monthlies are holding onto the bullish bias.

Read also LTC/USD analysis on FXOpen blog

[FXOpen_broker]

Ether Enters Downtrend

We finally got a decisive break of support in ETH/BTC. Earlier the pair tried to start a new downtrend but was rebuffed twice as bulls rallied us back above the 0.07 BTC mark. Yesterday we got a sharp break below the previous low at 0.06734 BTC and unlike previous times we kept going. Today a new two-month low of 0.06232 BTC was hit. We are currently quoted just above here at 0.06181 BTC.



The trend on the daily charts is now down. To end it the bears will have to push us above the 0.07168 BTC swing high. A rally beyond 0.07292 BTC is needed to push us into bullish territory.

Below there’s weak support at yesterday’s low of 0.06232 BTC. Further down we have the former swing high at 0.05906 BTC. Lower still there’s the March low at 0.05240 BTC followed by the 0.05 round figure. This is a another possible area where the downtrend may stall or stop. On the longer-term charts the picture is little changed. We are still range-bound on the weeklies but bullish on the monthlies.

Real also DSH/BTC analysis on FXOpen blog

[FXOpen_broker]

Bitcoin Drops on ETF Rejection

Bitcoin prices dropped over 5 percent on the news. The reasons for the rejection echo earlier sentiment by regulators about ‘fraud and manipulation of bitcoin, particularly since this is done in a largely unregulated offshore market.’ The agency added that more than three-fourths of the volume in bitcoin occurs outside the United States, and that 95 percent of the volume occurred on non-U.S. exchanges.



On the technical side we are still in a bullish trend with the breakout above $6,840. Today’s news should worry the bulls as the rally was underpinned by speculation about possible ETF approval in August. With today’s decision and the reasons for the rejection being centered on the bitcoin markets as a whole and not this particular application, that ETF seems dead in the water as well.

However the bears will need a break below $6,646 dollars to end the current uptrend. A move below the $6,000 mark is needed to start a downtrend in prices. On the picture above you can see more potential support and resistance levels. On the weekly chart bitcoin is bearish. The monthly charts is holding onto the bullish bias.

Read also ETH/BTC analysis on FXOpen blog.

[FXOpen_broker]

Bitcoin Off Highs

Bitcoin traders took a while to digest the news about the ETF rejection but it appears that it’s finally starting to happen. As noted in our previous article this rejection is problematic because a large part of the rally was build on speculation about a possible ETF approval in August. But with the rejection reasons dealing with the bitcoin market itself and not a particular trading vehicle, that ETF now seems dead in the water too.



Technically BTC/USD is still in a bull market on the daily charts. To end it we need a breakdown below the $7,212 dollars swing low. A move below the $6,000 round figure is needed to trigger a new downtrend in prices.

In between these two levels there’s strong support in the $6,800 – $6,900 area. This was the breakout point for the current rally and this is also where we find several previous swing highs such as $6,840, $6,788, $6,821 and $6,806 dollars. Because resistance becomes support this area should at least slow down any decline. On the weekly charts bitcoin is in a downtrend. The monthly charts are still looking bullish.

Read also LTC/USD analysis on FXOpen blog.

[FXOpen_broker]

Ether Still in Downtrend

Ether continues the downtrend vs BTC. The altcoin traded as low as 0.054 BTC last Friday before recovering somewhat. We are currently quoted not far from the lows at 0.05561 BTC.



Technically ETH/BTC remains in a bearish trend on the daily charts. To end it the bulls need to stage a breakout above the 0.05845 BTC swing high. A break beyond 0.063 BTC is needed for a new rally. Below current prices we have support at the March low of 0.05240 BTC followed by the 0.05 round figure. This is a another possible area where the downtrend may stall. On the longer-term charts the picture is still the same. We are in a range on the weekly charts and slightly bullish on the monthlies.

Read also DSH/BTC analysis on FXOpen blog.

[FXOpen_broker]

Bitcoin Hits Monthly Lows

As noted above BTC/USD hit new lows for this month before stabilizing. We are trading at $6,440 at the moment, not far from the $6,488 dollars quoted last week.



