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Bitcoin Cash in Reverse
It was another Saturday of what could have been for Bitcoin Cash. Following a positive end to the week and, with the news wires relatively silent, Saturday morning saw Bitcoin Cash move through to an intraday high $1,385.00.
In the end, Bitcoin Cash slipped to an intraday low $1,198.00 before recovering to $1,261.1 to register a 2.76% decline for the day.
The weekend trends have been relatively consistent through the start of the year, with investors quick to lock in any profits before the start of a new week.
This time around the sell-button was certainly hit more quickly than usual, but that is to be expected in the wake of such a choppy week that, not only saw Bitcoin Cash fall to a week low $758.61, but also saw more than $4tn walk out of the global equity markets.
While there’s no evident correlation, investors with exposure to both equity and crypto markets would certainly be more likely to take a balanced view, last week’s trough to peak rally more than offsetting any losses that would have been taken across other asset classes.
At the time of writing, Bitcoin Cash was down 1.54% to $2,221.00.
For the day ahead, we will expect investors to be relatively cautious, with news having hit the wires of the SEC planning to take a tough stance on initial coin offerings and differentiate between true cryptocurrencies, such as Bitcoin and ICO tokens, not new news but a reminder to investors of what’s on the horizon.
Bitcoin Cash will need to make a move through $1,300 to avoid testing support sub-$1,100 levels ahead of the start of the new week.
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Litecoin on the Slide
Following a strong 2nd half of the week, Litecoin’s weekend rally came to an abrupt end midway through Saturday, with Litecoin falling from an intraday high $169.49 to an intraday low $148.02 before a partial recovery to 153.64.
Saturday’s 6.38% slide was certainly an unexpected one, with the cryptocurrencies seeing gains across the board in the early part of the day.
Investor sentiment towards regulatory oversight remains negative and, with the news wires continuing to discuss the ongoing shift in the regulatory landscape in key crypto jurisdictions, investors continue to be quick to lock in profits.
Things were not much better this morning, with Litecoin down 6.06% to $145.68 at the time of writing, in what is developing into another bearish trend, as Bitcoin dominance moves back towards 35% plus levels, signalling weakening appetite for cryptocurrencies, with dominance sitting at 34.8% at the time of writing.