Bitcoin and Ethereum Market Update: November 7, 2019

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Total crypto market cap added $5.4 billion to its value since Monday, November 4 and now stands at $251.8 billion. Top ten coins remained mostly flat for the last 24 hours but we saw Stellar (XLM) and EOS (EOS) loosing 7.1 and 2.5 percent of their values respectively. At the time of writing bitcoin (BTC) is trading at $9,288 on the Bitstamp daily chart, while ether (ETH) stands at $188 and Ripple’s XRP moved up to $0.299.

BTC/USD

Bitcoin made another step down on Sunday, November 3, and closed the day and week at $9,204, with 3.4 percent loss for the 7-day period.

The most popular cryptocurrency opened trading on Monday with a 2.3 percent increase and a green candle to $9,423. It peaked at $9,597 during intraday and successfully broke above the 38.20% Fibonacci level.

Bulls, however, were not able to hold their territory and retreated to $9,311 on the next day; we saw the BTC/USD pair trading as low as $9,174 during the session.

On Wednesday, November 6, bitcoin was trading lower around noon but managed to recover in the evening closing with at $9,347.

Notably in the news, the People’s Bank of China (PBoC) signed a deal with the telecommunications giant Huawei. According to the official statement from Huawei’s WeChat channel from November 4, the company will collaborate with the Bank’s Digital Currency Research Institute on fintech research and development. No further details were shared, but given the recent interest by the Chinese government, we can probably expect a blockchain-oriented product or service in the near future.

Two days later, the Digital Currency Institute signed a memorandum of understanding (MoU) with the Interbank Clearing Limited of the Hong Kong Monetary Authority (HKMA). The HKMA announced the news on November 6 confirming the initial proof-of-concept (PoC) trial is expected to be launched in early 2020. The two financial institutions will reportedly work on improving their trade finance services by connecting HKMA’s financial platform eTradeConnect, which is entirely based on blockchain, with PBoC’s Trade Finance Platform.

ETH/USD

The Ethereum token ETH continued to slide on Sunday, and stopped at 181.6 losing 1.5 percent on a weekly basis.

The ETH/USD pair started trading on the first day of the new week by successfully rebounding from the $180 support level. It added 3.3 percent to its value and climbed up to $186. The coin peaked at $189, one step shy of the important zone around $190.

On Tuesday, November 5, the ether was quite volatile. We saw it moving in the wide-area between $182 – $193 just to close at $188 with a small increase compared to the previous day.

Bulls were already eyeing the $190 as their next target and managed to reach it during the mid-week session on November 6. The ETH formed a third consecutive green candle on the daily chart and moved up to $191.

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