In that article we said that the $5,700 to $6,000 area will provide some support. This is exactly where the current downmove decided to stall. A decisive clearing of this area should open the door to the $5,000 round figure. The latest bounce seems like a dead-cat. The lack of a fundamental driver coupled with the relatively small gains shouldn’t give much hope for an extended move.

The bulls need a breakout above the $7,155 swing high to end the downtrend. Other potential resistance levels that can be seen on the chart above are $6,622, $6,840 and $7,212 dollars per coin. A move beyond the two-month high at $8,486 dollars could start a new rally in prices. On the longer-term charts there’s no change since last week. The weekly chart is bearish while the monthly is still keeping a slight bullish bias.

Read also LTC/USD analysis on FXOpen blog.

[FXOpen_broker]

Ether Crashes 24 Percent

Ether crashed by 18 percent since our last update. Measured to the lows the decline was around 24 percent. The clearing of the 0.05 – 0.0524 BTC area acted as a catalyst to further losses. We are quoted at 0.04556 BTC right now, significantly below the 0.05542 BTC price recorded last week.



Ether is still in a downtrend versus bitcoin. The number to watch is the swing high at 0.05845 BTC. A decisive breakout above here would both end the downtrend and start a new rally in prices. Below this however we have the former strong support area at 0.05 – 0.0524 BTC. This area should now turn to resistance. Other resistance levels above 0.05845 BTC can be found at 0.063 BTC, 0.06734 BTC, 0.07168 BTC and 0.07292 BTC. A break above 0.07292 BTC may lead to more gains. The 0.06 and 0.07 BTC round figures may also act as weak resistance.

On the lower end there’s not as many visible support levels. This week’s low at 0.04205 BTC may as weak support. This is followed by the 2016 high at 0.0372 BTC, which wasn’t broken until the next year. The 0.03 BTC round figure may act as some support, followed by more support around the 16-month low at 0.0237 BTC per coin. During 2017 ETH/BTC had a large rally in the span of a few weeks, leaving us with no important former lows and highs that could act as potential support/resistance levels.

On the longer-term weekly charts ETH is now bearish. The monthlies are still clinging onto a bullish bias. But as we’ve said before, these charts take a very long time to turn.

Read also DSH/BTC analysis on FXOpen blog.

[FXOpen_broker]

Bitcoin Down Only 0.4 Percent

Bitcoin prices are only lower by 0.4% percent compared to our article last week. Still BTC/USD remains in a downtrend on the daily charts. To end it we need a breakout above $6,646 dollars. A breakout above $7,705 dollars is needed for a new rally. In-between these two important levels there’s potential resistance at $6,840, $7,155 and $7,212 dollars per coin.



On the lower end there’s strong support in the $5,700 to $6,000 dollars area. This is a quadruple bottom for BTC/USD, with the latest test bottoming out at $5,883 dollars last week. If the bears manage to clear out this area we could see quick losses toward the $5,000 round figure.

As you can probably guess by the lack of movement during the past seven days, on the longer-term charts there is no change. The weekly chart is still bearish while the monthly is keeping a slight bullish bias.

Read also LTC/USD analysis on FXOpen blog.

[OneChain]

IMO Ethereum is done. it keeps falling in relation to bitcoin which is quite negative. Maybe it will recover in next bull market...maybe...

[FXOpen_broker]

Bitcoin Enters Bullish Territory

Bitcoin is quoted at $7,373 dollars right now, up by $1,060 dollars compared to two weeks ago. Back then one coin was selling for $6,305 dollars. In percentage terms this is a gain of close to 17 percent. The gains seem to be mostly a technical affair, as there were no major positive news during the past few weeks.



The trend on the daily charts has now switched to bullish. A break below $6,570 dollars is needed to end it. A move beyond the $6,000 round figure could re-awaken the bear. More support on the way down can be seen at $7,155, $7,046, $6,864 and $6,800 dollars per coin. A move below $5,700 could easily lead to a test of the $5,000 price level.

