Bitcoin Price Driven More by Speculation Than Utility: BitPay CEO

BitPay CEO Stephen Pair has stated that speculation drives a substantial part of bitcoin’s current valuation, while the actual use of the crypto market leader as a currency is responsible for only a relatively small fraction of its price. Speaking on CNBC’s Squawk Box, Pair revealed that BitPay intends to change this situation significantly over the next few years. In his words: “A very big component of the price is certainly speculation. It’s investors speculating on the future usage and adoption of this technology. A small component of the price…

Bitcoin Price Watch: BTC Sellers Target Breakdown Below $3,000

Key Points Bitcoin price declined further and broke the $3,295 and $3,200 supports against the US Dollar. There was a break below a major contracting triangle with support at $3,355 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price traded to a new weekly low at $3,150 and it is currently correcting losses. Bitcoin price declined below the $3,200 support recently against the US Dollar. BTC could continue to face a lot of selling interest near the $3,350 and $3,375 levels. Bitcoin Price Analysis Yesterday,…

Ripple Price Analysis: Break Below $0.2900 Could Speed Up XRP Losses

Key Highlights Ripple price seems to be struggling to clear the $0.3100 resistance area against the US dollar. There is a key bearish trend line formed with resistance at $0.3025 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could decline heavily if there is a break below the $0.2900 and $0.2880 supports. Ripple price is under pressure against the US Dollar and Bitcoin. XRP/USD failed to move past $0.3100 and now it could decline further towards $0.2650. Ripple Price Analysis There was a decent…

Ethereum Price Analysis: ETH Could Extend Losses Below $80

Key Highlights ETH price failed to recover above the $90 resistance and declined recently against the US Dollar. There is a new connecting bearish trend line formed with resistance at $89 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to decline further below the $83 and $80 support levels in the near term. Ethereum price declined further below key supports against the US Dollar and bitcoin. ETH/USD could accelerate losses if there is a break below $80. Ethereum Price Analysis Recently, there was a…

Bitcoin Price Reverses as [Another] Breakout Attempt Fizzles Out

The bitcoin price failed to extend its bounce once again, weighed down by weak bulls. The BTC/USD rate on Thursday dropped as low as 5.38 percent from its intraday high at 3488-fiat. The pair at press time is forming lower lows towards 3300-fiat on a strong volume jump on Coinbase. It expects to extend its downside momentum even further, with the near-term momentum readings clearly entering inside the oversold area. A weak support wall is lingering at 3295-fiat which, if broken, would confirm a drop towards the 3210-3250-fiat area. BTC/USD…

Crypto Loses $14 Billion 1 Week, Bitcoin Will Likely Avoid Drop Below $3k

Over the past 48 hours, the Bitcoin price has stabilized at around $3,400 after dropping to a new yearly low at $3,210 on December 7. On a weekly basis, Bitcoin (BTC) is up six percent from $3,210 to $3,400 but the cryptocurrency market has lost $14 billion of its valuation against the U.S. dollar mostly due to the underwhelming performance of major digital assets and the plunge in the value of ERC20 tokens. The Ethereum price has also recovered slightly by a similar magnitude as Bitcoin, with Ethereum (ETH) recording…

Bitcoin Price Watch: BTC Sellers Targets Fresh Weekly Lows

Key Points Bitcoin price failed to break the $3,475 and $3,485 resistance levels and declined against the US Dollar. There was a break below an ascending channel with support at $3,405 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price may continue to move down towards $3,255 or it could even decline to a new weekly low. Bitcoin price struggled to gain pace above $3,475 and retreated against the US Dollar. BTC remains at a risk of more declines below the $3,250 support level. Bitcoin…

Crypto Market Update: EOS, Bitcoin Cash, Tron (TRX), ADA Price Analysis

Key Points The total crypto market cap broke the key resistance level near $105.00B. EOS price is up around 3%, but it is still trading below the $2.00 resistance. Bitcoin cash price is currently consolidating just below the $100 resistance area. Tron (TRX) remained confined in a tight range above the $0.0130 support. Cardano (ADA) price moved back above $0.0300 and gained close to 3% recently. The total crypto market cap moved higher recently above a key resistance. Bitcoin, Ethereum and altcoins like EOS, Tron (TRX) and Cardano (ADA) may…

Ripple Price Analysis: Risk of Bounce Grows In XRP Above $0.3100

Key Highlights Ripple price traded higher recently above the $0.3060 resistance against the US dollar. This week’s important bearish trend line was breached with resistance at $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to climb higher above the $0.3090 and $0.3100 resistances in the near term. Ripple price is showing a few positive signs against the US Dollar and Bitcoin. XRP/USD could dip slightly before an upward move towards the $0.3100 and $0.3150 levels. Ripple Price Analysis After forming a…

Ethereum Price Analysis: ETH at Potentially Significant Turning Point

Key Highlights ETH price remained in a bearish zone and it is currently trading below $90 against the US Dollar. This week’s followed important bearish trend line is active with resistance at $90 on the hourly chart of ETH/USD (data feed via Kraken). The pair may decline in the short term towards the $85 level or the $82 support zone. Ethereum price failed to extend gains and declined against the US Dollar and bitcoin. ETH/USD might continue to face sellers near the $90 and $92 resistances. Ethereum Price Analysis There…