(06 SEPTEMBER 2018)DAILY MARKET BRIEF 1:Cryptos in free-fall

(06 SEPTEMBER 2018)DAILY MARKET BRIEF 1:Cryptos in free-fall

6 September 2018, 14:37
Jiming Huang
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Cryptocurrencies faced another sharp sell-off this week, with Bitcoin dropping from $7,370 to $6,420 in less 24 hours. The entire market was dragged in negative territory as optimism about positive development in the legal environment for cryptos. The total market capitalisation slid to $202bn, down $37bn in the last day. Ethereum also fell off a cliff as it hit $210 this morning, the lowest level since September last year.

Investors’ optimism continues to fade away as regulators persist to refuse Bitcoin a legitimate status. Persistent uncertainties in the regulatory environment have convinced Goldman Sachs to reduce its level of ambitions regarding the creation of a crypo exchange. The bank has not closed the door but is readjusting its scope.

From a technical standpoint, the top of the multi-month downtrend channel continues to act as a strong resistance (currently around the $7,500 level), while on the downside, the $5,600-$5,700 support area is still holding. In the short-term, we expect Bitcoin to continue grinding toward the $6,000 level before bouncing back toward the $7,500 resistance.

By Arnaud Masset

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