How Litecoin Pumped And Dumped After The Fake Walmart News

Litecoin’s price pumped yesterday following fake news of its partnership with Walmart but the coin dumped as soon as people realized it was not real.

Walmart Denies Partnership With The Litecoin Foundation

Yesterday, the cryptocurrency space encountered another adoption news. This time, it was between the Litecoin Foundation and US retail giant Walmart. According to the press release, Walmart had partnered with the Litecoin Foundation to enable cryptocurrency payments via its e-commerce store.

The press release stated that Walmart would start accepting LTC as a means of payment for the goods available on its e-commerce platform. However, the partnership news turned out to be fake, and it was debunked by Walmart.

The leading retailer in the United States issued a press release, stating that the news from GlobeNewswire was fake and Walmart doesn’t have any partnership with the Litecoin Foundation to adopt the Litecoin cryptocurrency.

GlobeNewswire also came out to retract the news, stating that it was false and people shouldn’t regard it. “Please be advised that journalists and other readers should disregard the news release, “Walmart Announces Major Partnership With Litecoin (LTC),” issued September 13, 2021, over GlobeNewswire,” the notice reads.

Litecoin Pumps And Dumps

The announcement of a partnership between the Litecoin Foundation and Walmart saw the LTC coin surge by more than 30% yesterday. LTC’s price rose from $175 to reach $225 within the space of minutes.

LTC/USD chart. Source: FXEMPIRE

The cryptocurrency has underperformed in recent months, losing its place amongst the top ten cryptos by market cap. Litecoin has been replaced in the top ten list by other cryptocurrencies, including Solana, Polkadot, and Dogecoin.

However, with Walmart coming out to deny the news of the partnership, Litecoin’s price reversed back to its previous levels. The pumping and dumping happened within the space of a few hours. At the moment, LTC is up by roughly 4% in the past 24 hours and is now trading at $179 per coin.

ECB’s Weidmann Wants Digital Euro to Start Small

“A gradual approach might make sense given the risks involved – that means a digital euro with a specific set of features and the option to add further functionalities later,” Weidmann told a conference.

The ECB gave the digital euro a green light earlier this summer but the actual launch of the currency could still be around five years away.

Among his key concerns, Weidmann argued that in times of crisis, consumers could rush to convert their bank deposits to central bank money, destabilising the financial system as they withdraw a key source of funding.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Balazs Koranyi; Editing by Francesco Canepa)

 

Interactive Brokers Launches Cryptocurrency Trading

U.S. clients of the brokerage will now be able to trade and custody bitcoin, ethereum, litecoin and bitcoin cash alongside stocks, options, futures, bonds, mutual funds and exchange-traded funds, the company said.

“As financial markets evolve, sophisticated individual and institutional investors are increasingly seeking out allocations to digital currencies as a means of achieving their financial objectives,” said Chief Executive Officer Milan Galik.

Chairman Thomas Peterffy said in June that Interactive Brokers, which caters to active traders and sophisticated investors, would launch trading in cryptocurrencies by the end of the summer as the nascent asset class becomes more mainstream.

Other brokers, including Robinhood Markets Inc and TradeStation also provide cryptocurrency trading, while Charles Schwab Corp and Fidelity currently offer access to bitcoin futures.

Crypto-trading commissions at Interactive Brokers will be 0.12% to 0.18% of trade value, depending on monthly volume, with no added spreads, markups, or custody fees, the New York-based company said.

Interactive Brokers said it partnered with Paxos Trust Company, a regulated provider of cryptocurrency services that also works with companies like PayPal on digital asset trading, to enable the new service.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by John McCrank; Editing by Marguerita Choy)

 

The Crypto Daily – Movers and Shakers – September 13th, 2021

Bitcoin, BTC to USD, rose by 1.92% on Sunday. Following a 0.57% gain on Saturday, Bitcoin ended the week down by 11.09% to $46,038.9.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $44,774.2 before making a move.

Steering clear of the first major support level at $44,575, Bitcoin rallied to a late intraday high $46,466.0.

Bitcoin broke through the first major resistance level at $45,815 to end the day at $46,000 levels.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Cardano’s ADA slid by 2.11%, with Bitcoin Cash SV (-0.13%) also seeing red to buck the trend.

It was a bullish day for the rest of the majors, however.

Polkadot rallied by 11.27% to lead the way, with  Chainlink (+9.03%) close behind.

Binance Coin (+2.86%), Crypto.com Coin (+3.50%), Ethereum (+4.19%), Litecoin (+2.45%), and Ripple’s XRP (+3.93%) also made solid gains.

It was also mixed week for the crypto majors, however.

Polkadot rallied by 16.91%, with Crypto.com Coin (+1.18%) also bucking the trend in the week.

It was a bearish week for the rest of the majors, however.

