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Crypto Currency Brief: Ethereum hits near 4-month low; BTC/USD breaches immediate support; Ripple, EOS starts to recover - Friday, August 3rd, 2018

BTC/USD: Bitcoin prices breached yesterday’s immediate support level during European session Friday, leading to losses for the fifth consecutive day. 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 2.21 percent down at $7,368.50. Meanwhile, the near-term support is seen at $7,300 and resistance at $7,565.

ETH/USD: Ethereum prices hit near 4-month low, tracking general pessimism in the cryptocurrency market over the past few weeks. At the time of writing, ETH/USD traded nearly 1 percent up at $414.0, hitting day’s low of 397.84. Meanwhile, the near-term support is seen at $400.00 and resistance at $429.00.

XRP/USD: Ripple surged during Friday, 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 added to the digital currency’s gains. At the time of writing, XRP/USD traded 2.20 percent up at $0.43978. Meanwhile, the near-term support is seen at $0.4200 and resistance at $0.4700.

BCH/USD: Lesser-known cryptocurrency exchange BitForex’s 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. At the time of writing, BCH/USD traded 2.25 percent down at $714.6. Meanwhile, the near-term support is seen at $700.00 and resistance at $728.00.

EOS/USD: EOS has started recovering at the time of writing from recent lows. This is despite 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 rose 0.80 percent to $7.0748. Meanwhile, the near-term support is seen at $6.4500 and resistance at $7.3500.

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