Bitcoin and Ether Market Update: February 13, 2019
Originally published on: BTCMANAGER
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February 13, 2019
The total crypto market cap remains above the $120 billion mark after climbing from $111 billion to $121 billion on February 8, 2019. The top ten currencies are all in the green with Litecoin and EOS leading the pack and pushing gains of more than 20 percent. Bitcoin and ether are trading at $3,637 and $123 respectively.
Bitcoin started the new week with a drop to $3,680 on February 11, but managed to keep the price above $3,600. It was not able, however, to consolidate around the 50 percent Fibonacci ($3,749) level it reached on February 10 and attack higher price levels at $3,800 and $4,000.
The BTC/USD pair was trading above $3,700 during the session on February 12 but closed the day with a small increase of $12 to $3,692.
The Digital Assets & Regulation Trade Publication (DIAR) published its latest report on February 11. According to the research paper, the BTC transaction count reached a one-year high in January 2019 nearing 2017 levels. The Mmedian transaction value in BTC, however, has dropped to new lows and the total volume, calculated in USD, fell below May 2017 levels. At the same time, median fees are at their its lowest point since 2015.
The Union Bank of the Philippines, one of the largest banks in the country, has reportedly launched its first two crypto ATMs. According to PhilStar Global, the ATMs are the first to offer users the ability to purchase and sell virtual currencies for cash. The new service is a result of the collaboration between UnionBank and the Central Bank of Philippines, Bangko Sentral ng Pilipinas (BSP), and is in line with all applicable regulations. As for now, it is not clear which are the supported cryptocurrencies.
At the same time, The Bank of Spain (Banco De España) issued a notice on February 10 warning citizens that cryptocurrencies are not regulated and pose a significant risk there is currently no designated agency overlooking activities related to them. What’s more, the Central Bank confirmed its stance that cryptocurrencies cannot substitute fiat money and are not an officially recognized payment method in the country. A few days earlier, el Banco De España released an educational paper explaining the risks behind digital currencies as well as their potential benefits and current regulatory frameworks across the globe.
Ethereum dropped from $127 to $122 on February 11 purging all gains from the previous day and once again falling below the 50 percent Fibonacci level at 123.
The Africa Blockchain Alliance (ABA), a blockchain experts platform, announced a new partnership with ConsenSys Academy to bring its Ethereum Blockchain Developer Program to Africa. According to the official press release, the main goal is to provide local students and developers with the opportunity to develop their skills in blockchain “and become industry-ready blockchain developers that can add significant value to their organizations.” The online course will be 12 weeks long and will begin in March 2019.
The ETH/USD pair was trading in the $119 to $127 zone on February 12 and closed the day at $124. In the early hours of February 13, it is hovering around $126, a price level that ETH failed to break a few times in mid-January 2019.
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