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Crypto Currency Brief: BTC/USD fails to recover losses; SBI Crypto Investment to launch derivatives trading platform; BitForex hits record-high daily transactions - Thursday, August 2nd, 2018

BTC/USD: Bitcoin prices remained tad lower during European session Thursday, failing to recover losses even as a larger number of investors decide to adopt to the means of digital currency trading. Latest news confirmed that Coinbase has launched a facility wherein users can now buy and sell bitcoin with the help of British pound; earlier they had to first exchange pounds into euros and then trade euros with BTC, costing a tax of GBP10 per transaction. At the time of writing, BTC/USD traded 0.35 percent down at $7,577.90. Meanwhile, the near-term support is seen at $7,450 and resistance at $7,747.

ETH/USD: Ethereum is sitting comfortably at a low since April 12, tracking general pessimism in the cryptocurrency market over the past one week. Latest reports from Nikkei Asian Review noted that Tokyo-based SBI Crypto Investment has bought a 12 percent share in US-based company, Markets of North Carolina, with a view to start a crypto derivatives platform, targeted at providing service to institutional investors. At the time of writing, ETH/USD traded 1.39 percent down at $414.19. Meanwhile, the near-term support is seen at $400.00 and resistance at $440.00.

XRP/USD: Ripple is in mood to overcome gains made during Wednesday, tracking disappointment in its major counterparts, at a time when most cryptocurrencies have started to settle down. News that a new U.S. Ripple-based decentralized crypto marketplace dubbed DCEX has now opened registration for retail and institutional accounts, has also failed to secure the digital currency’s gains. At the time of writing, XRP/USD traded 2.50 percent down at $0.43524. Meanwhile, the near-term support is seen at $0.4306 and resistance at $0.4700.

BCH/USD: Lesser-known cryptocurrency exchange BitForex has reached a record high in terms of daily trading worth $14 billion, but its revenue model remains controversial. This can prove to be a tinge of a headache to some investors, as the model’s revenue generation is quite debatable among market participants. Therefore, despite hopes of substantial recovery, the crypto family is unable to perform good. At the time of writing, BCH/USD traded 2.20 percent down at $751.5. Meanwhile, the near-term support is seen at $738.00 and resistance at $772.00.

EOS/USD: EOS is also moving in tandem with its prior counterparts, plunging over 2 percent at the time of writing and retreating from highs seen since past week. This is owing to latest media reports that a spam attack has caused tremendous rise in transaction volume amid others hints of pessimism that continues to dig a hole in the daily performance of major cryptocurrencies. At the time of writing, EOS/USD plunged nearly 2.50 percent to $7.0461. Meanwhile, the near-term support is seen at $6.4500 and resistance at $7.3100.

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