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Crypto Currency Brief: BTC/USD breaches support on bearish momentum; Ripple pares losses; Bitcoin Cash celebrates 1-year anniversary - Wednesday, August 1st, 2018

BTC/USD: Bitcoin prices continued to fall for the fourth consecutive day, breaching yesterday’s support of $7,790, as crypto bears continued to dominate the market. While the exact reason for sell-off remains unknown, HitBTC exchange going offline might have driven some losses. However, the management has confirmed that it is only a temporary hardware issue and all funds are safe. At the time of writing, BTC/USD traded 2.11 percent down at $7,568.00. Meanwhile, the near-term support is seen at $7,280 and resistance at $7,758.

ETH/USD: Ethereum has been on a downtrend since last week, hitting a one-month low during European session Wednesday after short-term bearishness crawled in, following a series of backlogs over the past few days. On the contrary, a recent study has shown that 23 percent of Hong Kong’s citizens are considering to buy cryptocurrencies, to use as a hedge against a potential financial crisis, believed to strike within a year. At the time of writing, ETH/USD traded 2.61 percent down at $420.69. Meanwhile, the near-term support is seen at $400 and resistance at $440.

XRP/USD: Ripple seems to correct its losses incurred on Tuesday, after technical levels have been breached. Also, according to latest reports from Cointelegraph, a new U.S. Ripple-based decentralized crypto marketplace dubbed DCEX has now opened registration for retail and institutional accounts, which further helped in providing traction to the digital asset. At the time of writing, XRP/USD traded nearly 3 percent up at $0.44834. Meanwhile, the near-term support is seen at $0.4300 and resistance at $0.4700.

BCH/USD: Bitcoin Cash tested a 1-1/2-week low on Wednesday as a sense of worry continued to dominate cryptocurrency market. On the occasion of Bitcoin Cash’s one-year anniversary, more than $50 million worth of the digital currency has been traded in the BTC/USD market, which represents a 10.7 percent of the total daily volume globally. At the time of writing, BCH/USD traded 1.56 percent down at $764.2. Meanwhile, the near-term support is seen at $742 and support at $766.

EOS/USD: EOS is also moving in tandem with its prior counterparts, remaining slightly lower at the time of writing, down 2 percent since the beginning of today and retreating from recent highs. This is despite latest media reports that the EOS has faced a bumper rise in transaction volume, reportedly caused due to a spam attack from a smart contract called Blocktwitter. At the time of writing, EOS/USD slipped 0.11 percent to $7.3199. Meanwhile, the near-term support is seen at $7.1000 and resistance at $7.7000.

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