Litecoin slid by 21.24% to lead the way, with Binance Coin (-17.52%) and Bitcoin Cash SV (-18.68%) close behind

Cardano’s ADA (-11.37%), Chainlink (-12.51%), Ethereum (-13.88%), and Ripple’s XRP (-14.31%) also struggled, however.

In the week, the crypto total market rose to a Tuesday high $2,438bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,134bn.

Bitcoin’s dominance rose to a Tuesday high 43.64% before falling to a Friday low 39.92%. At the time of writing, Bitcoin’s dominance stood at 40.65%.

This Morning

At the time of writing, Bitcoin was up by 0.15% to $46,107.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,003.4 before rising to a high $46,269.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.82%), Cardano’s ADA (-0.53%), and Ripple’s XRP (-0.23%) saw red to buck the early trend.

It was a bullish start for the rest of the majors, however.

At the time of writing, Polkadot was up by 2.94% to lead the way.

BTCUSD 130921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $45,760 pivot to bring the first major resistance level at $46,745 into play.

Support from the broader market would be needed for Bitcoin to break out from $46,500 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $47,000 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $47,452.

A fall through the $45,760 pivot would bring the first major support level at $45,053 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000. The second major support level at $44,068 should limit the downside.

The Crypto Daily – Movers and Shakers – September 12th, 2021

Bitcoin, BTC to USD, rose by 0.57% on Saturday. Partially reversing a 3.33% loss from Friday, Bitcoin ended the day at $45,107.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $44,750,0 before making a move.

Steering clear of the first major support level at $43,657, Bitcoin rose to a late afternoon intraday high $45,990.0.

Falling short of the first major resistance level at $46,546, however, Bitcoin eased back to end the day at sub-$45,200 levels.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Saturday

Cardano’s ADA rallied by 10.60% to lead the way, with Polkadot (+7.34%) close behind.

Bitcoin Cash SV (+2.97%), Chainlink (+2.29%), Litecoin (+2.55%) and Ripple’s XRP (+2.14%) also made solid gains.

Binance Coin (+0.86%), Crypto.com Coin (+1.61%), and Ethereum (+1.79%) trailed the front runners, however.

In the current week, the crypto total market rose to a Tuesday high $2,438bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,083bn.

Bitcoin’s dominance rose to a Tuesday high 43.64% before falling to a Friday low 39.92%. At the time of writing, Bitcoin’s dominance stood at 40.76%.

This Morning

At the time of writing, Bitcoin was down by 0.02% to $45,161.0. A mixed start to the day saw Bitcoin fall to an early morning low $45,138.0 before rising to a high $45,201.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.13%), Bitcoin Cash SV (-0.08%), Cardano’s ADA (-0.33%), and Ethereum (-0.13%) joined Bitcoin in the red.

It was a bullish start for the rest of the majors, however.

At the time of writing, Polkadot was up by 1.25% to lead the way.

BTCUSD 120921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $45,282 pivot to bring the first major resistance level at $45,815 into play.

Support from the broader market would be needed for Bitcoin to break out from $45,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $45,990.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $47,000 before any pullback. The second major resistance level sits at $46,522.

Failure to move through the $45,282 pivot would bring the first major support level at $44,575 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000. The second major support level at $44,042 should limit the downside.

The Crypto Daily – Movers and Shakers – September 11th, 2021

Bitcoin, BTC to USD, fell by 3.33% on Friday. Reversing a 0.73% gain from Thursday, Bitcoin ended the day at $44,852.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $47,044.0 before hitting reverse.

Falling short of the first major resistance level at $47,343, Bitcoin slid to a late intraday low $44,155.0.

Bitcoin fell through the first major support level at $45,491 and the second major support level at $44,592

Finding late support, however, Bitcoin broke back through the second major support level to end the day at $44,800 levels.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday

Polkadot rose by 1.17% to buck the trend on the day.

It was a bearish day for the rest of the majors, however.

Ethereum slid by 6.26% to lead the way down.

Binance Coin (-4.70%), Bitcoin Cash SV (-4.08%), Cardano’s ADA (-5.29%), Chainlink (-5.70%), and Crypto.com Coin (-4.92%) weren’t far behind.

Litecoin (-3.49%) and Ripple’s XRP (-3.09%) also struggled, however.

In the current week, the crypto total market rose to a Tuesday high $2,438bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,070bn.

Bitcoin’s dominance rose to a Tuesday high 43.64% before falling to a Friday low 39.92%. At the time of writing, Bitcoin’s dominance stood at 41.04%.

This Morning

At the time of writing, Bitcoin was up by 0.62% to $45,132.0. A mixed start to the day saw Bitcoin fall to an early morning low $44,750.0 before rising to a high $45,169.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin and Polkadot bucked the early trend, with losses of 1.41% and 0.88% respectively.

It was a bullish start for the rest of the majors, however.

At the time of writing, Ethereum was up by 1.00% to lead the way.

BTCUSD 110921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $45,350 pivot to bring the first major resistance level at $46,546 into play.

Support from the broader market would be needed for Bitcoin to break back through to $46,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $47,044.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $48,239.

