Bitcoin fell more than $3,000 since Wednesday
- The entire crypto market is undergoing a downside correction
- Fidelity Digital Assets will support Bitcoin and Ethereum for retail clients
- EOS delisted from Binance P2P platform
At the beginning of the week cryptocurrencies managed to make a strong rally regardless of the sectors. Bitcoin pushed towards its former all time high near $20,000 — last seen in December 2017 only to plunge on Thursday in a sell-off that saw other digital assets fall more than 20%. Fears over tighter crypto regulation and profit-taking were among the reasons cited for the sudden drop. Coinbase Chief Executive Officer Brian Armstrong explained via Twitter that current Treasury Secretary Steve Mnuchin is accelerating the introduction of a regulation that would undermine anonymity in digital transactions. The capitalization of all digital assets in circulation decreased to 500 billion, while an average daily trading volume is registered at $235.9 billion. Bitcoin's market dominance decreased to 62.2%.
Fidelity Digital Assets will add Ethereum after Bitcoin
Fidelity Digital Asset Services, which handle cryptocurrency custody and trade execution for institutional investors announced that the investment company would someday look to serve retail customers too. Christine Sandler, the Head of Sales and Marketing at Fidelity Digital Assets said that the company is constantly looking at the retail sector to see how the firm could enter the market. Fidelity believes that by serving retail clients, the firm can improve its crypto service offering too. Company is also planning to support other cryptocurrencies besides Bitcoin. According to Sandler, the company has to look to expand trading opportunities for their customer base. Sandler also said that company plans to support Ethereum in the future but provided no approximate date for it. Also Fidelity plans to launch a Bitcoin index fund. With a minimum entry level of $ 100,000, this offering will also be geared toward institutions and accredited investors that can't get exposure to Bitcoin directly for some reason, said Sandler.
BITCOIN recovered from the dip to $16,200 and is currently testing $ 16,800 support level. However some analysts' warn that the downside correction has just started and investors should brace for an extended decline at least towards $13,000 before the bearish momentum runs out of steam. On the other hand if buyers will manage to halt declines here, then another upward impulse towards $18 000 could be launched. Source: xStation5
Binance removes EOS from its P2P platform
Binance, which is the world's largest cryptocurrency exchange, announced today that EOS is no longer supported on its P2P platform. Binance did not give any reasons for their decision and gave its users only short notice. The community is bewildered by the Binance move as EOS is 14th largest cryptocurrency with the current market capitalization of $2.7 billion and an average daily trading volume of $5.6 billion.
EOS- market reaction to the delisting news has been limited. EOS hit the top at $3.85 on November 25, only to collapse to $2.68 on the next day amid the sell-off across the cryptocurrency market. Sellers failed to break below the upward trendline which also coincides with 200-hour moving average (red line) and support at $2.71. Breaking below this level would open the way towards support at $2.35. However if buyers will manage to regain control then upward impulse towards $2.98 could be launched. Source: xStation5
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