Bitcoin Price Climbs to $7,100 as Crypto Market Hits $232 Billion, EOS Surges 15%

Over the past 24 hours, Bitcoin has rebounded from $7,000 to $7,100, remaining on top of a key resistance level which traders were concerned about.
Despite the relatively strong performance of Bitcoin, tokens understandably have not performed well against both Bitcoin and US dollar on August 29, considering the massive gains they recorded earlier this week.

EOS has been the third best-performing cryptocurrency on August 29, a rare sight for a major cryptocurrency, especially for a digital asset that is in the top five rankings alongside Bitcoin, Ethereum, Ripple, and Bitcoin Cash.
Apart from Dash, IOTA, and Golem, most tokens and small market cap cryptocurrencies have struggled against Bitcoin.

Volume is Slowly Coming Back

In previous reports, CCN emphasized that the daily trading volume of most major cryptocurrencies has been an issue, as the recovery of the market was initiated without a proper rebound in the volume of large market cap cryptocurrencies.
Throughout the past 24 hours, the volume of Bitcoin has remained above the $4.5 billion mark, as the daily volume of the crypto market surpassed $13 billion. However, the volume of Ether, the native cryptocurrency of Ethereum, has hovered at around $1.5 billion, which still remains relatively low in comparison to Bitcoin.
The high trading volume of Tether at $3 billion in a strong short-term recovery period suggests that traders are moving out their funds from the US dollar-backed stablecoin to Bitcoin and other cryptocurrencies.
If the volume of the crypto market can be sustained at $13 billion and potentially increase to $15 billion throughout the week, it is highly likely that Bitcoin tests key resistance levels in mid-$7,000, eyeing a move towards the $8,000 mark.
The recovery in the volume has been supported by optimistic developments in Japan and South Korea, as UPbit and Bithumb, South Korea’s two largest cryptocurrency exchanges, have resumed normal operations after being involved in a few scandals.
Crucially, Bithumb has been able to regain its partnership with NH Bank, a major financial institution in South Korea, to support new traders and investors. Experts have stated that the resumption of new registrations on Bithumb will lead to an influx of capital in the cryptocurrency market of South Korea, which has stagnated since mid-2018 after the seizure and raid of Bithumb and the $40 million security breach endured by Bithumb.

Future Trend

Based on the performance of cryptocurrencies over the past three days and the reluctance of the market to demonstrate overbought conditions, it is likely that tokens will continue to perform well against both Bitcoin and the US dollar, as Bitcoin eyes a move towards $8,000.
The majority of traders in the cryptocurrency community have suggested that if Bitcoin breaks out of the $7,200 resistance level in the next 24 hours by recording three consecutive large buy candles on its 1-day chart, it will confirm a short-term bull rally and increase the probability of Bitcoin achieving $8,000 in the weeks to come.
Featured image from Shutterstock. Charts from TradingView.

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China Crackdown: After Beijing, Guangzhou Hub Bans Cryptocurrency Events

The Guangzhou Development District, a special economic zone in southern China with a close proximity to Hong Kong, has reportedly banned all promotional events related to cryptocurrency as the country’s crypto crackdown continues.
One of China’s earliest special economic zones installed to encourage and foster businesses with less-restrictive laws, the Guangzhou Development District issued a notice on Friday to forbid cryptocurrency events in the district, the South China Morning Post reported on Wednesday.
The ban is a move toward “maintaining the security and stability of the financial system,” an excerpt from the notice reasoned.
The notice follows a similar ban mandated by authorities in Beijing’s Chaoyang district on August 17. The order warned office buildings, hotels and shopping malls in the central district of China’s capital against hosting any events promoting cryptocurrencies.
On Friday, a joint public notice from a number of prominent Chinese watchdogs and authorities including the central blasted initial coin offerings (ICOs), a radical form of fundraising powered by cryptocurrencies that have been outlawed in China and other ‘illegal’ crypto crowdfunding. Operators using terms like “financial innovation” or “blockchain” to solicit investments are actually conducting “fraud, pyramid schemes” the regulators warned.
Today’s reported ban and the public warning form an ever-intensifying crackdown by Chinese authorities into the domestic cryptocurrency sector. Cryptocurrency trading activity in China has already been dented, severely, following scrutiny into exchanges from early 2017 that eventually led to the shuttering of exchanges within the country.
China’s censorship policies have also put the brakes on crypto-related transactions through private messaging and peer-to-peer financial platforms. Last week, Tencent’s WeChat Pay and Alibaba’s AliPay – two of China’s most popular payment apps with over a billion users between them – blocked users from sending or receiving funds related to cryptocurrencies.
China’s so-called ‘great firewall’ is also taking measures to block the country’s citizens from accessing the websites of over 120 cryptocurrency exchanges overseas. This week, China’s biggest search portal Baidu moved to restrict or place a complete ban on all crypto related discussions within Baidu Teiba, a popular Reddit-like online forum.

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BITCOIN BULL RUN COMING? $7000 BROKEN! BTC PRICE + TECHNICAL ANALYSIS + CRYPTOCURRENCY NEWS 2018

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