They will reportedly be using a so-called "phased approach" for United States dollars trading as the process takes a "gradual approach to ramping up these markets in order to ensure quality in processes and systems before making them available to qualified customers". Major Altcoins like Ethereum, ripple, EOS and litecoin also followed BTC/USD's decline and tumbled.
In conclusion, Michael Arrington, founder of TechCrunch and Arrington XRP Capital hedge fund, thinks that XRP (XRP) outperforms Bitcoin (BTC) and Ethereum (ETH) regarding transactions speed and fees, a feat that, at the moment, can't be matched by BTC or ETH.
"Hashrate is one of the key indicators of the Bitcoin's network strength and I'm extremely surprised to see that with the steady increase in hashrate we have seen the Bitcoin price drop back down to $7,000". Investors seeking to trade should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as GDAX, Changelly or Coinbase. All top ten altcoins are now in the red with MIOTA, EOS, and XRP leading the way in 24-hour price percentage declines. More importantly, there was a break below a crucial bullish trend line with support at $6,800 on the same chart.
At the moment, the price is testing an important support at $6,400, which was a pivot level and a support earlier.
The value of a single Bitcoin nosedived to $6,890 on Bitfinex yesterday (Sunday), which is its lowest price since July 17, before recovering somewhat to end the day (as per UTC) at $7,025.
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In the past couple of weeks, bitcoin's market share has soared to its highest level all year to around 48 percent, Lee said. Later, the price started an upside correction and traded above the $580 level.
However, the BTC price may likely fall again to the previous low of $6,000 because it was a support level. There was even a break below the $350 support and a new monthly low was formed at $346. It represents the 38.2% Fib retracement level of the recent decline from the $712 high to $565 low.
However, despite its tepid performance recently, Lee remains hopeful.
XRP traded as low as $0.3198 and is now consolidating losses.
VeChain (VET) traded 3.3% lower against the dollar and now trades at $0.0129 or 0.00000192 BTC. However, after the quick dip, BTC/USD prices moved back up to the $7,140 region for a short period of time.