Bitcoin and Altcoins Weekly Price Analysis: Weak Recovery!

Bitcoin Price has fallen by $1000 within the last 24 hours. Ethereum and Litecoin shown some recovery whereas Bitcoin Cash dropped.

The weak recovery seen during the last month in Bitcoin has broken resistance and then collapsed. The reasons for this crash are still being enumerated – a large cryptocurrency whale with holdings since 2011 rumored to be worth $2 billion. Bitcoin is trading at $6,485 with a net gain of $166 or 2.63% during the last week.

Bitcoin Cash (BCH) has had a higher weekly drop of 6.87% of $33 approx.

Ethereum has been most in news with the “expert” analysis of its demise doing the rounds. Trading around $214 , it has managed to gain 5% approximately during the last week with $10. It took the lowest dip on September 12, 2018 to $172. This was by the beating taken after many floating views on the future of the token. However, it bounced back on September 13, 2018 with a recovery from 13 month lows, when the daily trading volume hit a 12 month high with a trading volume of 850,000 ETH in one day.

Ethereum Price Chart

Litecoin is another gainer trading at $56 with 4.61 % increase ending week of September 14, 2018.

Ethereum has undergone major falls during the past week with market’s plunge during the last nine months as being called worse than the dotcom bust in dollar value which has reduced the wealth of a number of cruptocurrecnies.

Major News this Week

Securities and Exchange Commission (SEC) brought down charges against two cryptocurrencies regarding a number of charges. One, Crypto Asset Management LP (CAM), was accused of misleading investors by calling itself regulated by the SEC and the second, TokenLot LLC, called itself an “ICO Superstore” and was working as an unregistered broker-dealer.

Canada saw the launch of its first ever registered bitcoin mutual fund. This is a positive outlook for the North American region and its adaption of the bitcoin. The fund has legal advantages of allowing investors to place funds under registered accounts such as a Tax Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP).

U.S based regulated exchange Gemini , released a stablecoin which is defined as a “Gemini Dollar” (GUSD) with “creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators”, as described by Gemini co-founder and president Tyler Winklevoss.

It is supposed to bring stability which tether denominated with fiat currencies could not bring owing to its opaque operations.