Higher up there’s resistance in the $7,700 to $7,800 area, followed by the $8,000 round figure. The area around the top of the last rally at $8,468 dollars is another potential resistance. The weekly chart for BTC/USD is still bearish. The monthly chart barely held on to the bullish bias.

Read also LTC/USD analysis on FXOpen blog.

[FXOpen_broker]

Bitcoin Drops by 15 Percent

As noted above BTC/USD dropped by close to 15 percent in the span of 16 hours. The crash started around midday on September 5th from $7,381 dollars, a low of $6,294 dollars was hit in the morning on September 6th. From here we stabilized a bit but two days later a new low of $6,116 dollars was made. Some pinned the selling on news that Goldman Sachs will not open a crypto trading desk anytime soon. However this seems like too small of a catalyst for such a large market over-reaction. We are currently quoted at $6,298 dollars per coin.



As you can probably deduce from the picture above, no clear trend can be seen on the daily chart. A decisive break below the $6,000 round figure may change this and push us back in a bear market. Conservative traders may wait for a break of $5,700 dollars before jumping in. On the top end the bulls need a break of this month’s high at $7,409 dollars to re-start the rally.

The $5,700 to $6,000 area is a triple-bottom for BTC/USD. We got three bounces here in February, June and August of this year. A clearing of this area could quickly lead to a test of the $5,000 round figure. On the longer-term charts the picture hasn’t changed. Bitcoin is slightly bearish on the weeklies and slightly bullish on the monthlies.

Read also LTC/USD analysis on FXOpen blog.

[FXOpen_broker]

Ether Hits New 2018 Lows

On Wednesday ETH/BTC hit a new 2018 low at 0.02620 BTC. The represents a loss of 48% from the 0.05052 BTC price recorded only one month ago. In USD terms ETH hit a low of $167 dollars on September 12th before bouncing. We are currently quoted at 0.03138 BTC, around 20 percent off the lows.



While the downtrend is still in play on the daily charts, we already had some severe losses. Add to that the fact that the trend is now over 2 months old, it’s probably too late to jump in at this stage. Shorts should pay attention to the area around 0.03873 BTC. A breakout above here could finally end the bear. A new rally however requires a breakout above the 0.04171 BTC swing high. More resistance higher up can be found at the 0.04843 BTC swing high and the 0.05 round figure.

On the lower end there’s weak support at the most recent swing low of 0.02620 BTC, followed by the December 2017 lows at 0.02287 BTC. The 0.02 round figure could also act as temporary support. On the longer-term charts ETH/BTC is bearish on the weekly and range-bound on the monthly charts.

Read also DSH/BTC on FXOpen blog.

[FXOpen_broker]

Ether Little Changed

ETH/BTC hasn’t moved much this week. The trend on the daily chart is still down but caution should be exercised. We’re already over two months into this downtrend and in the last 36 days the pair dropped by close to 50 percent before stabilizing somewhat. This makes the risk/reward ratio unattractive for shorts at these levels.



If already in, bears should pay attention to the most recent swing high at 0.03448 BTC. A decisive breakout above here could finally end the downtrend in prices. A new rally however requires a breakout above the 0.04171 BTC swing high. More resistance higher up can be found at the 0.04843 BTC swing high and the 0.05 round figure.

On the lower end there’s weak support at the most recent swing low of 0.02620 BTC, followed by the December 2017 lows at 0.02287 BTC. The 0.02 round figure could also act as temporary support. On the longer-term charts ETH/BTC is bearish on the weekly but range-bound on the monthly charts.

Read also DSH/BTC analysis on FXOpen blog.

[FXOpen_broker]

Bitcoin Still Stuck in Range

As noted above bitcoin is still stuck in a range for 23 days now. The top of this range is at $6,825 dollars while the bottom is at $6,116 dollars.



On the chart above this range is clearly marked with a yellow rectangle. There will be no clear trend on the daily chart until we get a decisive breakout beyond the top or bottom. Similarly to the price action, things have been slow on the news front too.

Weak support below can be found at the $6,000 round figure followed by the last major swing low at $5,883 dollars. We have a much stronger level at this year’s low of $5,790 dollars.

