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Market Update Report June.13

Market Update Report June.13
A red week went through the crypto market and we could actually see weak hands behind the charts. The volatility of the market can not be fully anticipated or understood, but if we look for reasons for this trend, we can mainly point to hacking going around and the tightening of regulation. The general atmosphere in the markets is a bit reminiscent of 2014, but unlike the relatively moderate declines this time everything happens very quickly and the peaks we saw at the beginning of the year are beginning to disappear on the horizon.
It appears that the correction trend in the market continues alongside encouraging developments such as the ETF’s approved in the US and statements made by many senior executives regarding the market, but we are not sure that we have reached the end of the declines and that we have two whole years until the next block halving event. Nevertheless Geopolitical developments and other unsuspected events influence the trend line and something can always happen to turn the wheel around.
Alternative coins are also on a downward trend and are mainly affected by the declines against the dollar after the market entered a state of crypto-fear following recent declines. Although, there were some weekly highlights including BIBX BNB and TOKEN, and it seems investors are interested in hedging with exchange tokens. Overall, it can be said that the markets (and the beatings) cool off the investors’ bullish forecasts of who definitely feel the ‘red’ market.
At the time of writing, the market value is $274 billion, with around $80 billion which has vanished from last week. Bitcoin’s dominance against the alternative coins increased by 3% in favor of Bitcoin and stands at 40% at the time of writing the update.
Crypto Worldwide News
BTC ETFs have just been registered by the SEC! Very Bullish news! According to a post on Reddit, the Securities and Exchanges Commission (SEC) has registered Bitcoin ETFs. Exchange-traded-funds (ETFs) are marketable securities that track an index, a commodity, bonds, or a bag of assets like an Index Fund. On March 23, the exchange operator of CBOE Global Markets sent a letter to the SEC saying that they should not restrain the development of a Bitcoin exchange-traded-fund (ETF).
CFTC Commissioner Says Cryptos “Will Proliferate to Every Economy and Every Part of the Planet”. On June 4, the Commodities Futures and Trading Commissioner, Rostin Behnam, gave an amazing speech on cryptocurrency and the technology that powers it during the ‘Blockchain For Impact Summit’ that was held at the BFI United Nations in New York. He described the blockchain technology as a “modern miracle” saying that it is more than a technology. According to him, it is “an advance that touches every aspect of the human world.”
Thailand’s SEC Gives Thumbs Up To Big 7 (BTC, ETH, BCH, ETC, LTC, XRP, XLM). The Thai Security and Exchange Commission (SEC) released on Friday the details of a regulatory framework that will serve as a measure for cryptocurrencies and Initial Coin Offerings (ICOs). In the regulation, the SEC chose seven cryptos that will act as trading pairs for ICOs. The selected cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Ripple (XRP), and Stellar (XLM). Only these digital currencies were approved by the SEC because of their consensus credibility and liquidity as digital assets.
CFTC Commissioner: Bitcoin, Cryptocurrencies Are Not Going Away.  Rostin Behnam, a commissioner at the U.S. Commodity Futures Trading Commission (CFTC), has established a fact during the the Blockchain for Global Impact summit held at the UN Plaza that cryptocurrencies are here to stay. Benham believes that cryptocurrencies have the power to transform global economics and social landscape. “But virtual currencies may – will – become part of the economic practices of any country, anywhere. Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet… Virtual currencies could transform the economic and social landscape,” he said .
Bitcoin May Replace USD as Main International Currency, Says Top Merger Adviser. One popular debate in the crypto space is whether bitcoin can take the place of the dollar as an international currency. The U.S dollar has been a major vehicle currency for more than five decades. However, according to Ken Jacobs, CEO of financial advisory and asset management firm Lazard, that story could soon change any time soon because of the bullish trend of the crypto industry. “There’s enough technology out in the world today with cryptocurrency and changes going on that you can imagine if you let your mind wander a little bit, that something becomes an alternative in the future,” Jacobs told Bloomberg.
Korea Will Regulate Cryptocurrency Exchanges Like Commercial Banks, Legitimizing Industry.   The Korea crypto space is about to welcome new development as the Korea Financial Intelligence Unit (KFIU), and other local financial agencies are set to regulate the activities of cryptocurrency exchanges in order to avert any form of crime financing. The regulatory framework will be similar to banks, by imposing stricter anti-money laundering (AML) policies.  
South Korean exchange Coinrail got hacked. The crypto markets had a heavy drop with Bitcoin (BTC) price falling by 12%, after the hack of the South Korean crypto exchange Coinrail. Ethereum (ETH) and Ripple (XRP) were not spared of the drop as they both slumped by 10%. The exchange told users that it has been able to secure 70% of the total coin/toke and moved them to cold wallets losing about 2.6 billion Pundi X (NPXS) and some other tokens. The company says it has suspended all trading activities on the platform in order to review its security systems to make future hacking attempts more difficult.
German Banks Have the Right to Exchange Bitcoin, Ethereum to Euros on ATMs Says Regulator. The German Federal Ministry of Finance, Federal Financial Supervisory Authority (BaFin) has reportedly clarified that banks, under the supervision of the agency, have the legal right to exchange Bitcoin (BTC) and Ethereum (ETH) to euro on ATMs. All licensed banks are therefore eligible to upgrade their existing ATMs to support crypto to euro exchanges, but no bank has made such move so far.
Reserve Bank of India Admits Issuing Crypto Ban Without Research.  On April 5, 2018, RBI, the central bank of India issued a decree ordering all financial institutions in the country to cease providing banking services to crypto-related businesses and companies, giving the banks three months to comply with the directive. However, It has come to light that the central bank of India (RBI) did not carry out thorough research on the overall nature of digital currencies before issuing the crypto ban.
 
Chart Analysis
Bitcoin
The declines continue and the support areas from April are being examined, while checking the floor marked with a yellow graph around $6,100 – $6,500. At this extent, the support in these areas will not hold the exchange rate and is expected to continue its free fall to the support areas around $5,000 resistance. In these ranges its strong around $7,400.

Ethereum
Against the dollar we see a declining trend as its trading around $479 while approaching the support areas from April around $400. Resistance in this range at $550.

Against Bitcoin, with a moderate downward trend, the support is around 0.07 BTC and has for the time being built resistance around 0.08 BTC.

Bitcoin Cash
Against the dollar,  it declines like most of the market with its trading around $840. That makes it not far from the support range at $830. The next step is at $750 with resistance at $1,000.

Against Bitcoin, the price touched support around 0.13 BTC and tested resistance support at 0.14 BTC.

Ethereum Classic
In the past few days, the arena has added the currency to what attracted interest after a relatively dormant period. 
Against the dollar, after an ongoing correction, it seems to support long term holds around $10 – $12. It traded around $13.6 with resistance at $ 16.

Against Bitcoin, it traded around 0.0021 BTC with support at 0.0019 BTC while the resistance range is at 0.0025 BTC.

In front of Atrium, the gate reached the floor which we saw in February and looked like the beginning of a big volume trend reversal. The news from QINBASE was that it was trading around 0.028 ETH with support at 0.002 ETH and resistance at -0.03 ETH.

Icon
Against the dollar, it traded around $2, support in these areas have rallied at $2.5.

Against Bitcoin, it traded around 0.00031 BTC with support around 0.00029 BTC. Right near the support areas like we saw in April, with resistance at 0.00035 BTC after a failed breakout attempt at the end of May.

Against Etherium, it traded around 0.0041 ETH with support in this range around 0.0038 ETH and resistance at 0.0047 ETH. 

The post Market Update Report June.13 appeared first on CryptoPotato .

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