Bitcoin Continues To Survive the Free Fall MarketAugust 22, 2019
The price of the Bitcoin went down by8% on Wednesday, thereby falling down to a five day low. The price was at $9,936. ETH and Ripple as well fell by 7%.
Mark Mobius, legendary investor calls cryptocurrencies “psycho currencies.” He opines that the coming of these asset types will push the price of gold and other hard assets further higher. He also added, “I call them psycho currencies because it’s a matter of faith whether you believe in Bitcoin or any of the other cyber-currencies.”
Earlier Mobius supported cryptocurrencies and stated that cryptos fulfil the desire among people to be able to transfer money confidentially and efficiently, and therefore he expected the cryptos to be “alive and well.” However, now, he has a different view. He stated, “I think with the rise of [Bitcoin], there’s going to be a demand for real, hard assets, and that includes gold,” he added.
Despite all this, Bitcoin is continuing with its reputation as a safe-haven asset, and this trend has been ignited by the Dovish policies of the Central Banks. Macro-economic factors are also contributing to the price hike.
“Bitcoin has the potential to perform well over the course of normal economic cycles as well as liquidity crises, especially those involving currency devaluations […] [it has] store-of-value characteristics similar to real assets like gold, with hard-money attributes like immutable scarcity.”
Ethereum is awaiting its crucial next break. ETH has started with a downside correction, and it has tested the $202 resistance area versus the USD. The next break is expected to be above $200 or below $192 in the near term. The next major hurdle for the bulls is expected to be at the $215 level.
Ripple has been bearish for over a day now with the price reaching below its critical support at $0.27. The rebounds have been very meek, and the token needs to make a robust recovery. Despite the technical picture being positive, the token is facing a lot of selling pressure.
Tron is now tumble trading down to its previous lows. The $0.20 demand zone has been tested twice. The market is in free fall, and if this continued, the price would touch $0.012 demand zone. The RSI for the token indicates that it is being oversold. The selling pressure for this token is reaching a stage of exhaustion.
Rakuten, Japan is launching its crypto exchange, and users can now buy, sell and exchange ETH, BCH, and BTC.