After wiping billions of dollars off the market in the last couple of weeks, cryptocurrencies extended the bull run regardless of the stiff resistance from bears. Bulls are firmly holding the market today; predicting that the price has hit the bottom of the selloff and will increase again. Last weekend was especially volatile; Bitcoin (available on Coinbase) and other prominent cryptocurrencies had made substantial sideways movement before extending the rally again on Monday morning.
source Image: coinmarketcap.com
Bitcoin (available on Coinbase) moved to the six days high of $9,000 on Saturday, but it fell back below $8,500 on Sunday. The coin currently trades in the range of $8,600.
After breaking the resistance level of $9,000, Tone Vays presented a new resistance level at around $10,000 for Bitcoin (available on Coinbase).
“We have to cross the 128 [day] moving average (around $10,300); the 128 has been a great support, now it’s going to be resistance,” he added.
Ripple (available on Binance)(XRP), the third largest cryptocurrency, amassed huge gains over the last seven days. XRP price increased substantially since hitting last Tuesday’s low of $0.59. It is currently trading around $1.03.
Cryptocurrency Mining Malware Could Kill The Rally
Cryptocurrencies were gaining substantial momentum on Monday, but after news of a mining malware affecting so many websites, prices began steadying rather than gaining today.
Many UK and US businesses have been warned by security researchers that malware has been found on their websites and is being illegally used to mine cryptocurrencies. As a result, they have been taking their websites down to avoid any more complications.
Along with the ICO websites, the reports are suggesting that several other British sites are getting a hit from mining malware. The websites include Barnsley Hospital, the Student Loans Company, in addition to thousands of others worldwide.
Australian news agency ABC.net reported that several government websites in the Victorian Parliament and Queensland are also affected by the malware.
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Based in Saudi Arabia, Siraj has a sTron (available on Binance)g understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects.
Siraj is a published financial analyst on the world’s leading websites including SeekingAlpha, TheStreet, MSN, and others.