Cryptocurrency Brief: Bitcoin, altcoins trade range-bound; EU plans to spend €1 mln to monitor cryptocurrencies, ensure market stability – Friday, October 5th, 2018

Cryptocurrency Brief: Bitcoin, altcoins trade range-bound; EU plans to spend €1 mln to monitor cryptocurrencies, ensure market stability – Friday, October 5th, 2018

BTC/USD: Bitcoin prices remained range-bound during late European session Friday, after gaining yesterday amid news that the European Union is planning to spend €1 million to monitor cryptocurrencies and ensure that market stability and best practices are adopted across the European region. At the time of writing, BTC/USD traded tad 0.25 percent lower at $6,573.90. Meanwhile, the near-term support is seen at $6,400.00 and resistance at $6,800.00.

Market Update: According to a report from CCN, fraudsters in Australia have impersonated tax officials of thousands of dollars despite a scam alert being issued by the Australian Taxation Office late last month. Australian news reports have confirmed that four victims have so far lost amounts totaling AUD50,000 on the understanding that they were settling a tax debt.

ETH/USD: In line with Bitcoin prices, Ethereum also slipped, in a tight trading day amid lack of market-moving events; the day’s high was seen at $225.02 and low at $219.34. At the time of writing, ETH/USD traded 0.23 percent lower at 221.85. Meanwhile, the near-term support is seen at $200.00 and resistance at $245.00.

XRP/USD: With an overall strong upside momentum still in place, Ripple prices also remained in the red zone, losing out proportionately lower than its wider peers amid a volatile movement over the past few days. At the time of writing, XRP/USD lost 2.50 percent to $0.51557. Meanwhile, the near-term support is seen at $0.4800 and resistance at $0.5800.

BCH/USD: Bitcoin Cash too traded range-bound, tracking a similar movement in the Bitcoin peer. At the time of writing, BCH/USD edged 0.26 percent lower to $513.40. Meanwhile, the near-term support is seen at $505.00 and resistance at $540.00.

EOS/USD: Nothing different, the EOS also suffered during afternoon session Friday; however, the digital currency witnessed the least amount of bearish losses this year as compared to a wide range of cryptocurrencies across the globe. At the time of writing, EOS/USD traded 1.27 percent lower at $5.7287. Meanwhile, the near-term support is seen at $5.60 and resistance at $5.90.

Market Update: According to a report from NewsBTC, EOS has depreciated by 23.4 percent against the US dollar by the end of Q3 2018. It imposed fewer losses on its investors compared to other top cryptocurrencies, which include Bitcoin, Litecoin, Ethereum, and Ripple. Collectively, leading cryptocurrencies underwent an average decline of 74 percent, with Qtum being the most bearish cryptocurrency with a 93.2 percent fall.

LTC/USD: Litecoin, also matched its peers, matching the decline, but again caught in a tight trading range amid a slew of mixed news across the bourses. At the time of writing, LTC/USD slipped 0.30 percent to $58.118. Meanwhile, the near-term support is seen at $50.00 and resistance at $65.00.

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