Bitcoin and Ether Market Update: October 10, 2019

Total crypto market cap added $16.7 billion to its value since Monday, October 7 and now stands at $231.5 billion. Top ten coins are all in green for the last 24 hours with Binance Coin (BNB) and Bitcoin SV (BSV) being the best performers with 9.7 and 9.2 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $8,576 on the Bitstamp daily chart, while ether (ETH) stands at $194 and Ripple’s XRP climbed up to $0.278.

BTC/USD

Bitcoin stormed past the $8,000 support and fell all the way down to $7,850 on Sunday, October 6. The most popular cryptocurrency lost 3.6 percent on the day and ended the week 2.4 percent lower compared to the previous seven-day period.

After closing below $8k for the first time since June this year, the BTC/USD pair started trading on Monday, October 7 with a huge green candle. It gained 4.5 percent and moved up to $8,200, but not before hitting the $7,760 mark – right at our projected bottom of the downward correction.

On Tuesday, October 8, the coin broke above $8,300, but bulls were not able to hold to that level. They made a step back and closed the day at $8,175.

The mid-week session on October 9 was quite positive for bulls and bitcoin continued to rise. It closed at $8,596 with a 5 percent increase.

The central bank of Switzerland – the Swiss National Bank (SNB) announced a new partnership with the Bank for International Settlements (BIS), also known as the central bank of the central banks. The two institutions will jointly investigate the benefits of “the integration of digital central bank money into a distributed ledger technology infrastructure” as confirmed in the official press release from October 8.

The signed Operational Agreement on the BIS Innovation Hub Centre in Switzerland will be led by SIX Group, the local exchange, which currently lists few cryptocurrency-backed funds and exchange-traded products (ETP) and effectively means the group will be working on a concept of digital central bank money.

In its latest effort to promote crypto in China, one of the biggest cryptocurrency exchanges in terms of trading volume, Binance, announced a new peer-to-peer (P2P) service, which will support Bitcoin, Ethereum and Tether trading against CNY (Chinese Yuan). It is currently available for Android users with accounts older than 30 days.

ETH/USD

The Ethereum Project token ETH lost 3.4 percent of its value on Sunday, October 6 and dropped down to $170 closing the week flat.

The ETH/USD pair started the new week by regaining its position at $180. It gained 5.8 percent and for the fifth time for the last two weeks was in a situation to consolidate around the mentioned level.

On Tuesday, October 8, the coin moved up to $181 after peaking at $185 during intraday.

On Wednesday, October 9, we saw a confirmation of the uptrend and the ether climbed up to $193 and added 7.2 percent to its price.