- Why Bitcoin Cash is Better than Bitcoin?
- How to Buy Bitcoin Cash?
- How to Short Bitcoin?
BTC Prices Lose Support
On the fundamental side, the slide started as reports came in that the Japanese regulators could be looking to shut down certain exchanges as they have not been following the procedures and strictures as well. To us, it looks like a nominal move and which is something that is part of the maturing of the market but the market seldom thinks about common sense and we saw the beginning of the panic selling at that time which has only increased on the break of each support. We do not know whether the strengthening of the dollar has also had anything to do with this move but yes, the timings seem to coincide and hence we have to assume so, as the market is new and we cannot make such long term predictions.
The ETH prices have also joined the crash and are no better now as they trade below the $700 region. The ETH prices had looked weak even before this slide started and all the above events have only sought to make the ETH market even more weaker, leading to a large slide in the prices.
Looking ahead to the rest of the day, we do not see any major supports nearby for the BTC prices but we have to see whether the dollar strength lasts for the day. If the dollar reverses and becomes weak, we could see some reversal in the BTC and ETH prices as well.