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Bitcoin and Ether Market Update: August 29, 2019

Total crypto market cap lost $13.4 billion of its value since Monday, August 26 and now stands at $249 billion. Top ten coins are all in red for the last 24 hours with Binance Coin (BNB) and Litecoin (LTC) being the worst performers with 17.2 and 10 percent of loses respectively. At the time of writing bitcoin (BTC) is trading at $9,602 on the Bitstamp daily chart, while ether (ETH) dropped to $169 and Ripple’s XRP fell to $0.252.


Bitcoin remained relatively flat on Sunday, August 25, 2019, and registered no price changes. It ended the week at $10,140 with 1.7 percent of the decline.

The most popular cryptocurrency opened the new trading period with its first green session on the daily chart in three days. Bulls were able to push its price up to $10,675 still without breaking above the downtrend channel. The coin closed the day at $10,400. On Monday, August 26 we pointed out that the levels around $10,300-$10,400 will be crucial for the short-term recovery.

On Tuesday, August 27, BTC/USD dropped down to $10,163. The move was followed by a 4.4 percent losing session on August 28 as the freefall resulted in a break below the $10,000 support. The pair stopped at $9,708 and bears were already eyeing the next resistance at $9,400.

In the early hours of August 28, the coin is trading even lower, at $9,600.

One of the biggest and most popular crypto exchanges out there, Binance, made the news a few times this week.

First, we saw the Malta-based company announcing its own crypto lending platform called Binance Lending. The new service was officially rolled out on August 28 and allows users to earn interest on lending BNB, ETC and USDT tokens for a fixed 14-day period.

Binance will be also launching their futures trading platform as soon as next month as confirmed by Changpeng Zhao (CZ), founder and CEO of the company, on Twitter.


The Ethereum Project token ETH moved back into the $190-$180 zone on Sunday, August 25 and closed at $186. The ETH/USD pair was 4 percent down for the seven-day period.

The ETH/USD pair opened trading on Monday, August 26 with $2 price increase. During the day session, the coin peaked at $194, still, bulls were only able to push its price up to $188.

On Tuesday, August 27, we clearly saw that the current downtrend cannot be broken due to the lack of consistency from bulls and of course trading volume. The ether was clearly rejected at $188, which was also the right side limit of the downtrend channel. It closed the day at $187.

The middle-week session on August 28 turned out to be quite nasty for pro-ETH traders as the coin lost 8 percent and dropped down to $172. It stormed pass the $190-$180 zone and opened the door for $150. It is quite possible that we see minor support at $165, still, the ETH/USD pair is under immense pressure from sellers.

In the early hours of August 29, we see ether trading at $169.

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