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Flash Crash: Bitcoin [BTC] plunges below $3,800 support; XRP crumbles under pressure of the bear

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Flash Crash: Bitcoin [BTC] plunges below $3,800 support as XRP crumbles under pressure of the bear
Source: Pixabay

The cryptocurrency market had a good start for 2019 and has now started bleeding without any sign of relief, with huge red candles for all cryptocurrencies, including Bitcoin [BTC], XRP and others.

Bitcoin was showing good signs of an uptrend after a very long time, but has now dropped down below the $4,000-line, which was being held up steadily for the past few days.

The price of Bitcoin in the one-hour chart has fallen from $4,024 to $3,809 and has still not stopped falling. The major volume for BTC is coming from the exchange, BitMEX, and it contributes a whopping 15%, which is $1 billion, via the trading pair BTC/USD

The market cap of BTC has dropped below $70 billion line and is currently at $68 billion with 24-hour trade volume coming down to $5.6 billion.

The second candle for BTC, which opened at $3,847, is constantly sliding down the rabbit hole with no signs of stopping. The candles are yet to close as the massacre continues.

XRP

As for XRP, the second-largest cryptocurrency in the world, has also suffered the same fate, where the prices dropped from $0.38 to as low as $0.35, which is a massive reduction of 11% within an hour.



The bears have taken the reins back from the bulls and are on a rampage to crash the markets. However, this news for XRP has turned out to be good in a way as XRP has regained its second position back and pushed Ethereum back to the third spot.

The total trading volume for XRP is at $635 million and a majority was contributed by  ZB.com, with trading pairs XRP/BTC.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

XRP

Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption

Namrata Shukla

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SCB Thailand asks crypto enthusiasts to wait for announcement regarding XRP adoption
Source: Pixabay

The nascent field of cryptocurrencies has been seeking major mainstream adoption, especially from financial institutions. Ripple, the native company of the third largest cryptocurrency, managed to promote its services and would provide payment services to the oldest Thai bank, Siam Commercial Bank [SCB].

The bank however, has not confirmed whether it would be making use of XRP. The Bank had informed its approach towards blockchain technology in various industries and the XRP community rejoiced after rumours of XRP adoption surfaced. However, when a Twitter user asked about the bank using XRP, SCB replied,

“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”

However, another Twitter user, @_bjb, jumped the gun when he saw the following on SCB,



The user then shared that when he went to use the service, he was informed that the service will be available soon. SCB Thailand apologized for the inconvenience through a tweet and informed all users,

“The information about ripple transfer will be announced soon, we are sorry for the inconvenience.”

The bank also stated that at the moment, it was using Ria Ripple transfer for banks in Japan and that users and crypto-enthusiasts will have to wait for an official announcement.





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