First posted at https://ethereumworldnews.com/bitcoin-tanks-low-as-7700-brutal-sell-off-recovery-hope/

Since our last market update, Bitcoin hasn’t fared any better; just minutes ago (as of the time of this article’s writing), the cryptocurrency was trading at $7,700 — the lowest the asset has traded at since mid-January, amid the breakout that brought it as high as $10,500.

This means that at the worst of the sell-off today, BTC had posted a nearly 17% loss from the $9,250 high seen on Saturday just 36 hours earlier. Ouch…

This whole sell-off liquidated more than $200 million worth of BitMEX long positions, which were squeezed out by the rapid sell-off, which undoubtedly caught many traders with their pants down, so to say.

Bitcoin’s crash comes as global markets have entered a state of turmoil, evidenced by the fact that the futures of the S&P 500 and Dow Jones hit their limit down at 5% before the official trading day actually opened.

Although almost all markets (save for gold and Treasuries) seem to be in the same spot — in the midst of a downtrend — some have begun to hope that Bitcoin is going to bounce in the coming days. Here’s more on why this could be the case.

Bitcoin Could Soon Be In For Bounce, Multiple Analysts Conclude

For the past few weeks, $7,700 has been marked as an absolutely key price point for Bitcoin, seemingly because it has been a key level over the past few months, acting as support in September and October 2019 and as resistance in December.

This led many to suggest that Bitcoin could soon recover from these levels. Prominent cryptocurrency trader Mayne wrote: “If you wanna catch the knife this is where you do it IMO.” This was echoed by TraderXO, who wrote that he “longed $7,700,” seemingly agreeing with Mayne’s assessment that the cryptocurrency could find some bid in the coming hours and days from this crucial price point.

#Bitcoin

If you wanna catch the knife this is where you do it IMO. pic.twitter.com/b6GxBu4F95

— Mayne (@Tradermayne) March 9, 2020

Josh Rager corroborated this, writing around six hours ago that there is a Point of Control and support between $7,700 and $7,995, again giving credence to the theory that this is where Bitcoin could bounce.

Notably, while these traders may be buying these levels at current, there are no signs that BTC is going to go back into a full-blown bull market after the potential bounce.

With BTC’s weakness over the past few weeks coinciding with a similar tumble in the stock market, many have concluded that the cryptocurrency is currently trading as a “risk-on” asset.

This means that the fears that the stock market may fall further in the coming weeks could lead to a similar drawdown in Bitcoin and other cryptocurrencies.

Photo by André François McKenzie on Unsplash

First posted at https://ethereumworldnews.com/india-watershed-crypto-ruling-isnt-win-yet/

Last week, Bitcoin bulls celebrated when it was revealed that India’s Supreme Court on Wednesday reversed anti-crypto restrictions placed on the industry by the nation’s central bank, the Reserve Bank of India.

This move allowed banks to once again facilitate transactions with and offer services to industry entities once again, “removing a major hurdle for the development of the sector,” as put by Reuters.

As RBI’s ban forced many exchanges, ATM operators, projects to look for opportunities elsewhere, the reversal of the restriction has been seen as a massive win for Bitcoin adoption in India.

Unfortunately, it isn’t that simple; reports say that the Indian central bank is looking to fight the watershed ruling by India’s Supreme Court.

India’s Central Bank Still Wary of Crypto

According to a report from The Economic Times published late last week, insider sources (“people familiar with the matter”) say that the RBI is looking to file a petition in the Supreme Court regarding the reversal of the crypto ban.

The outlet further wrote that the sources believe the central bank is doing this because it believes a reintroduction of cryptocurrencies into the economy could pave the way for digital asset trading and may put the banking system at risk.

It wasn’t explained if RBI has any grounds to issue such a petition against the ruling, though the article made it sound like the Supreme Court has the upper hand, explaining that the judges said that the crypto ban was unconstitutional and added that banks involving themselves with cryptocurrency firms was not a damaging act in any direct way.

Interestingly, crypto firms to be ignoring the potential threat of a reversal of the reversal, so to say, with some exchanges already opening up Bitcoin services to Indian clients once again.

Indeed, should the Supreme Court ruling be kept in place, it will likely have a large effect on all cryptocurrencies.

XRP, especially, could benefit. Credible Crypto, a prominent industry commentator and trader, explained:

“Regulatory clarity was the final piece of the puzzle that was holding Ripple back from going after the Indian remittance market aggressively. Great for XRP.”

Indeed, the newfound clarity may assuage fears that using a cryptocurrency-based international payment system like Ripple’s On-Demand Liquidity system is a viable option.