Failure to move through the $45,350 pivot would bring the first major support level at $43,657 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the 38.2% FIB of $41,592. The second major support level at $42,461 should limit the downside.

El Salvador’s Bitcoin Digital Wallet Beset by Technical Glitches

Problems accessing the wallet, withdrawing money from ATMs, and data verification, as well as the government not depositing the $30 bonus Bukele promised all Chivo users were the most frequent issues, according to interviews with at least 10 users and user complaints posted on Twitter and Facebook.

Melvin Vasquez, a 30-year-old tattoo artist, downloaded Chivo on Tuesday, when the bitcoin law went into effect, but has since been unable to use it.

“I want to see if I can buy something, but it won’t even let me enter,” Vasquez lamented, after trying to buy pizza at a restaurant on the outskirts of San Salvador. “They should have prepared more… It is not so convenient.”

User complaints were also stacking up in Apple’s App Store and Alphabet’s Google Play.

“I downloaded it and entered all my data. Now when I want to log in again, it doesn’t let me and it doesn’t recognize my pin or face ID. I don’t have other options. Truthfully, a really bad app!,” said one user.

Bukele stepped in on Wednesday to manage the fraught roll-out of the payments app that underpins El Salvador’s adoption of bitcoin as legal tender. Chivo, which promises commission-free transactions and his administration hopes will be adopted by the unbanked, has been disconnected several times to repair the glitches.

Bukele’s administration is aiming for 2.5 million Salvadorans, some 39% of the population, to download Chivo, named after a local word for ‘good.’ He has argued that bitcoin would allow Salvadorans to save on $400 million each year in commissions for remittances.

But many of the very people sending or receiving dollars to El Salvador are mistrustful of bitcoin. Some expressed fears of losing money, given the high volatility of the cryptocurrency.

Bitcoin has experienced daily trading moves of 10% or more 10 times this year, as it did both in 2020 and 2019, according to Refinitiv data. In 2018 and 2017, there were 17 days each year of 10% moves or more.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Nelson Renteria in San Salvador; Additional reporting by Diego Ore in Mexico City; Writing by Anthony Esposito; Editing by Rosalba O’Brien)

The Crypto Daily – Movers and Shakers – September 10th, 2021

Bitcoin, BTC to USD, rose by 0.73% on Thursday. Partially reversing a 1.67% loss from Wednesday, Bitcoin ended the day at $46,389.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $45,546.0 before making a move.

Steering clear of the first major support level at $44,578, Bitcoin rose to a late afternoon intraday high $47,398.6.

Falling short of the first major resistance level at $47,457, however, Bitcoin fell back to sub-$46,100 levels before finding support.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday

Ethereum led the way down, falling by 2.13%, with Ripple’s XRP (-1.15%) also bucking the trend on the day.

It was a bullish day for the rest of the majors, however.

Crypto.com Coin rallied by 10.03% to lead the way, with Chainlink and Polkadot ending the day up by 3.05% and by 6.72% respectively.

Binance Coin (+1.49%), Bitcoin Cash SV (+1.09%), Cardano’s ADA (+1.88%), and Litecoin (+0.91%) also found support.

In the current week, the crypto total market rose to a Tuesday high $2,438bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,145bn.

Bitcoin’s dominance rose to a Tuesday high 43.64% before falling to a Thursday low 40.15%. At the time of writing, Bitcoin’s dominance stood at 40.77%.

This Morning

At the time of writing, Bitcoin was up by 0.10% to $46,436.0. A mixed start to the day saw Bitcoin rise to an early morning high $46,486.3 before falling to a low $46,291.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Crypto.com Coin bucked the early trend, with losses of 0.45% and 0.36% respectively.

It was a bullish start for the rest of the majors, however.

At the time of writing, Polkadot was up by 6.46% to lead the way.

BTCUSD 100921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $46,445 pivot to bring the first major resistance level at $47,343 into play.

Support from the broader market would be needed for Bitcoin to break back through to $47,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $47,398.6 would likely cap the upside.

In the event of a broad-based crypto rebound, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $48,297.

Failure to move back through the $46,445 pivot would bring the first major support level at $45,491 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 levels. The second major support level at $44,592 should limit the downside.

Bitcoin Price Prediction – Bulls Fight Back to Bring $50,000 Back into Play

Following a mixed day for Bitcoin and the cryptos on Wednesday, it was a bullish morning.

At the time of writing, Bitcoin, BTC to USD, was up by 1.82% to $46,907.0.

A mixed start to the day saw Bitcoin fall to an early morning low $45,546.0 before making a move.

Steering clear of the first major support level at $44,578, Bitcoin rose to an early afternoon high $47,222.0.

In spite of the return to $47,000 levels, however, Bitcoin fell short of the first major resistance level at $47,457.

BTCUSD 090921 Hourly Chart

The Rest of the Pack

It has been a bullish morning for the broader crypto market.