The $5,700 to $6,000 area is a triple-bottom for BTC/USD. This year we already got three bounces here in February, June and August. A clearing of this area could stop-out a lot of people and thus quickly lead to a test of the $5,000 round figure. There’s no change in trends on the longer-term charts either. Bitcoin is slightly bearish on the weeklies and slightly bullish on the monthlies.

Read also LTC/USD analysis on FXOpen blog.

[FXOpen_broker]

Bitcoin Continues Range

Bitcoin prices continue to trade inside a relatively tight range. During the past week prices hit a high of $6,693 and a low of $6,419 dollars. This is a price difference of only $274 dollars or 4.2 percent. This is on the low side for the usually wild crypto market and especially compared to the volatility we had earlier in the year and during the entire last year.



It’s hard to say when this calmness will end but when it does big moves could happen, either up or down. It’s good to be prepared for every possibly and to not fight the market when the push comes. A decisive breakout above $6,825 dollars could start a new rally on the daily charts. Below $6,116 dollars the trend will shift to the downside. These are the two major inflection points we’re looking at right now.

Higher up there’s some resistance at around $7,409 dollars followed by the $8,000 round figure and the latest major swing high at $8,486 dollars. The $9,000 and especially the $10,000 round level could act as resistance to rising prices. On the lower end there’s weak support at the $6,000 round figure followed by the last major swing low at $5,883 dollars. This year’s low is at $5,790 dollars and is another notable support for BTC/USD.

The $5,700 to $6,000 area is a triple-bottom for bitcoin. This year we already got three bounces here in February, June and August. A clearing of this area could stopout a lot of traders and quickly lead to a test of the $5,000 round figure. As you can probably guess by the lack of movement, there’s no change in trends on the longer-term charts. Bitcoin is slightly bearish on the weeklies and slightly bullish on the monthlies.

Read also LTC/USD analysis on FXOpen blog.

[FXOpen_broker]

Ether on Life Support

Ether prices dropped by over 10 percent yesterday to hit a low of 0.02946 BTC at one point but quickly bounced from here. A decisive breakdown below this level could re-start the downtrend in ETH/BTC. On the lower end we have weak support at the most recent swing low of 0.02620 BTC, followed by the December 2017 lows at 0.02287 BTC. The 0.02 round figure could also act as temporary support.



To start a new rally the bulls need a breakout above the most recent swing high at 0.03617 BTC. Resistance higher up can be found in the 0.039 to 0.041 BTC area, followed by 0.04205 BTC and 0.04843 BTC. The round 0.05 milestone should also act as resistance to rising prices. On the longer-term charts ETH/BTC is bearish on the weekly but range-bound on the monthly charts.

Read also DSH/BTC analysis on FXOpen blog.

[FXOpen_broker]

LTC/USD

From Monday’s spike at $62 the price of Litecoin has retraced by 11.8% as its currently trading at $54.73.



Looking at the hourly chart we can see that the price action is now back on the descending channels resistance line, which now serves as a support. As you can see, the price action formed an ascending channel that breaks out from the descending one. But it results in a painful and slow upward move followed by a massive red candle bringing the price back inside the territory of the descending channel. It happened on Monday and happened two more times previously. I believe that this will happen this time as well and the price is heading down to the lower support zone line at $49.2 or even lower to the support zone lower line 2 at $44.62.

Zooming out on to the 4-hour chart you can clearly see where these significant horizontal levels originate from, and that zone was the main plateau from which the all-time high was made. It would be very significant to break it as it serves as a strong support and was well respected in the past. The price hasn’t gone below it since August last year.

Read also EOS/USD analysis onFXOpen blog.

[FXOpen_broker]

Bitcoin Still in Range

The price of bitcoin is still in a range on the daily chart. Compared to last week we’re down by only $88 dollars or 1.3 percent. Naturally this wasn’t enough to trigger a change in trend.



