The first day of the new week seemed to give signs of reaction but immediately the green signs gave way for most of the 30 cryptocurrencies.
Today Bitcoin Diamond (BCD) stands out as the best of the top 100 on the list with a rise of 30%. Performing well are also Dash +8%, Dogecoin (DOGE) +7% and Iota (MIOTA) +4% from yesterday morning levels. Rises that should not be misleading as they come after a week of fire and blood. Among the most obvious drops emerge Ripple (XRP), Stellar Lumens (XLM), Cardano (ADA) and Zcash (ZEC) with falls between 2 and 3% from yesterday morning levels.
Over the weekend the Bear continued to hit hard closing the 7-day balance with an average drop of 15% for the main cryptocurrencies.
Despite the return to the levels of mid-August, area 6100 dollars, bitcoin is among the best to limit the damage with a total decline of 12%.
The loss of Ethereum, on the other hand, is pitiless, losing more than 30% since last Sunday.
The total capitalization returns to break down the threshold of 195 billion dollars, reviewing the dangerous levels of mid-August.
Despite the difficulties and the return of prices close to the annual lows, bitcoin is the safest crypto and continues to gain dominance which in recent hours rose to 56%.
September 2018 seems to want to replicate the volatility of last year, decidedly increased during the last week.
The middle of September 2017 was characterized by the explosion of volatility caused by the ban that the Chinese government imposed on all exchanges on its territory, prohibiting all exchanges and sales.
Until then, trading in the Chinese currency Yuan dominated daily world trade, while today it occupies a marginal 1% of all bitcoin transactions.
The current phase, on the other hand, seems to focus on the future of ICOs, which are increasingly being regulated around the world.
Tensions that are putting in difficulty the teams of some ICOs launched in the last year that to ‘get cash’ are liquidating millions of Ethereum helping to aggravate the recent collapses.
In the last few hours, important news has begun to circulate that will certainly affect the sector in the future and will probably be followed by other investment banks if the SEC grants its approval.
According to an anonymous source that became aware of the plans, the Manhattan-based banking giant Citigroup is developing a product aimed at hedge funds and management companies, issuing receipts for digital assets, called DAR – Digital Asset Receipts – similar to ADR – American Depository Receipts – a tool that allows citizens and residents of the United States of America to trade foreign securities without the necessary ownership of the entire underlying held by the bank.
After slowly gaining ground from the lows of August 14 and reaching a peak period just above 7400 dollars last Wednesday, prices began to fall, losing, in only 72 hours, 80% of all the previous movement. We return to test the fateful threshold of 6000 dollars, now a crucial support in the medium to long-term. A possible break, or rather an extension below 5700 dollars, could cause strong tensions and coverage of the bullish positions of the last daredevils who have so far defended the positions in charge.
The position of the second best known and most traded cryptocurrency worsens. The breaking of the last average support, set at 200 dollars, pushed prices down to 185, thus marking a drop of more than 86% from the absolute highs of early January. Levels of July 2017 are being revised generating the worst collapse in its history. The current conditions do not provide any positive elements. It will be necessary to wait for the next few days, or weeks, to seize any favourable technical or fundamental signals to attract the Bulls.