At the time of writing, Crypto.com Coin was up by 8.54% to lead the way.

Cardano’s ADA (+3.95%) Chainlink (+3.67%), and Litecoin (+4.16%) also found strong support.

Binance Coin (+0.23%), Bitcoin Cash SV (+1.63%), Ethereum (+0.70%), Polkadot (+2.64%), and Ripple’s XRP (+1.30%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,092bn before rising to a high $2,175bn. At the time of writing, the total market cap stood at $2,159bn.

Bitcoin’s dominance fell to a mid-morning low 40.52% before rising to a mid-day high 41.04%. At the time of writing, Bitcoin’s dominance stood at 40.89%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $45,965 pivot to bring the first major resistance level at $47,457 back into play.

Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $47,222.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $48,000 would likely pin Bitcoin back.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $48,844.

A fall back through the $45,965 pivot would bring the first major support level at $44,578 back into play.

Barring another extended sell-off through the afternoon, however, Bitcoin should avoid sub-$44,000 and the second major support level at $43,086.

Looking beyond the support and resistance levels, we saw the 50 EMA pullback from the 100 and 200 EMAs through the morning.

We also saw the 100 EMA pullback from the 200 EMA suggesting a bearish afternoon.

Through the 2nd half of the day, a narrowing of the 50 EMA on the 100 and 200 EMAs would support a run at $50,000 levels.

Key through the afternoon, however, would be to avoid a Bitcoin fall back through the day’s pivot level at $45,965.

Bitcoin Price Prediction – Bears Remain in the Driving Seat, with Sub-$40,000 the New Target

Following Tuesday’s broad-based crypto meltdown, it’s been a bearish Wednesday morning.

At the time of writing, Bitcoin, BTC to USD, was down by 0.70% to $46,521.0.

A mixed start to the day saw Bitcoin rise to an early morning high $47,351.0 before hitting reverse.

Falling well short of the 23.6% FIB of $50,473 and the first major resistance level at $52,085, Bitcoin slid to a late morning current day low $44,472.0.

Steering clear of the first major support level at $42,417, however, Bitcoin found support to move back through to $46,500 levels.

The Rest of the Pack

It has been a mixed morning for the broader crypto market.

At the time of writing, Litecoin was up by 3.35% to lead the way, with Crypto.com Coin (+0.52%) also bucking the trend.

It’s been a bearish morning for the rest of the majors, however.

Through the morning, Cardano’s ADA (-4.31%) and Chainlink (-3.85%) led the way down.

Binance Coin (-1.52%), Bitcoin Cash SV (-1.04%), and Ripple’s XRP (-2.98%) also struggled.

Ethereum (-0.23%) and Polkadot (-0.13%) saw relatively modest losses, however.

Through the early hours, the crypto total market cap rose to an early morning high $2,138bn before falling to a low $1,970bn. At the time of writing, the total market cap stood at $2,083bn.

Bitcoin’s dominance fell to an early morning low 41.67% before rising to a high 42.44%. At the time of writing, Bitcoin’s dominance stood at 42.00%.

For the Afternoon Ahead

Bitcoin would need to move through the $47,652 pivot to bring the first major resistance level at $52,085 into play.

Support from the broader market will be needed, however, for Bitcoin to breakout from the 23.6% FIB of $50,473.

Barring a broad-based crypto rebound the 23.6% FIB would likely pin Bitcoin back.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $57,320.

Failure to move through the $47,652 pivot would bring the first major support level at $42,417 back into play.

Barring another extended sell-off through the afternoon, however, Bitcoin should avoid sub-$40,000 and the second major support level at $37,984.

The 38.2% FIB of $41,592 should limit the downside.

Looking beyond the support and resistance levels, we saw bearish crosses this morning. The 50 EMA crossed through 200 EMA in the early hours. We also saw the 100 EMA cross through the 200 EMA in the late morning.

Through the morning, the 50 EMA continued to pullback from both the 100 and 200 EMA, which was also a bearish signal.

A further pullback of the 50 EMA from the 100 and 200 EMAs would bring support levels back into play. For the bulls, a move back through to $47,500 levels will be key going into the afternoon.

SEC Considers Coinbase’s Crypto Yield Program As A Security. Brian Armstrong Responds

The US SEC has threatened to sue Coinbase over its crypto yield program, tagging it as a security.

SEC Considers Coinbase’s Yield Program As a Security

The CEO of Coinbase, Brian Armstrong, revealed earlier today that the cryptocurrency exchange had come under fire from the United States Securities and Exchange Commission (SEC). According to Armstrong, the regulatory agency had threatened to sue the cryptocurrency exchange for its yield program.

The SEC considers the yield program to be a security and that Coinbase didn’t register with the agency before launching it. However, Armstrong said the regulatory agency didn’t tell the exchange why the program was a security and didn’t clarify any existing guideline for Coinbase to follow regarding its crypto yield program.

