SCI Daily: Holding strong.
August 30, 2018
Bitcoin (BTC) is slightly lower today but managed to stay above $7,000 as traders stay put and wait for new developments or catalysts that may affect the price of Bitcoin and crypto. Immediate support is seen at the $6,900 level, where BTC consolidated before running past $7,100. The broader cryptocurrency market also slightly corrected overnight.
Support levels are at $6,900 and $6,700 while resistance is at $7,200
BTC/PHP: 389,200 / 362,000
USD/PHP: 53.70
BTC Market Cap: $122B
Crypto Market Cap: $230B
News:
Yahoo! Finance has now allows its users to buy and sell Bitcoin, Litecoin, and Ethereum directly from their platform. In addition, the website is also including statistics for other cryptocurrencies such as Bitcoin Cash, Ethereum Classic, and EOS.
Terra, a stablecoin, has announced that it has raised over $32 million in its seed funding round with Binance Labs, OKex, Huobi, and Upbit. Terra will be backed by Luna, an asset that derives its value from transaction fees collected on the network. With other stablecoin competitors such as Tether, Terra aims make e-commerce integration its main selling point. Beta testing for the payment system begins Q4 of 2018.
The Blockchain Transparency Institute (BTI) has published a research report that claims that trade volumes on top exchanges are overstated. BTI estimates that every 24 hours, over $6B worth of trade volume is faked, and over 67% of daily volume are being wash traded in the top trading platforms. Top exchanges with large discrepancies include Huobi, OKex, HitBTC, and Upbit.
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