Daily crypto news alerts for 8th January, 2021
🗞Price Analysis: Bitcoin Cash (BCH) for 07/01/2021
Bitcoin Cash has recorded a bearish rejection and is likely to test its support at $414 on the next trading session.
Bitcoin Cash indicated a bearish divergence between price and momentum as it approached the $460 resistance level. Trading volume was low and the Stochastic RSI was also overbought.
BCH recorded a loss in the last trading season, so it is likely that BCH could see a move in support of $414 in the next few hours.
However, this action was only a reversal as the development of BCH was optimistic and further growth can be expected in the coming days.
🗞Cryptocurrency exchanges face problems amid bitcoin rally
The largest cryptocurrency exchanges have faced technical problems during the next Bitcoin rally.
Such sites as Coinbase, Binance, Kraken and Gemini turned out to be overloaded. The troubles began after the bitcoin price crossed the $40,000 mark.
The biggest problems were experienced by the Coinbase exchange. Clients of the exchange began to massively complain on social networks about the drop in site performance.
Some wrote in the comments that they could not access their account. Support representatives reported that users did encounter difficulties.
Binance CEO Changpeng Zhao also tweeted that his platform was also overloaded.
The administration of the Kraken exchange noted that technical difficulties could be observed for several hours, but at the moment the platform's performance is fully restored.
The decrease in productivity was also acknowledged by the management of the Gemini exchange. Her press office reported on social media that there are problems and is committed to fixing them as quickly as possible.
🗞Analysis of prices for Bitcoin, Ethereum, Ripple for 07/01/2021
Yesterday, the Bitcoin price broke through the level of 40,000.00 USD, and the market capitalization exceeded a trillion dollars.
Yesterday morning, the correction of the BTC price took place at low volumes, and was within the support of 36300.00 USD. In the afternoon, the bulls resumed the race and by the evening they broke through the level of 40,000.00 USD, setting a historical maximum around the 40400.00 USD mark.
Yesterday the capitalization of the cryptocurrency market for the first time exceeded one trillion dollars, while the Bitcoin market dominance index was over 70%.
By the end of the day, there was a strong bearish momentum, which forced the bitcoin price to test the morning support zone of 36,300.00 USD, but the pair was able to recover to the 40,000.00 USD mark quite quickly.
Despite the fact that the sales volumes decreased, sellers dominated the market tonight, pushing the price back to the hourly moving average, which stopped the decline at the turn of 36600.00 USD. Early in the morning, buyers tried to retrace the price but ran into resistance at 38800.00 USD and it looks like they will have to start all over again, starting from the average price level.
At the moment, trading volumes have significantly decreased, and it is not yet clear whether today the bulls will be able to return to the zone of the absolute maximum, continuing the race. Most likely, at the end of this week, the market will move to consolidation in a sideways range between the support of EMA55 and the border of 40,000.00 USD.
Yesterday morning, the Ethereum price held above 1150.00 USD, and during the day, buyers were able to come close to the level of 1300.00 USD, setting a new January high at 1291.00 USD.
In the high zone, sellers formed a bearish momentum, which knocked down the growing dynamics of the pair and pushed prices back to the hourly EMA55. Tonight, the bears managed to push through the average price level and set a local minimum at 1065.00 USD.
In the morning the pair is trying to recover, but the resistance of the hourly EMA55 does not allow buyers to gain a foothold above the average price level on small volumes. If during the day the trading volumes remain at a low level, then the pair will fight in a wide sideways range, which will narrow significantly by the end of the week.
Yesterday, in the first half of the day, buyers consolidated above the 0.280 USD level and continued to rise to the 0.400 USD level. However, before the end of the day, the XRP price was unable to test this target mark, setting the daily high at 0.372 USD.
In the evening, a wave of sell-off swept through the market, forcing the XRP/USD pair to test the initial support of 0.280 USD. The recovery took place quite quickly, but on decreasing volumes, and now the pair is consolidating in the resistance area of 0.310 USD. It is still impossible to break through higher.
We believe that the rest of the week the pair will be in the sideways channel of $0.280 - $0.310.
All prices are based on BitStamp data
🗞Finnish customs intends to sell bitcoins seized in 2016
The Finnish Customs Administration decided to put up 1981 bitcoin for sale.
According to local media reports, most of the bitcoin data was confiscated back in 2016. The assets were seized from one of the Finnish drug dealers.
At the time of the confiscation, the total cost of these coins was $860,000, but now it has reached $75 million. Customs officials intend to sell the cryptocurrency directly to the buyer or resort to brokers, one of the representatives of the customs service Pekka Pilkkanen said.
All funds received from the sale will be directed to the Finnish Ministry of Finance. It is worth noting that the Customs Department tried to sell the seized bitcoins back in 2018.
Nevertheless, then the authorities abandoned such a step due to fears that the coins could again fall into the hands of criminals.