 

He added that the crypto exchange informed the US SEC earlier this year about the expected launch of its Coinbase Lend program that intends to offer users 4% annual yield returns on deposits made with the USDC stablecoin.

The Coinbase CEO pointed out that there are numerous cryptocurrency trading platforms that currently offer similar lending services to their customers. He, therefore, urged the SEC to provide regulatory clarity on the issue to ensure that market players provide the services in accordance with the law.

He added that Coinbase is committed to following the law. However, Armstrong lamented that sometimes, the law is unclear. Hence, if the SEC wants to publish guidance, Coinbase would be happy to follow it and tailor its products in line with the regulatory requirements.

Cryptocurrency Market Loses Over $300 Billion In 24 Hours

The cryptocurrency market recorded massive losses over the past 24 hours. Yesterday, the total crypto market cap was close to $2.4 trillion. However, the market correction yesterday saw the market cap drop to the $2 trillion mark, resulting in a loss of over $300 billion in the last 24 hours.

BTC/USD chart. Source: FXEMPIRE

Bitcoin’s price is down by nearly 9% since yesterday. BTC was trading above $52k yesterday but has since lost a large chunk of its value and is now trading at $46k per coin. Ether is also down by over 10% and is trading around the $3,400 region.

The Crypto Daily – Movers and Shakers – September 8th, 2021

Bitcoin, BTC to USD, slid by 11.06% on Tuesday. Reversing a 1.73% gain from Monday, Bitcoin ended the day at $46,849.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $52,888.0 before hitting reverse.

Falling short of the first major resistance level at $53,262, Bitcoin tumbled to a mid-afternoon intraday low $43,220.0.

Bitcoin fell through the day’s major support levels and also through the 23.6% FIB of $50,473.

Finding late support, Bitcoin briefly revisited $47,000 levels before easing back.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Tuesday

Ripple’s XRP slumped by 19.26% to lead the way down.

Bitcoin Cash SV (-18.26%), Chainlink (-18.90%), and Litecoin (-18.73%) weren’t far behind.

Binance Coin (-15.66%), Cardano’s ADA (-11.31%), Crypto.com Coin (-15.80%), Ethereum (-12.52%), and Polkadot (-8.63%) were also in the deep red.

Early in the week, the crypto total market rose to a Tuesday high $2,437bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,087bn.

Bitcoin’s dominance fell to a Tuesday low 40.85% before rising to a Tuesday high 43.65%. At the time of writing, Bitcoin’s dominance stood at 42.09%.

This Morning

At the time of writing, Bitcoin was down by 0.46% to $46,633.0. A mixed start to the day saw Bitcoin rise to an early morning high $46,968.0 before falling to a low $46,402.0

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the early trend, rising by 1.02%.

It was a bearish start for the rest of the majors, however.

At the time of writing, Bitcoin Cash SV was down by 2.20% to lead the way down.

BTCUSD 080921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move the $47,652 pivot to bring the first major resistance level at $52,085 into play.

Support from the broader market would be needed for Bitcoin to break out from the 23.6% FIB of $50,473.

Barring a broad-based crypto rally, the 23.6% FIB would likely leave Bitcoin short of the first major resistance level.

In the event of a broad-based crypto rebound, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $57,320.

Failure to move through the $47,652 pivot would bring the first major support level at $42,417 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the 38.2% FIB of $41,592. The second major support level sits at $37,984.

Cryptocurrency Prices Tumble and Exchange Trading Falters as Snags Crop Up

Shares of blockchain-related firms also fell as crypto stocks were hit by trading platform outages. But the major focus was on El Salvador, where the government had to temporarily unplug a digital wallet to cope with demand.

Bitcoin, the world’s biggest and best-known cryptocurrency, tumbled more than 17% to $43,000 before paring some losses to trade down 9.20% at $47,140.27. Earlier bitcoin had hit a session high of $52,948.00.

Smaller rival ether, the coin linked to the ethereum blockchain network, fell 11.99%.

Major cryptocurrency exchanges Coinbase Global Inc and Kraken said they faced delays in some transactions on their platforms.

Coinbase said some transactions were delayed or canceled at “elevated rates” and that “our apps may be experiencing errors.” The exchange later said issues with Coinbase card swipes were resolved and that transactions were going through normally.

The Gemini exchange said it temporarily entered a full-maintenance period to address an exchange-related issue that caused performance trouble.

Coinbase shares slid 4.02%.

Anything related to cryptocurrencies appeared to suffer. Cryptocurrency miners Riot Blockchain fell 7.38% and Marathon Digital Holdings slipped 7.76%.

Shares of MicroStrategy Inc, a BTC buyer and business intelligence software firm, fell 7.64%.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Herbert Lash in New York, additional reporting by Saikat Chatterjee in London and Aaron Saldanha in Bengaluru; editing by Sujata Rao and Rosalba O’Brien)

El Salvador’s World-First Adoption of Bitcoin Hits Snags

The Chivo digital wallet became available on the app platforms hosted by Apple and Huawei shortly before midday local time Tuesday, after President Nayib Bukele, who pushed for adoption of the cryptocurrency and has promised $30 of bitcoin for each user, railed against the tech giants for not carrying the application.

