Bitcoin and Ether Market Update: October 31, 2019

Total crypto market cap lost $7.5 billion of its value since Monday, October 28 and now stands at $244.8 billion. Top ten coins are all in red for the last 24 hours with Bitcoin SV (BSV) and TRON (TRX) being the worst performers with 4.6 and 4 percent of loses respectively. At the time of writing bitcoin (BTC) is trading at $9,110 on the Bitstamp daily chart, while ether (ETH) stands at $182 and Ripple’s XRP stays around $0.293.

BTC/USD

Bitcoin formed its third consecutive green candle on the daily chart on Sunday, October 27 and moved up to $9,550 closing the 7-day period with a 16.5 percent increase.

The BTC/USD pair opened the new trading period on Monday, October 28 with a slight correction. It erased 3.4 percent of the total capitalization and dropped to $9,222 even though bulls were able to push the price up to $9,946 during intraday.

On Tuesday, October 29, the coin recovered for the loses registered during the previous session and closed at $9,420. It was already obvious that neither bulls nor bears were able to for a definitive trend and the levels near $9,000 will be crucial for the mid-term.

The mid-week session on October 30 was no different as sellers temporarily took over control and brought the most popular cryptocurrency back down to $9,154. This time, however, they were able to briefly break below the $9,000 support.

In the early hours on Thursday, October 31, the coin is trading in the $9,100 zone.

Bitcoin mining equipment manufacturers are on the move.

On October 30, the local Chinese media Tencent News reported that the industry leader Bitmain Technologies has secretly filed an Initial Public Offering (IPO) application with the U.S. with the Securities and Exchange Commission (SEC). According to sources, the German multinational bank Deutsche Bank is among the main sponsors of the listing.

A few days earlier, on October 28, Bitmain’s main rival, Canaan Creative publicly filed for an IPO with the SEC in an attempt to raise $400 million from investors. The company will be listed on the Nasdaq exchange under the symbol “CAN.”

ETH/USD

The Ethereum Project token ETH broke above the critical level of $180 on Sunday, October 27 and closed the day and the week at $184 or 5 percent higher compared to the previous 7-day period.

It peaked at $190 on Monday, October 28, but still ended the session with a small loss to $182 under bear pressure.

On Tuesday, October 29, the ETH/USD pair added 4.3 percent to its value and climbed up to $190, successfully defending the $180 support. The next target for bulls was to surpass and hold $190 in order to confirm the mid-term uptrend.

On Wednesday, October 30, however, the ether formed a similar candle on the daily chart, but in the opposite direction, completely erasing its gains from the previous session. It closed at $183 while touching the $180 mark during intraday.

In the early hours on Thursday, October 31, the ETH is trading at $182.