Bitcoin Cash Breathes a Sigh of Relief
A particularly testing last 24 hours ended in relief, with the South Korean government bringing to an end the speculation through Thursday of a likely banning of cryptocurrency trading and closure of South Korea’s cryptocurrency exchanges.
In spite of the clarification given by the South Korean government, Bitcoin Cash saw relatively minor gains in the early part of the day and well below Thursday’s pre-South Korean tumble levels, which suggests that there is likely to be more upside through the weekend, once the futures markets are closed…
At the time of writing, Bitcoin Cash was up 3.42% to $2,515.2
With Bitcoin futures January contract gaining just $230 to $13,550, the Bitcoin clan has been pinned back, with Bitcoin up just 1.55% to $13.449.29.
The smart money is likely to be a little wary, following yesterday’s events in South Korea, with the regulatory issue now a major concern for investors in general. The dust will certainly need to settle before investors regain confidence in the market.
For the rest of the day, Bitcoin Cash will need to break through to $2,700 levels to make a run at $3,000 through the weekend, with strong support at $2,300 levels, which was tested on Thursday.
Litecoin was left languishing not far off its 2018 lows, with the relief rally providing little to support through the early part of the day, in what should have been a far better start to the day.
At the time of writing, Litecoin was up 2.33% to $232.18, sitting well below Thursday’s opening $248.82, though the trend does look bullish with more gains likely to be on the cards through the middle part of the day.
Having recovered from an intraday low $220.2, Litecoin will need to break through to $240 levels to make a run towards the start of the week’s $270 levels, though when considering the downward trend through the week, there’s likely to be plenty of resistance at $240.
Recent news of Litecoin Founder Charlie Lee being accused of insider trading on Coinbase will certainly not help Litecoin’s cause. After all, where there is smoke there is fire.
Ripple managed to recover to $2.00 levels this morning, following a choppy Thursday that saw Ripple hit an intraday high 2.29696 before coming back down to earth, with the negative sentiment towards the cryptomarkets hitting the majors.
At the time of writing, Ripple is up 3.91% to $2.005, easing back from an intraday high $2.1867.
With news hitting the wires of MoneyGram looking to use Ripple for money transfers, there’s even more evidence that Ripple’s technology is here to stay. For investors looking to own a piece of an ever growing pie, Ripple’s XRP is perhaps less of a speculative investment than some of the others that have yet to hit market.
Sitting well below its record highs, it’s a long road to recovery for Ripple, but with the South Korean government having cleared the uncertainty behind the future of the exchanges, Ripple’s greater acceptance across the exchanges will be key to Ripple regaining 2nd place and having a run at the top spot.
This article was originally posted on FX Empire
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