Bitcoin (BTC) Price Analysis - August 8

11 August, 2018, 11:38 | Author: Billie Castillo
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The total trading volume yesterday was $12.3 billion but is now up to $15.5 billion. The price of the coin has gone down from its recent high of $8,4000, but what is more concerning is the loss of volume.

Bitcoin price declined beneath $7,260 and moved into a bearish zone against the US Dollar.

"Hashrate is one of the key indicators of the Bitcoin's network strength and I'm extremely surprised to see that with the steady increase in hashrate we have seen the Bitcoin price drop back down to $7,000". BTC/USD is down over 3% in the last 24 hours, and down almost 5% in a slightly longer window.

This information was shared within all accounts who may be eligible for U.S. dollar markets but has not yet been enabled for USD trading. This indicates that the overall demand for Bitcoin is down and it will no doubt affect the price further.

This led to panic amongst some traders and it resulted in the Bitcoin price dropping to the $6,500 region. During the last seven days, has traded flat against the dollar.

Bitcoin saw a 7.65% drop in the past 24 hours following the delay of ETF approval.

"A green light for the bitcoin ETF would fire the starting gun on a race among institutional investors to cash-in on this new product".

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Bitcoin has been on a downtrend trajectory since past couple of weeks and is now trading at around $7,000.

A week ago, ETH was trading at $426 but has lost 15% of its value to trade at $370 at press time.

ETH/USD: Following Bitcoin's trend, Ethereum prices also started moving upwards, managing to break above the $400 psychological level on Tuesday.

Over to Ripple or XRP, Ripple has had a fairly good Thursday as it has managed to get a whole 0.35% more today than previously and has built itself up from this week's trading price of $0.320.

The 24-hour trading volume now stands at $320 million, higher than the $256 million recorded yesterday.

EOS has dipped by 14.5% over the past 24 hours. Following the news, the price declined rapidly down to $6,500 where it is now holding firm.

Major cryptocurrency exchange platform and electronic wallet service provider, Bittrex recently announced that they have plans to launch United States dollars trading pairs for the two new cryptocurrencies which will be supported on their platform including Ripple (XRP) and Etherium Classic (ETC).



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