The State of The Market — November 26, 2018BTC: $3,976.23 (+3.26%)XRP: $0.373221 (+6.65%)ETH: $114.62 (+3.53%)
The market is in green today, after touching new lows yesterday. However, over the weekend, Bitcoin crashed to a low of $3,520, and Ethereum dropped to an 18-month low of $98. While the market is experiencing a healthy correction today, it is still bearish in the short-term. Bitcoin is expected to drop further before the next major bull run begins.
In other news, the forked cryptocurrency Bitcoin Cash SV is up by 80% in the last 24 hours. It comes after Craig Wright confirmed that he will move away from the current conflict with Bitcoin Cash and focus on development. BCH SV reached a high of $118, while BCH ABC is trading at $183. Also, hacked cryptocurrency exchange Coincheck has added Ripple (XRP) and Factom (FCT). In so doing, the firm resumed its depositing and purchasing services for all tradeable digital currencies on its platform since it disabled them in January. The suspension came after hackers stole more than $500 million worth of NEM tokens from the exchange. Since then, Coincheck has been reintroducing its services gradually.
1) Bitcoin experienced its biggest weekly drop since 2013, going from $5,553 to a low of $3,520 last week. Bitcoin lost nearly 36% of its value in just one week. The previous biggest drop was in April 2013, when Bitcoin crashed from $165 to $91, losing 44.8% of its value. As per the 14-day relative strength index (RSI), Bitcoin is over-sold right now. However, it has failed to produce a strong corrective bounce yet, indicating the fall may continue. (Read More)
2) According to a recent report from, institutional trading platform Bakkt is on track to launch its Bitcoin futures platform. It recently delayed the launch from this year to early 2019. However, the platform is in its ‘phase 2,’ which includes partnerships with Microsoft and Starbucks. Bakkt will use Microsoft’s cloud solutions to build the platform. With Starbucks, Bakkt will create a system to convert crypto to fiat. Additionally, customers will be able to pay for their coffee using digital currencies. (Read More)
3) The U.S. state of Ohio is on course to become the first state to accept Bitcoin payments for tax bills. The Wall Street Journal (WSJ) recently reported that local businesses will be able to register on OhioCrypto.com where they can also pay their sales and employee withholding taxes with Bitcoin. Ohio state Treasurer Josh Mandel said that the program will help Ohio fast track cryptocurrency adoption and he is on record as saying, “I do see [Bitcoin] as a legitimate form of currency.” Tax payments made in Bitcoin will be processed by BitPay, and the holdings will be converted to USD. The U.S. states of Georgia, Arizona, and Illinois are also considering whether or not to accept Bitcoin payments for taxes. (Read More)
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