The bear’s hold on the cryptocurrency market does not seem to have waned with most of the coins seeing red. Bitcoin Cash [BCH] has seen a massive drop on the cryptocurrency charts, with a 10% fall in prices coming a day before the hard fork.
The one-hour chart shows a clear downtrend which has brought the prices down from $610.48 to $535.80. The support has been holding at $422.55 while the resistance is maintained at $634.28.
The Awesome Oscillator has been relatively calmer compared to the previous days, which is an indication of the market momentum going down.
The MACD indicator shows a clear bearish sign with the signal line and the MACD line both traveling parallel to the bear’s realm.
The one-day graph for BCH shows another downtrend with the prices falling to a low of $476.56. The one-day support is at $410.09.
The Relative Strength Index shows the cryptocurrency crashing towards the oversold zone from the overbought zone. This is an indication of the selling pressure being more than the buying pressure.
The Parabolic SAR is currently bearish with the markers staying above the price candles. The indicator also paints a picture of the bear reigning supreme in great fashion, pointed out by markers.
The imminent BCH hard fork has surely caused a stir in the community with the prices reflecting the same. The indicators point to a trend change before the coin breaks support, which will be followed by sporadic bullish spikes.
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Tether [USDT] fallout buoys competing stablecoin growth, finds Diar report
Tether, the top stablecoin, maintained its vice grip on the stablecoin market, while competing fiat-pegged cryptocurrencies are experiencing steady growth. USD Coin [USDC] and TrueUSD [TUSD], the other top stablecoins, have however surged in recent months, owing to the Bitfinex-Tether episode.
According to a recent report by Diar, competing stablecoins have surged in the month of May in terms of spot trading volumes, amassing over $4 billion tokens on the blockchain. The trading volumes of the stablecoins over the past 5 months have already surged ahead of total fiat-pegged volumes in 2019.
In May alone, the Coinbase and Circle-backed stablecoin, USDC, saw a massive 130 percent rise in trading volume, accounting for $3.6 billion, compared to its April sum of $1.6 billion. Launched back in October 2018 during the prolonged crypto-winter, the stablecoin’s trading volume from the first four months of its issuance is still dwarfed in comparison to its April 2019 figure.
Since the beginning of the year alone, the stablecoin grew by 41 percent, stated Diar. Trading volumes reciprocated, recording a 435 percent top-up.
TrueUSD by TrustToken, the audit-friendly stablecoin, saw its volume increase by $1 billion from $2.8 billion in April to $3.8 billion in the current month, beating USDC’s trading volume by $200 million. Diar added,
“Notably, though, is that TUSD has a higher velocity marking it a favorite by traders as the stablecoin has 30% less in outstanding reserves than Centre’s USDC.”
Interestingly, the USDT-sans-stablecoin surge occurred as Tether experienced its first month-on-month decline in market share for the first time in 6 months. Holding 81.7 percent of the market in March, USDT’s market share declined to 78.9 percent of the total Bitcoin to stablecoin and fiat market.
May looks to paint a different tale for Tether, given the backlash its parent company is facing. Tether Limited also shares management with iFinex, the company that operates Bitfinex, which allegedly used USDT reserves to cover up its $850 million undisclosed losses.
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