On FXOpen there was a sharp short-lived spike above $7,000, reaching a high of $7,335 dollars at one point. This was due to a mini bank-run on Bitfinex. As the price of Tether plummeted to 85 cents on the dollar, panicked traders bought bitcoin to get their money out of Bitfinex as soon as possible. The exchange recently lost another banking partner and users are reporting delayed or rejected fiat withdrawals.


Read more...

[FXOpen_broker]

BTC/USD

From last Tuesday, October 16th, the price of Bitcoin has decreased by 4.69% from the high at $6852 to the current levels of $6535.



Looking at the hourly chart, we can see that the price action has broken out off of the minor symmetrical triangle. It was formed after a bull flag, making it invalid and signaling that the price is likely heading down, which is what happened. After a breakout, the price fell to the next significant level it found in a lookout for support. It is on the prior higher degree symmetrical triangle inside a descending one from which the price broke out last Monday.

As you can see, the intersection between that level and the horizontal support level served as a temporary support. The price bounced off of it but as the peak was only to $6655 more downside was to be expected. Currently, the price has fallen again and is now interacting with the symmetrical triangle of a higher degree support. The price quickly dipped below it but jumped above it again leaving a wick on the hourly chart.

Read more on FXOpen blog.

[watson]

This article is worth reading. Did you know that there is BlueOcean.cc which is a company that offers financial advises for the current crypto market and if it is good for you to invest? Thanks for interesting information

[FXOpen_broker]

XRP/USD

Last Monday, October 15th, the price of Ripple started the week at $0.4 at the open and in five hours managed to spike up to $0.52404 which is an increase of 30.45%.



After a massive rise the price action has been stuck in a corrective range with the price currently being below the range median line at $0.475. It is heading downwards as the price was rejected by the level once again. Measured from the last Monday’s opening price to the current levels, XRP is up by 12.92% which is a good recovery after the prior drop to $0.378.

Read more on FXOpen blog.

[FXOpen_broker]

BTC/USD

Last week the price of Bitcoin has been hovering around $6556 levels before the price dropped. From last week’s high at $6624 the price decreased by 4.53% to its lowest point today at $6320.



Looking at the hourly chart you can see that the price is on the exact levels of the projection made on 24 October. WXY waves have been counted and as the price action formed a triangle, which points out consolidation, it has been projected that two more waves would appear, and as the wave Z ends on the triangle’s resistance line, a move to the downside would occur. The target for the end of the down move was the resistance level from the prior minor range from which the October 15th spike was made.

Horizontal support level at $6516 was broken and the price is heading for the resistance line of the descending triangle seen on the 4-hour chart below, which was pointed as a likely scenario in the last week’s analysis.


Read about #XRPUSD on FXOpen blog.

[FXOpen_broker]

Litecoin Back in Downtrend

Unlike BTC, the drop in Litecoin was enough to push the coin back in a downtrend. We are quoted at $49.33 dollars right now, down by 6.8 percent compared to last Wednesday.



Prices traded as low as $47.92 dollars on October 29th, nearly matching this year’s low at $47.03 dollars. A decisive breakdown below here could lead to extended losses for LTC/USD. Higher up the bulls need a break above the $54.24 swing high to end the bear market on the daily charts. Litecoin is also looking bearish on the weekly charts. The monthlies are not showing a clear trend as of yet.

Read more on FXOpen blog.

[FXOpen_broker]

LTC/USD

From last Monday high at $53.8 the price of Litecoin has decreased by about 9% at its recent lowest point at $48.87. Currently, the cryptocurrency is traded at $50.029, which almost a 2% recovery from the mentioned low as the price is in an upward trajectory.



On the hourly chart, we can see that the price went below the horizontal support level at $52.4 and a big red candle appeared indicating that selling was activated around that area. As the price dropped, it went below the next horizontal support level at $49.23 dipping two times below it and leaving two wicks that both reach out to $48. Currently, as the price has recovered with a big green candle, we are seeing a minor descending structure that is corrective in nature and will likely result in another increase from these levels.

Read more on FXOpen blog.

[FXOpen_broker]

BTC/USD

Since last Tuesday the price of Bitcoin has increased by 2.41%, coming from $6327 to the current level at $6484.5.