The government purchased an additional 150 bitcoins on Tuesday, worth around $7 million, and McDonalds began accepting the cryptocurrency in its restaurants in El Salvador.

Bukele said using bitcoin will help Salvadorans save $400 million a year on commissions for remittances, while giving access to financial services to those with no bank account.

Carlos Garcia, who went to a booth giving out advice on the new currency at a shopping mall on Tuesday to learn about how transactions would work, said he was excited about the opportunities bitcoin could provide.

“El Salvador is taking a great step forward today,” he said.

However, the poorest may struggle to access the technology needed to make bitcoin work in El Salvador, where nearly half the population has no internet access and many more only have sporadic connectivity.

“I’m going to continue suffering with or without bitcoin,” said sweets seller Jose Herrera, who said he had trouble accessing a mobile phone.

Over a thousand people protested against the implementation of bitcoin around noon, marching to the Supreme Court building, burning a tire and setting off fireworks.

Some say the move may fuel money laundering and financial instability. It has already muddied the outlook for more than $1 billion in financing that El Salvador is seeking from the International Monetary Fund (IMF).

Bukele, 40, scores highly in opinion polls but has been accused of eroding democracy, not least by the administration of U.S. President Joe Biden.

Last week, top judges appointed by his lawmakers ruled that he could serve a second term, breaking away from a constitutional rule that forbade consecutive terms.

Earlier on Tuesday, Salvadorans trying to download the Chivo digital wallet had found it was unavailable on the main app stores. Bukele said the government had temporarily unplugged it, in order to connect more servers to deal with demand.

Bukele blamed Apple Inc, Alphabet’s Google and Huawei’s app download platforms for the delay.

“Release him! @Apple @Google and @Huawei,” Bukele wrote in a tweet, which was accompanied by a red-faced ‘angry’ emoji. The wallet was later available from Huawei and Apple.

Google and Apple did not immediately respond to requests for comment.

PRICE SLIDE

Polls indicate Salvadorans are wary of the volatility of the cryptocurrency, which can shed hundreds of dollars in value in a day.

Ahead of the launch, El Salvador bought 400 bitcoins worth around $20 million, Bukele said, helping drive the price of the currency above $52,000 for the first time since May. Hours later, bitcoin had weakened and last traded down 8.84% at $47,327.32.

Ethereum, another crypto currency, fell 10.52% to $3,537.62, while crypto exchange Coinbase Global slid 3.96% after reporting delays in some transactions on its platform.

The change means businesses should accept payment in bitcoin alongside the U.S. dollar, which has been El Salvador’s official currency since 2001 and will remain legal tender.

It remains unclear whether businesses will be penalized if they do not accept bitcoin.

In the run-up to the launch, the government installed ATMs that allow bitcoin to be converted into dollars and withdrawn without commission from the digital wallet, called Chivo.

“Like all innovations, El Salvador’s bitcoin process has a learning curve,” Bukele said in a tweet. “Not everything will be achieved in a day, or in a month.”

“We must break the paradigms of the past. El Salvador has the right to advance towards the first world,” he wrote.

In barely two years in office, Bukele has taken control of almost all levers of power. But although he has promised to clean up graft, the Biden administration recently put some of his close allies on a corruption blacklist.

Analysts fear that the adoption of bitcoin, whose transaction records are distributed across the internet, beyond the reach of national jurisdictions, could fuel money laundering.

After the bitcoin law was approved, the ratings agency Moody’s downgraded El Salvador’s creditworthiness, while its dollar-denominated bonds have also come under pressure.

The World Bank reiterated on Tuesday that it could not help El Salvador in its process of adopting bitcoin as legal tender “given environmental and transparency shortcomings,” a World Bank spokesperson told Reuters.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Anthony Esposito in Mexico City and Nelson Renteria in San Salvador; Additional reporting by Wilfredo Pineda in El Zonte, El Salvador and Frank Jack Daniel; Editing by Alistair Bell and Rosalba O’Brien)

Bitcoin Price Prediction – Bears Eye a Return to sub-$50,000

After a mixed start to the week for Bitcoin and the broader crypto market, it’s been a bearish Tuesday morning.

At the time of writing, Bitcoin, BTC to USD, was down by 3.02% to $51,084.0.

A mixed start to the day saw Bitcoin rise to an early morning high $52,888.0 before hitting reverse.

Falling short of the first major resistance level at $53,262, Bitcoin slid to a late morning current day low $50,600.0.

The sell-off saw Bitcoin fall through the first major support level at $51,570.

Steering clear of the 23.6% FIB of $50,473 and the second major support level at $50,464 was key early on.

BTCUSD 070921 Hourly Chart

The Rest of the Pack

It has been a bearish morning for the broader crypto market.

