Bitcoin and Ether Market Update: August 08, 2019

The total capitalization of the crypto market has increased its value by $ 17.7 billion since Monday, August 5, to now stand at $ 308.9 billion. The top ten coins are largely unchanged over the past 24 hours, with Binance Coin (BNB) and Monero (XMR) being the top performers at 9.1 and 4.2 percent, respectively. At the time of writing, Bitcoin (BTC) is trading at $ 11,895 on the Bitstamp daily chart, while Ether (ETH) stands at $ 225 and Ripple’s XRP fell to $ 0.307.


Bitcoin regained its position above $ 11,000 on Sunday, August 4th, closing above that level for the first time since July 14th. He finished the week 21 percent higher compared to the previous seven-day period.

The BTC / USD pair opened the trading session on Monday 5th August with a solid green candle on the daily chart. The move to $ 11,840 resulted in a price increase of 7.6 percent.

The bulls had their eye on key levels around $ 12,000 and managed to push the coin all the way down to $ 12,340 on August 6th. Though they were harshly rejected at this level, allowing a dip to $ 11,450 in the end, the good performance of the most popular cryptocurrency over the past few days indicated that we may see the start of a new medium-term uptrend.

Additionally, most crypto experts agree that the escalating trade war between China and the United States, combined with the turmoil on the US stock exchanges and Federal Reserve rate cuts, could add extra fuel to the BTC engine.

On Wednesday August 7th, Bitcoin had another good session, rising to $ 12,000.

The US Federal Reserve (FED) announced on August 5th its plans to develop a real-time payment and settlement system around the clock. According to the official press release, the new service, which will be called FedNow, will “enable near-instant money transfer day and night, weekends and weekdays”.

Binance, one of the largest and most popular cryptocurrency exchanges in the world, denied recent rumors that it had suffered a Know Your Customer (KYC) data breach. Customer-related documents, photos and IDs appeared on Telegram earlier this week. According to the company and its founder, Changpeng Zhao (CZ), the data shared is inconsistent and most likely related to a data leak in 2018 when the KYC service was managed by a third party. The investigation is still ongoing as Binance’s security team tries to isolate the source of the problem.


The Ethereum Project token stayed relatively flat on the last day of the previous week, closing at $ 223, up 6.2 percent for the period.

The coin has been in a short-term uptrend since July 28, when it last visited the $ 200 support line. It has shown steady progress since then and finally managed to break above $ 230 on Monday 5th August. It increased in value by 4 percent, climbing to $ 232.

However, the ETH / USD bulls were unable to hold their positions and although the ether traded as high as USD 240 during the intraday session on August 6, it fell back to USD 225 by the end of the day.

On Wednesday, August 7th, we saw a volatile trading session with the Ethereum token trading in the $ 219-231 range, only to close flat at $ 225.

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