Looking at the daily chart we can see that the price of Bitcoin interacted with the horizontal support level at $ 6256 last Wednesday. That is why we have seen this increase over the course of the last week to the next horizontal level at $6516, which now serves as resistance. Yesterday’s candle was a red one indicating that the price might get rejected by the horizontal level, but as today’s candle is a green one with a wick interacting with the level, we are yet to see if the rejection gets validated or was it just a correction before a breakout.

After the increase to above $7600 ended as a spike, I was expecting the price to interact with the descending triangle’s resistance line to retest it for support before a breakout could be considered. But as the price retraced by 100% and is now in an upward trajectory, I believe that the interaction will never happen unless the price falls straight down from here. As the price pulled back by 100% from the spike on Monday, October 15, it is still unclear whether this could be viewed as a “fakeout” or not because the price hasn’t quickly dropped inside the territory of the descending triangle. But it definitely shouldn’t be viewed as a breakout considering that the price retraced back to the same levels from which the increase was made.

Read also XRP/USD analysis on FXOpen blog.

[FXOpen_broker]

Bitcoin Up but Momentum is Weak

The short-term momentum in BTC/USD is up but weak. The percentage gain yesterday was only 1.4%, far from convincing. To get a stronger rally we may need a breakout above the $6,850 figure. A move above here would take us into bull territory on the daily charts.



Below we’re looking at the $6,200 level as a potential bear trend starter. Weak support below can be found at $6,116 followed by the $6,000 round figure. We have a major level of support at the yearly low of $5,766 dollars. A clean break below here could lead to a quick retest of the $5,000 round figure. There’s no change in trend on the longer-term charts either. Here the weekly charts are slightly bearish while the monthlies show a slight bullish bias.

Read also Bitcoin analysis on FXOpen blog.

[FXOpen_broker]

LTC/USD

Since the last week’s analysis on 1th of November, the price of Litecoin has increased by 7.81% measured from the open at $49.88 to the levels the cryptocurrency is currently being traded at $53.83.



As you can see from the hourly chart above, the price went even further up to the $56.443 level, slightly below the significant horizontal resistance level at $57.344.

Read more about Litecoin and EOS on FXOpen blog.

[FXOpen_broker]

BTC/USD

Last Tuesday, November 6th, the price of Bitcoin was at the opening around $6470, and measuring to its current levels of $6438 the price has fallen by only 0.49%. The price hit its recent high the next day on November 7th reaching $6609 and spiking up to $6615 from where the price has been in a downtrend correcting, reaching the recent low at $6380, and spiking down to $6358.7 at its low. Measured from the recent high to the recent low, the price has pulled back by 3,44% but has recovered since its making up for the downfall and is now at 2,61%.



In our last week’s analysis, it was projected that “the 5 wave could get a bit higher to the marked zone ($6560-6580) but in both cases, I would be looking at more downside for Bitcoin in the upcoming period as after an impulsive 12345 a correction occurs according to the Elliott Wave Principle”.

Read more in FXOpen blog.

[FXOpen_broker]

Bitcoin Down as Tether Drops Again

As we can see on the chart below, the zig-zag movement in BTC/USD continues. After last week’s small rally this week we’re witnessing a selloff.

The divergence between tether and USD-based bitcoin exchanges continues. On Bitfinex one coin is selling for $6,476 dollars at the moment. On other exchanges like BitStamp and Coinbase bitcoin is trading at average of $6,277 dollars. This is due to the lower price of tether, a so called ‘stablecoin’ that is used as a substitute for USD on exchanges that have banking issues. Tether is trading at 97 cents right now, 3% below it’s ‘peg’.



Three days ago Bitfinex increased their fiat withdrawal fee to 3% for some customers. This quickly resulted in the market discounting the value of tether from around 99 cents down to 97 cents. The market is indicating that the banking problems for Bitfinex are not over yet. Last month when the latest tether drama started we wrote about tether and it’s influence on the crypto ecosystem. Let’s repeat some of what we wrote for newer readers.

Read more about Bitcoin on FXOpen blog.