At the time of writing, Ripple’s XRP was down by 7.45% to lead the way down.

Cardano’s ADA (-6.36%), Chainlink (-6.39%), and Crypto.com Coin (-6.47%) also saw heavy losses.

Binance Coin (-5.16%), Bitcoin Cash SV (-5.95%), Ethereum (-4.33%), Litecoin (-5.52%), and Polkadot (-2.42%) also struggled, however.

Through the early hours, the crypto total market cap rose to an early morning high $2,390bn before falling to a low $2,253bn. At the time of writing, the total market cap stood at $2,292bn.

Bitcoin’s dominance fell to an early morning low 41.45% before rising to a high 42.21%. At the time of writing, Bitcoin’s dominance stood at 41.93%.

For the Afternoon Ahead

Bitcoin would need to move back through the first major support level at $51,570 and the pivot at $52,156 to bring the first major resistance level at $53,262 into play.

Support from the broader market will be needed, however, for Bitcoin to breakout from this morning’s high $52,888.0.

Barring a broad-based crypto rebound resistance at $52,000 would likely pin Bitcoin back.

In the event of an extended rally through the afternoon, the first major resistance level at $53,262 would likely cap the upside. The Bitcoin bulls may need to wait for another day to revisit $55,000 levels.

Failure to move back through the first major support level at $51,570 would bring sub-$51,000 levels back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$50,000.

The 23.6% FIB of $50,473 and the second major support level at $50,464 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs early in the morning before narrowing.

The 100 EMA also pulled away from the 200 EMA adding further early support.

Through the mid-morning, however, a narrowing of the 50 and the 100 EMAs on the 200 weighed.

Key going into the afternoon would be a break back through to $52,000 levels.

A further narrowing of the 50 EMA on the 100 EMA, however, would bring sub-$51,000 levels back into play.

Global Crypto Exchange CrossTower Enters India Despite Policy Uncertainty

CrossTower India has already hired 35 people and plans to increase headcount to 100 in six to nine months, the company said. The company is following in the footsteps of market leader Binance, which entered India in 2019.

India’s digital currency market has grown from $923 million in April 2020 to $6.6 billion in May 2021, according to Chainalysis, a blockchain data platform. Among 154 nations, India ranks 11th in cryptocurrency adoption, it said.

“India will play a pivotal role and we plan to use the country as a hub to expand into other geographies,” Kapil Rathi, co-founder and Chief Executive Officer of CrossTower, told Reuters.

As a late entrant to India, the company plans to increase its market share by providing competitive pricing and relying on advanced technology infrastructure, Rathi added.

Several other global exchanges are considering coming to India despite the lack of regulations on crypto and concerns about an unfavourable regulatory environment.

“We believe we are taking a calculated risk,” said Rathi.

The government was set to present a bill to parliament by March that proposed a ban on cryptocurrencies, making trading and holding them illegal. But the bill was not tabled in the session and there is uncertainty about the government’s plans.

The central bank is planning to launch its own digital currency by December, however.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Nupur Anand; Editing by Sonya Hepinstall)

The Crypto Daily – Movers and Shakers – September 6th, 2021

Bitcoin, BTC to USD, rose by 3.77% on Sunday. Reversing a 0.20% loss from Saturday, Bitcoin ended the week up by 6.11% to $51,779.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $49,470.0 before making a move.

Steering clear of the first major support level at $49,352, Bitcoin rallied to a late intraday high $51,900.0.

Bitcoin broke through the first major resistance level at $50,495 and the second major resistance level at $51,091.

The breakout also saw Bitcoin break back through the 23.6% FIB of $50,473 to end the day at $51,700 levels.

The near-term bullish trend remained intact, supported by the latest return to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Sunday

Chainlink led the way, surging by 12.51%, with Litecoin rallying by 9.49%.

Bitcoin Cash SV (+3.48%), Cardano’s ADA (+2.84%), Crypto.com Coin (+5.53%), Polkadot (+2.51%), and Ripple’s XRP (+4.11%) also found strong support.

Binance Coin (+1.44%) and Ethereum (+1.66%) trailed the front runners, however.

It was also a bullish week for the crypto majors.

Chainlink (+30.44%), Ethereum (+22.49%), Litecoin (+33.14%), and Polkadot (+26.20%) led the way.

Bitcoin Cash SV (+13.65%), Crypto.com Coin (+14.93%), and Ripple’s XRP (+14.50%) also found strong support.

Binance Coin (+5.17%) and Cardano’s ADA (+2.14%) saw modest gains, however.

In the week, the crypto total market fell to a Monday low $1,996bn before rising to a Sunday high $2,390bn. At the time of writing, the total market cap stood at $2,342bn.

Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Sunday low 40.85%. At the time of writing, Bitcoin’s dominance stood at 41.50%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $51,657.1. A mixed start to the day saw Bitcoin rise to an early morning high $51,877.0 before falling to a low $51,657.1.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.09%), Crypto.com Coin (+2.00%), and Ripple’s XRP (+0.84%) found early support.

