Issue 7 – 2023 Crypto Live Casino News – Dramatic drops in crypto prices!

In this month’s Issue 7 – 2023 Crypto Live Casino News update, we saw XRP fly up and retreat, while BTC, ETH, LTC, and BCH lost ground, while TRON faced a minor downside. (Photo by Kylie Anderson on Unsplash)

Bitcoin plummeted 8% last week, pulling the rest of the cryptocurrency market down.

One of the main factors making headlines was that Elon Musk sold off $373m BTC. This triggered panic selling and adversely affected the entire market.

Other reasons for the sell-off are that analysts believe that an interest rate hike is imminent, government bond yields have reduced liquidity in the market and the possibility of the Chinese Yuan being devalued.

The last time the Yuan was devalued (2015), BTC dropped 23%, causing a global crypto meltdown. The devaluation and the Chinese land developer Evergrande filing for bankruptcy ($3.2b) on August 17th in New York has affected all markets, not just the crypto world.

The market was relatively stable during the summer, but the recent price crash may be the future as it corrects itself.

This week’s analysis will look at Bitcoin, Bitcoin Cash, Litecoin, TRON, Ripple and Ethereum to see whether recovery is likely in the short term.

Last Month’s Report: Last month the crypto market was in much better shape. Will the drop continue before a bull run? It is anyone’s guess in the world of crypto so hold onto your hats. See July’s prices here for a comparison – Issue 6 – 2023 Crypto Live Casino News.

Crypto Price Watch

(Issue 7 – 2023 Crypto Live Casino News)

• Bitcoin (BTC) continues to push down after losing 10% of its value on August 17^th. BTC had support at USD 26k but has just dropped below this level. The leading crypto coin enjoyed a surge in June when Blackrock applied to the SEC for approval for a Bitcoin ETF, but it doesn’t appear that a decision will soon be made. The price drop may signal a move for more buying opportunities, but where will the breakdown end? Analysts are predicting a $25k support level and maybe as low as $21k before returning and retesting the $30k level. BTC is currently trading at USD 25,993.
• Bitcoin Cash (BCH) – The altcoin BCH suffered a 9% loss last Friday but bounced back 5%. This significant recovery has outperformed BTC and is currently trading at USD 187. The rally could signal a bullish trend if it breaks through USD 188. Some analysts predict this is the case, and BCH could be as high as $195 by the end of August and close to $300 by the end of September.
• Litecoin (LTC) – The halving of Litecoin on August 2^nd proved to be a non-event, as the predicted rise in price was the opposite. The altcoin had continued to spiral down and lost 13% when BTC dived last week. Short-term traders sold their positions at halving, and the coin has continued to drop. LTC is currently trading at $65.65 USD, showing support at USD 64.50 and resistance at USD 67.23. If LTC pushes through the USD 64.50 level, the altcoin will be in a highly bearish trend and hit lower lows.
• TRON (TRX) – Since the last report, TRX has dropped 1.3% compared to its peers. Even though it was rumoured that the owner of TRX made a USD 200m transfer to Huobi Global, the price has remained stable. The market is wondering what the connection is between Huobi and TRX. Does he own a share of Huobi and is bailing out the ailing exchange… the truth has yet to come to light? The altcoin is currently trading at USD 0.076 and is seeing resistance at USD 0.077 and strong support at USD 0.074.
• Ripple (XRP) – While XRP won a small battle against the SEC in the ongoing court case, its share price has declined. The altcoin is down 16% since the last report and appears to be in a bearish pattern. The SEC appealed the court’s decision last month, where the court ruled that XRP’s programmatic sales were not securities and violated no laws. The cryptocurrency is trading at USD 0.52 and has strong resistance at USD 0.54 and support at USD 0.51.
• Ethereum (ETH) – Ethereum got punished in last week’s crypto crash, falling 10%. While it recovered some of the losses, it is currently trading at $1,679 USD. Many traders sit on their hands until they get definitive news on whether the SEC will approve an Ethereum ETF. Several news outlets have reported that the SEC will authorise the ETF and will be sooner rather than later. The SEC argues that they are worried that digital assets are easily manipulated, and liquidity levels may be insufficient to support an ETF. Ethereum has a strong track record as of two years ago; the price was almost $5k… so current prices (and a possible ETF listing) may be a good buy.

Disclaimer: The information in this report is not investment advice, and we do not encourage or discourage crypto investments. This monthly update aims to keep crypto casino players up to date. For more information about cryptocurrency gambling, check out the live casino crypto hub here on Livecasinocentral.