The large market cap cryptocurrencies such as Bitcoin, Ethereum, Ripple and Bitcoin Cash are all part of today’s crypto news for dropping in value once again. In today’s correction, the market lost more than $6 billion and the total valuation dropped to $130 billion.
Bitcoin is now trading at $4,022, Ripple is stable at $0.35, Ethereum is at $113 and Stellar (XLM) has been making moves on the fourth position, now trading at $0.15. Bitcoin Cash (BCH) follows with a price of $170, after which come EOS, Litecoin, Tether and Bitcoin SV, all with minimal losses for the day.
According to Alex Kruger who is a prominent cryptocurrency trader and analyst:
“Looking for $4,800 – $4,900 if $4,400 gets breached. That’s the base of Nov 19 and right above 20EMA. Starting with 4800 interested in shorts. This was initially 4400, changed plan. Below $3,700 exit longs. Too soon to short the lows again, would like prior consolidation for that.”
The analyst also said that a bottom was established shortly after Bitcoin recovered beyond the $4,000 level this week, emphasizing that a proper bottom is yet to be formed by the dominant cryptocurrency that would allow it to breach major resistance levels from the $5,000 to the $7,000 range.
The tokens have also bled out as a result of the correction. Some of the major ones dropping in terms of value were 0x (ZRX), Polymath (POLY) as well as Ziliqa (ZIL), all performing amongst the worst assets for the day.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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