It was a bearish start for the rest of the majors, however.

At the time of writing, Chainlink was down by 1.97% to lead the way down.

BTCUSD 060921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $51,050 pivot to bring the first major resistance level at $52,630 into play.

Support from the broader market would be needed for Bitcoin to break back through $52,000 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $53,480.

A fall through the $51,050 pivot would bring the 23.6% FIB of $50,473 and the first major support level at $50,200 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$49,000 levels. The second major support level sits at $48,620.

Bitcoin Rises Back Above $50,000

The world’s biggest and best-known cryptocurrency is up 81% from this year’s low of $27,734 on Jan. 4.

Ether, the coin linked to the ethereum blockchain network, rose 1.16% to $3,932.07 on Sunday, adding $44.97 to its previous close.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Bhargav Acharya in Bengaluru; Editing by David Goodman)

The Crypto Daily – Movers and Shakers – September 5th, 2021

Bitcoin, BTC to USD, fell by 0.20% on Saturday. Following a 1.48% gain on Friday, Bitcoin ended the day at $49,899.0.

After mixed start to the day, Bitcoin rose to a late morning intraday high $50,544 before hitting reverse.

While falling short of the first major resistance level at $51,318, Bitcoin broke back through the 23.6% FIB of $50,473.

The reversal, however, saw Bitcoin fall to a late afternoon intraday low $49,401.0.

Steering clear of the first major support level at $48,501, Bitcoin revisited $50,200 levels before easing back into the red.

The near-term bullish trend remained intact, supported by the latest return to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday

Bitcoin Cash SV (+3.75%), Binance Coin (+1.86%), and Crypto.com Coin (+1.03%) bucked the trend on the day.

It was a bearish day for the rest of the majors, however.

Cardano’s ADA slid by 4.53% to lead the way down.

Chainlink (-2.89%), Polkadot (-3.38%), and Ripple’s XRP (-2.65%) also struggled.

Ethereum (-1.33%) and Litecoin (-0.55%) saw relatively modest losses on the day, however.

In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Saturday high $2,334bn. At the time of writing, the total market cap stood at $2,266bn.

Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Saturday low 40.74%. At the time of writing, Bitcoin’s dominance stood at 41.36%.

This Morning

At the time of writing, Bitcoin was down by 0.15% to $49,822.0. A mixed start to the day saw Bitcoin rise to an early morning high $49,956.0 before falling to a low $49,819.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 0.16%, with Bitcoin Cash SV flat to buck the early trend.

It was a bearish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP was down by 0.93% to lead the way down.

BTCUSD 050921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $49,948 pivot to bring the first major resistance level at $50,495 into play.

Support from the broader market would be needed for Bitcoin to break back through the 23.6% FIB of $50,473.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $50,544.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,091.

Failure to move back through the $49,948 pivot would bring the first major support level at $49,352 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level at $48,805 should limit the downside.

The Crypto Daily – Movers and Shakers – September 4th, 2021

Bitcoin, BTC to USD, rose by 1.48% on Friday. Following a 0.92% gain on Thursday, Bitcoin ended the day at $50,001.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $48,332.0 before making a move.

Bitcoin fell through the first major support level at $48,482 before rallying to an early afternoon intraday high $51,142.0.

Bitcoin broke through the first major resistance level at $50,216 and the 23.6% FIB of $50,473.

Coming within range of the second major resistance level at $51,157, however, Bitcoin fell back to end the day at sub-$50,100.

The pullback saw Bitcoin fall back through the 23.6% FIB and the first major resistance level.

The near-term bullish trend remained intact, supported by the latest return to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Friday

Litecoin led the way, surging by 16.25%.

Bitcoin Cash SV (+6.26%), Crypto.com Coin (+4.78%), Ethereum (+4.01%), and Polkadot (+4.04%) also found relatively strong support.

Binance Coin (+1.03%), Cardano’s ADA (+0.20%), Chainlink (+2.72%), and Ripple’s XRP (+2.91%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Friday high $2,333bn. At the time of writing, the total market cap stood at $2,266bn.

Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Friday low 41.13%. At the time of writing, Bitcoin’s dominance stood at 41.45%.

This Morning

At the time of writing, Bitcoin was down by 0.16% to $49,921.0.  A mixed start to the day saw Bitcoin rise to an early morning high $50,012.0 before falling to a low $49,877.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Ripple’s XRP bucked the early trend, rising by 0.16%.

It was a bearish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was down by 1.73% to lead the way down.

BTCUSD 040921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $49,825 pivot to bring the first major resistance level at $51,318 into play.

Support from the broader market would be needed for Bitcoin to break out from 23.6% FIB of $50,473 once more.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $51,142 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $53,000 before any pullback. The second major resistance level sits at $52,635.

A fall through the $49,825 pivot would bring the first major support level at $48,508 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,015.