Market Analysis

Bitcoin, Ethereum, Ripple Price Analysis for the week August 27 to September 02

from Coin Gape 5 years ago 0 0 805

Bitcoin adoption just gets real as fruit and vegetable vendors accept cryptos. Yahoo Finance integrates trading for cryptocurrencies. Firefox blocks cryptojacking to protect its users from Malware. Volkswagen partners with IOTA for “DigitalPass” blockchain application. Silkroad Bitcoin wallet activates again as huge funds in BTC and BCH are transferred.

Nasdaq joins the race of federal regulated cryptocurrencies. Bitcoin-friendly Square wins a new patent for crypto payment network. PundiX enters Brazilain Markets with its POS hile Tron launches its TVM

In a real-world adaption of Bitcoin and its usage as fiat currency took a giant leap, the Bessarabian market in Ukraine’s capital Kiev allowed people to buy fruits and vegetables in Bitcoin and other cryptos through the crypto payment processor, Paytomat that support 11 cryptocurrencies. According to its website, Paytomat currently supports Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Nano, Decred, Dash, ZenCash, ZCoin, Dimecoin, Waves & NEM. This is apparently an experimental stage where customers can spend their cryptos for fruits and vegetables.

In another big news this week, Yahoo Finance recently integrated trading of bitcoin, litecoin, and ethereum. This is in addition to statistics which are available on the platform for other crypto tokens which are currently not tradable, including bitcoin cash and EOS. Given the prominence of Yahoo Finance, many in the digital currency community are heralding this development as an important one in the movement of cryptocurrencies toward the mainstream.

The popular browser developer Firefox has announced that it will take new steps to prevent crypto jacking and other forms of illicit crypto mining in future iterations of its program. Cryptojacking, the process by which malware infiltrates a victim’s computer to utilize processing power to mine for digital currency which is then retained by an outside source, has long been a concern in the digital currency community. This has been a particularly relevant problem for susceptible web browsers and websites. Users unwittingly navigate to an affected site, and then nefarious programs affiliated with the site harness the users’ processing power to mine for tokens. But this step Firefox users are secure of this mischievous exercise carried out by sophisticated hackers.

In a recent move to take blockchain to auto industry, Volkswagen has partnered with the IOTA project to launch its first working product called Digital CarPass- which is like a report card for a vehicle that uses a distributed ledger to ensure data such as mileage is reliable.

According to a post of Reddit, as per the recent transaction data, a popular darknet site Silk Road which sells drugs online seems to have moved USD 1 billion worth bitcoin from its cold wallet. This is the first time the wallet has got active since March 9th, 2014, which is some months after the sight was pulled down by FBI. This movement is anticipated to be leading to a huge dump by some crypto analysis. If sources are to be believed The NASDAQ is attempting to be the first mover in crypto exchange governance, order execution, and at the forefront of institutional movement into the crypto ecosystem. While there have been announcements of other headlines connected to global exchanges getting into crypto waters via partnerships and futures trading. Square too tires to get crypto payment to POS as it secures a patent that will allow its merchants to accept payments in currency as well as digital assets.

Square which has over 2 million merchants, says that that crypto payments will also be processed at the same speed as traditional transactions like credit card payments. In other news, regarding cryptocurrency being used at POS PundiX entered the Brazilian market with a partnership with BitCapital the largest OTC dealers in Brazil for cryptocurrencies. Tron too held a global launching event for the TRON Virtual Machine (TVM). TVM is a virtual machine built by TRON Foundation for the purpose of making the TRON’s ecosystem bigger and better.

Bitcoin [BTC]

One of the few weeks when Bitcoin sees a 10% rise. After being in the oversold territory for an over a week, BTC bounced back as shorts were covered and people started buying it. The ETF rejection going underway reconsideration also played a catalyst in buying. The prices hit the high point of USD 7,242.29 and the lowest point of USD 6,689.71 during the week. Apart from the outliers of BitMEX and BitForex that had volumes of 25.55% and 31.83% respectively, the exchanges that were more active, in volumes, with BTC across various pairs this week were, Binance (2.34%), BitFinex (2.13%), Bithumb (1.80%)

In analysis, Researchers at Element Digital Asset Management, a consulting firm that offers cryptocurrency market advisory services, recently pointed out that bitcoin (BTC) has remained within the $5,500 to $8,500 price range for over three months now. According to the asset manager, this is a sign short-term traders have been dominating the crypto market.

Also, read: Bull Rally Here? Altcoins Making a Spectacular Recovery as Bulls Charge at Full Blast

Ethereum [ETH]

Ethereum finally came out of the slump as it rose 8.74% on the back of some technical factors. Ether prices, on the top, this week were at USD 301.14 and were at lows of USD 273.65 being pretty much in this range. The markets that were more active, in volumes, with ETH across various pairs this week were DOBI Trade (6.68%), OKEx (3.12%) and Huobi (2.66%) again BitForex being an outlier 36.53%

In the news that surrounded Ethereum, The Chicago Board Options Exchange (CBOE) may be close to enabling the trading of futures for Ethereum (ETH) on its platform. This was revealed in a report from the specialized portal Business Insider, in which they mention that CBOE Global Markets, would be “ready” to make this business move soon.

Ripple [XRP]

XRP too saw some positive move this week as the coin moved nearly 7 %. On the top, this week the prices of XRP were at USD 0.356798 and towards the bottom, it quoted USD 0.323066. The exchanges that were more active, in volumes, with XRP across various pairs this week were Bitbank (19.76%), Huobi (10.05%) and HitBTC (7.16%)

XRP had some great news this week as Ripple is bridging that gap with RippleNet which offers SMEs a competitive edge for global payments. This week has been one seminal event in the history of XRP. 2 transactions under 10 minutes moved 6.7 billion XRP tokens amounting close to USD 2.1 billion as reported by Twitter Bot @XRPLMonitor. First, it was 2.1 bn XRP and the second was even bigger the move was around 4.6 billion XRP.