Cryptocurrencies Under Pressure: All Major Cryptos with Double Digit Losses

Bitcoin is under pressure and most major cryptocurrencies are testing critical support levels.

Some U.S Banks Limit Credit Cards for Cryptocurrencies, China Acts Again

Cryptocurrencies have seen another deluge of selling. After stabilizing early Friday, the market was hit with news from a handful of major U.S banks who said they will no longer allow their credit cards to purchase cryptocurrencies. And developing news in China this morning indicates – not only a limit on cryptocurrency trading within the country but that the nation is seeking ways to stop its citizens from participating in Initial Coin Offerings outside of China too. Bitcoin has been under pressure early today, along with the other major cryptocurrencies as key support levels are being tested. Bitcoin is trading at $7625 at the time of writing, Ripple dropped 16.29% to trade at $0.744.

High Anxiety in Ethereum Show Nervousness, Widespread Concerns

Ethereum is below 800.00 U.S Dollars per coin in early trading on Monday. The price of Ether is a strong indication sentiment in all cryptocurrencies are facing widespread anxiety. Support for Ethereum is near 620.00 U.S Dollars, but if this mark is broken – the next level of support could be around 400.00. Ethereum is still above its December price levels but has seen weak demand the past seven days, while resistance above appears to be 1100.00 U.S Dollars per coin.

Ethereum Daily Chart
Ethereum Daily Chart

Recent Developments Raise Questions, Positive Capabilities Remain

The recent developments in the States regarding cryptocurrencies and credit cards and the rumors from China has increased concerns which have hurt prices. However, the question which needs to be answered is how governments will supervise this new industry, which is finding new ways to implement Blockchain technology on a daily basis without killing its potentially positive influence on enterprises and financial institutions? As this question hovers, turbulence will remain.

Dubai Event Late February will focus on Blockchain

The United Arab Emirates has announced over 400 industry leaders will participate in a FinTech conference in Dubai later this month which will focus on Blockchain.

  • 26-27th, UAE, Finovate Middle East in Dubai  

Yaron Mazor is a senior analyst at SuperTraderTV.

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Yaron Mazor

Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology and education. Ten years ago, Yaron sold all of his businesses and became a trader. Yaron started an education provider that taught thousands of people worldwide how to trade. Since then, he has traded every single day across every imaginable financial instrument Organic Trading System (OTS) is an unprecedented, new paradigm of trading technique, developed by Yaron Mazor. The trading system utilizes a combination of essential resources of market data (Fundamental, market participant sentiment and the basic concepts of trends), which are harmonically coordinated, in order to enable a relatively fast, simple and easy way to decide which side of the market to be trading from – the Buy side or the Sell side.