Market Analysis Report 29 September 2017

Despite rising above its 50-day moving average again, the Bitcoin price is having a hard time traction. As reported by South Korean news sources, the South Korean Financial Supervisory Service (FSS) decided to ban initial coin offerings. Also according to the Russian news source TASS, Alexey Moiseev, russian deputy finance minister, told reporters that no regulator doubts that Bitcoin payments will be banned, which may be helping to the Bitcoin price drop.

At press time, Bitcoin price is sitting at $4,087.89 down from a high of $4,269 yesterday, with over $430 M worth of BTC exchanged in the past 24 hours on the BTC/USD pair which has a 31.54% share of daily volume, second to JPY at 48.89%, this translates into a $67.5 billion market cap.

Yesterday, ETH price rose above the $300 level against the US Dollar. The price traded as high as $311.45 before facing sellers and started dropping.