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article imageBitcoin appears to be consolidating just above $3,400

By Ken Hanly     Feb 1, 2019 in Technology
For now Bitcoin seems to be resisting a further drop as it is up marginally over the last twenty four hours but for now there is no significant further move up or down after a significant drop to below $3,400.
Cointelegraph analysis
Cointelegraph has an analysis by Adrian Zmudski of Bitcoin price movements yesterday along with those of several other important cryptocurrencies. Zmudski notes that all among the top 20 cryptocurrencies were reporting moderate to heavy losses as his article went to press.
Bitcoin (BTC) was trading under $3,450 according to 360 data when his article went to press down about one percent on the day. On the week it also down as it started at $3,593.
Ripple (XRP) is down even further having lost 3.4 percent in the last 24 hours and was trading at $0.308 at press time. This is also lower than the $0.316 at which XRP began the week. It is also lower than the mid-week high when it reached $0.333.
Ethereum the second-largest cryptocoin by market value also saw a 2 percent loss in value over the last 24 hours. At press time it was trading at about $106 dollars down about $3 dollars from 24 hours ago. The coin started the week at $116 dollars, so is down on the week.
The market value of all cryptocurrencies combined is at press time $113.4 billion. This is about $6 billion lower than the $119.8 billion value of a week ago. The value hit an intra-month low on January 29 of $111 billion.
Bad news and good news
The bad news is that South Korea will continue its ban on initial coin offerings (ICOs) upholding the 2017 ruling which had banned them.
The good news is that the Cboe's application for a bitcoin ETF has been resubmitted after being withdrawn do to the US government partial shutdown: "The race is back on to launch the first U.S. bitcoin exchange-traded fund (ETF), after Cboe resubmitted its joint proposal with VanEck and SolidX. Announced Thursday by VanEck digital asset strategy lead Gabor Gurbacs, the Jan. 30 filing would, if approved by the Securities and Exchange Commission (SEC), allow the Cboe BZX Exchange to list shares of a bitcoin ETF trust. Many proponents of a bitcoin ETF believe that the fund will help bring fresh money into the space, creating a more liquid market."
Present situation
24 hours ago bitcoin opened at $3,415 according to Coin Desk data. It reached a high so far of $3,454 and a low of $3,375. It is trading within a range of less than a hundred dollars which may be a sign it is consolidating before another significant move up or down. At 15:30 Central Standard Time bitcoin was trading at $3,437 at least staying above the $3,400 level and up $21 dollars on the day or less than a percentage point. The present price of bitcoin can be found here.
According to Coindesk data, Ethereum is now at $105.92 up slightly but Ripple XRP is down over one percent at $0.302529.
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