Yesterday, we saw a decent rise in the price above the $4400 level against the US Dollar. Today, Bitcoin price has made a much needed pull back and is back to the support levels of ~$4300. There is a good chance the price is weighed down due to traders wanting to make quick profits and minimize the risk.
Stochastic is turning lower to signal a return in bearish pressure — possibly triggering another test of support at $4100. Though, it is also indicating the return of buying pressure.
Other factors for the current price decline could be attributed to the terror attack in Barcelona and the political risk stemming from the US government. There have been talks that senior officials are planning to resign Trump’s council.
Top Stories from the Crypto World
1. Bitcoin Cash (BCH) price rose above $500
The news has it, Bitcoin Cash is now more profitable to mine than legacy Bitcoin. At the time of writing, BCH is up 70% in the last 24 hours, sitting at $509. Bitcoin price, on the other hand, looks quite steady. Just goes to show there is no correlation between the two.
The largest Bitcoin Cash market by-volume is Bithumb, which accounts for roughly 30 percent of the global trade. More than $600 million worth of BCH have been traded in BCH/KRW as per Coinmarketcap.
2. 0x raises $24 Million in ICO
The decentralized exchange protocol 0x has raised $24 million in an initial coin offering (ICO). 0x aims to provide an exchange layer for ethereum-based tokens under the ERC20 standard.
3. Australia is inching towards legalizing Bitcoin
Australian senators from different political parties have called on the Australian central bank to consider formally legalizing Bitcoin. Labor Senator Sam Dastyari and Liberal Senator Jane Hume have joined forces to ask the central bank to:
“Embrace Bitcoins as an official form of currency or risk the future competitiveness of Australia’s $145 bln a year financial services industry.”