Featured Image from EWN archives

First posted at https://ethereumworldnews.com/one-xrp-top-proponents-folds-crypto-market/

If you were following cryptocurrency in 2017 and 2018, you likely know of Tiffany Hayden. For some reason or another, she managed to gain a massive following on Twitter — I’m talking about tens of thousands of fervent followers — while discussing XRP and Ripple, touting sentiments like how she expects for the cryptocurrency and the company to revolutionize banking.

Though, this changed just recently, with Hayden announcing that she has sold all of her XRP due to a number of issues with the cryptocurrency and the community surrounding it.

Top XRP Proponent Folds

The divorce began late Sunday, when the once-passionate believer said that she is “not hold XRP anymore, so find something else to talk about,” pointing to a message she got from her mom discussing the cryptocurrency and how she was a topic of discussion. “F**king pathetic,” she added, explaining in a later tweet that she’s been subject to much backlash from people in the community who “demonize” her:

I’m not holding $XRP anymore, XRP supporters, so find something else to talk about.
From my mom just now. So fucking pathetic. pic.twitter.com/g9Jtoey5sC

— Tiffany Hayden🧢 (@haydentiff) March 9, 2020

Hayden added that her loss of faith in the cryptocurrency and the community came after she tested running a validator node, showing that she was committed until she realized there were flaws she didn’t know of.

They attacked my character for almost a year for revealing the network was fragile, came close to halting, and that when I spun an expensive validator to help, was excluded because the dUNL has gatekeepers.

Importantly, it doesn’t seem like Hayden’s decision to fold out of her XRP positions and the community is a response to the crypto market crash that has taken place over the past few days, though her leaving does mark a larger trend of “capitulation” across the industry.

Larry Cermak, Director of Research at The Block, was critical of this latest development in the Ripple ecosystem. Explaining that this may be a precursor to a larger capitulation amongst believers in XRP, he wrote:

After years of endlessly shilling it and going against everyone that criticized XRP for its obvious problems. A lot of people lost a lot of money but oh well. The thing is that even the most convinced believers will eventually get tired of Brad Garlinghouse endlessly dumping on them to continue making himself richer. Expect a lot more of this in the future.

As of the time of writing this, the price of the cryptocurrency is down 5%, falling to $0.20 for the first time in weeks.

Featured Image from Unsplash

First posted at https://ethereumworldnews.com/analyst-who-predicted-xrp-rally-expects-crash/

Although Bitcoin remains up on the year, XRP hasn’t fared as well; the third-largest cryptocurrency, per data from CoinMarketCap, is down over 40% from its $0.34 high seen in the middle of February, posting a small loss since the year started.

Unfortunately, analysts across the board only expect XRP to trend lower in the coming days, citing a flurry of scary technical signs.

XRP Could Fall Lower, Analysts Warn

Magic, a controversial and active crypto analyst, recently shared an extensive XRP analysis published to TradingView, sharing that the asset may be on its way to test the $0.15 to $0.16 region in the coming days — around 25% than the current market price of $0.20.

He explained in the post that the cryptocurrency has “clearly broken down from a head and shoulders pattern,” all while the asset has ” failed miserably to recover above the 61.8% Fibonacci retracement level.”

This, he claims is a sign that the cryptocurrency could fall to $0.15 to $0.16, which is where there exists diagonal support, the bottom of a falling wedge that has constrained price action for years now.

Magic’s analysis is relevant as he has been extremely accurate in calling XRP’s price action over the past three months; at the start of December, he predicted that the cryptocurrency would bottom around $0.17 (it did just two weeks later), then rally some 100% to $0.34 by February (it did just as he expected).

His track record with analyzing XRP may add credence to his theory that the cryptocurrency is ready to retrace to $0.15 to $0.16.

Notably, while the analyst has a short-term target of $0.16 for XRP, he recently flipped long-term bearish on the cryptocurrency market, sharing in a number of scathing messages that he expects Bitcoin to strongly underperform due to the lack of adoption and the potential recession brewing, evidenced in the weakness in traditional assets like oil and stocks (S&P 500, Dow Jones, etc.)

All Eyes on Bitcoin (And Traditional Markets)

While Magic seems certain XRP will fall further, its price action is somewhat dependent on Bitcoin.

And fortunately, analysts are getting bullish on the cryptocurrency once again.

Per previous reports from Ethereum World News, prominent cryptocurrency trader Mayne wrote: “If you wanna catch the knife this is where you do it IMO.” This was echoed by TraderXO, who wrote that he “longed $7,700,” seemingly agreeing with Mayne’s assessment that the cryptocurrency could find some bid in the coming hours and days from the crucial price region around $7,700.

#Bitcoin

If you wanna catch the knife this is where you do it IMO. pic.twitter.com/b6GxBu4F95

— Mayne (@Tradermayne) March 9, 2020

Featured Image from Unsplash