Cryptocurrencies Extend Decline as Recovery Fades

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by | 13th June 2018 | 0 comments

The crypto bounce widely expected by market didn’t happen on Tuesday as major cryptocurrencies closed the day on the downside after giving up Monday’s gains. Bitcoin Cash was traded as low as 850, Ethereum at 485 and Bitcoin at 6,450, all three around 2-month lows.

Argo Blockchain will be the first crypto company on London stocks exchange

Subscription-based mining company Argo Blockchain has been approved by the London Stock Exchange to be listed as a regular company to be traded in the institution. Argo Blockchain goes public.

Argo expects to raise 20 million pounds in its IPO and to has a value of around 40 million pounds. “The firm chose London’s exchange considering the city’s role as a global hub for financial technology. A London stock market listing will provide Argo with the profile, credibility, and access to global capital to drive our growth and help us establish a leadership position in the long term,” co-founder and executive chair Jonathan Bixby said in a Business Insider note.

Argo will charge around 20 British pounds for raw computing power to subscribers to mine Bitcoin Gold, Zcash, Ethereum and Ethereum Classic remotely.

Wells Fargo bans cryptocurrency buys with credit cards

US bank Wells Fargo has banned customers from buying cryptocurrency using credit cards according to a press release published this week. The San Francisco based bank joins in this way preceding prohibitions made by Bank of America, Citigroup and JP Morgan Chase.

According to the statement, the bank “will continue to evaluate the issue as the market evolves.” The ban responds to a consistency “across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment.”

Another credit institutions that are on their way to ban crypto buys is Capital One Financial, with said it has decided to ban crypto purchases with its card. Discover already did it in 2015.

More women willing to invest in cryptos

The London Block Exchange found that the percentage of women investing in crypto assets has doubled in the past six months. The report shows that 13% of investors are now women, from 6% at the end of 2017.

Millennials are more willing to invest in cryptos, with women being more active among these ages. “There’s still a common misconception that cryptocurrency is a game for men, but we’ve seen hundreds of women sign up for our exchange in the last few months and some of the most inspiring and knowledgeable investors, leading the way in the industry are female,” said Agnes de Royere, senior business analyst at London Block Exchange.

Bitcoin tests 4-month lows at 6,450

Bitcoin didn’t even extend its recovery on Tuesday, it actually lost more ground, and it tested the 6,450 level, its lowest level since February. BTC/USD recovered some ground from lows, and it closed the day 5% down at 6,545.

Bitcoin is currently trading positive with a timid 0.30% gain at 6,565. If the pair manages to break below the 6,450, it will find next support at the 6,000 level with a focus on the critical 5,870 line. Below, only the 5,550.

To the upside, the pair needs to recover the 6,800 area before start believing in recoveries. A close above 6,900, will open the doors to the 7,200 and 7,300 levels.

ETH/USD breaks below 500

ETH/USD Daily Chart - 13-06-18

Ethereum lost the 500 level on Tuesday as the pair closed the day almost 7% down at 495.00, a significant close that opened the door of the 400.00 area. The only level between those two prices is the dynamic support at 430.00.

Ethereum extended losses for the sixth day in the last seven as the pressure on crypto assets dragged the ETH/USD. Central banks, financial institutions, and regulatory investigations are hurting the crypto market.

If the Ethereum consolidates levels below the 500.00 area, it will find next support at 450.00 and then 430.00. Below, the last frontier lies at 400.00.

To the upside, Ethereum needs a close above 500.00 to make bulls believing. Above that, 560.00 is the natural resistance and then 630.00.

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