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  • $USDCAD is weaker in the aftermath of OPEC+'s decision to hold output steady, falling to trade back around the 1.2600 level. The pair fell to its lowest level in nearly three years during last week's volatility, rebounded to a high of 1.2730, and has then edged lower. $USD $CAD https://t.co/QBVe8X5nVO
  • Russia reportedly has been given an exemption from OPEC+ supply deal - Delegates
  • The Canadian Dollar is surging alongside the rise in oil prices following OPEC+'s decision to hold output steady. $CADJPY has risen above 85.00 to trade at its highest levels since late 2018. $CAD $JPY https://t.co/YzikqjWyvT
  • $WTI Crude Oil is extending its gains, rising above 64.00 to trade at its highest levels in over a year. $OIL $USO https://t.co/7aFsMmJd7x
  • OPEC+ decides not to hike output by 500kbpd in April - Delegate Oil prices at highs of the day https://t.co/UBAtzuEs0b
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.29% 🇨🇦CAD: 0.29% 🇦🇺AUD: 0.21% 🇪🇺EUR: -0.26% 🇯🇵JPY: -0.53% 🇨🇭CHF: -0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/dULwFuQVcF
  • OPEC+ is close to keeping output unchanged in April - Delegates #OOTT
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  • RT @Amena__Bakr: Saudi Arabia is proposing a rollover for April and May- delegates #OOTT #opec
  • BUZZ starts trading today. An ETF that invests in larger market cap companies with the strongest positive sentiment in social media. That's where we are now
Bitcoin, Ethereum, Ripple: Markets Crash to Fresh Yearly Lows

Bitcoin, Ethereum, Ripple: Markets Crash to Fresh Yearly Lows

Nick Cawley, Strategist

Bitcoin, Bitcoin Cash, Ethereum, Ripple: Prices, Charts and Analysis

  • Cryptocurrency market hits a fresh 2018 low and market cap may fall below $100 billion.
  • Bitcoin Cash (BCH) is in freefall.

Cryptocurrency Market Hammered Lower

The cryptocurrency market as a whole made a fresh low for 2018 with its market cap falling to just over $108 billion, down from $835 billion at the start of the year. Turnover picked up as the market fell - a negative sign - while a lot of the charts have no solid support lines/areas left that are clear and qualifiable.

News that the SEC had once again delayed a decision on the VanEck bitcoin ETF until the end of February 2019 sent the market spinning lower. The SEC said that it is 'appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.’ The worry for the VanEck ETF is that continued market volatility will make it harder for the SEC to allow it to issue an ETF.

Many of the top 10 cryptos are suffering double-digit losses in the last 24 hours, taking out weak support levels along the way. Bitcoin (BTC) continues to trade towards support at just under $3,000, and if this breaks the July 16, 2017 swing low at $1,780 comes into play. Ethereum (ETH) currently trades around $84 and is now looking at the May 2017 swing-low at $62, while Litecoin (LTC) trades at $25 and may fall to the May 2017 low around $18. Bitcoin Cash (BCH) has probably been the largest fallers in the past few weeks, slumping from $634 to $100 in just one month.

Bitcoin, Ethereum, Ripple: Markets Crash to Fresh Yearly Lows

Investors remain net-long cryptocurrencies but recent changes give us a mixed trading bias – for example the number of traders net-short Bitcoin is up from last week. You can sign up to the IG Client Sentiment Indicator for free to get updated positioning data.

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.

What’s your opinion on the latest cryptocurrency sell-off? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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