Bitcoin, the world’s largest cryptocurrency by market capitalization, has once again come into contact with a greater crypto market sell-off slashing its price by more than $1,000.
On May. 17 at 2:00 UTC, bitcoin (BTC) dropped by 16.7 percent to find a bid below $7,000 at $6,600 before rising once more on the back of high volatility, moving above $7,000 to where it currently sits at $7,300, according to CoinMarketCap and CoinDesk data.
In the last 24 hours, bitcoin’s market capitalization also dropped more than $10 billion over a 24-hour period. However, BTC remains positive over a 7-day period, up $14 billion on the week amid high volatility and market disagreements on its true price.
The reasons for the sell-off could be attributed to large sell-orders liquidating numerous stop-loss positions and invoking general panic amongst traders.
Indeed a sell-order on the Bitstamp exchange for example, of 3,645 BTC or $26.8 million in US dollar terms, was executed at around 02:00 UTC on May 17 and could have been one of the major causes for a dip below $7,000.
It’s no small secret that when bitcoin moves in value, the rest of the crypto markets may also do so as seen by a large capitulation in daily prices which are currently down between 11 and 22 percent amongst the top 100 at CoinMarketCap.
Ether (ETH), bitcoin cash (BCH) and litecoin (LTC) all suffered similar losses losing between 8 and 16 percent in value while stellar (XLM), XRP and cardano (ADA) were the hardest hit in the top 10 by market capitalization, dropping 16.3, 16.5, 16.7 percent respectively.
The total crypto market capitalization also took a hit dropping more than $29 billion over the last 24-hours hinting at investor uncertainty as they transition to the sidelines to await bitcoin’s next move.
Disclosure: The author holds USDT at the time of writing. Bitcoin Image via Shutterstock
Ripple price failed to stay above the $0.4450 pivot level and declined below $0.4200 against the US dollar.
The price is currently under pressure and it could test the $0.3740 or $0.3400 support.
This week’s followed ascending channel was breached with support near $0.4365 on the hourly chart of the XRP/USD pair (data source from Kraken).
There are several supports on the downside near $0.3800, $0.3740 and $0.3720.
Ripple price trimmed most its recent gains against the US Dollar and bitcoin. XRP is currently below the $0.4200 support, but it is likely to find a strong support near $0.3740.
Ripple Price Analysis
This week, we saw a strong rise in ripple price above the $0.4000 and $0.4200 resistances against the US Dollar. The XRP/USD pair even broke the $0.4450 pivot level and traded to a new 2019 high at $0.4802. Later, there was a sharp downside correction from the $0.3802 high. The price traded below the $0.4450 pivot level to start a major downward move. It traded below the $0.4400 and $0.4200 support levels to move into a bearish zone.
More importantly, this week’s followed ascending channel was breached with support near $0.4365 on the hourly chart of the XRP/USD pair. The pair even broke the $0.4000 support and tested the $0.3740 support area. A swing low was formed at $0.3745 and the price recently bounced back. It rebounded above $0.4200 and the 50% Fib retracement level of the recent decline from the $0.4802 high to $0.3745 low. However, the previous support near the $0.4450 level acted as a strong resistance.
Besides, the price failed near the 61.8% Fib retracement level of the recent decline from the $0.4802 high to $0.3745 low. The price is currently moving lower and trading below $0.4000. An immediate support is near the $0.3950 level and the 100 hourly simple moving average. The main support is near the $0.3740 level, where the bulls are likely to protect additional losses. Below $0.3740, the price might decline towards the $0.3400 pivot level.
Looking at the chart, ripple price is clearly under pressure below the $0.4200 support level. There are chances that the price could revisit $0.3740 before starting a fresh increase. On the upside, an initial resistance is at $0.4200. The main hurdle is near the $0.4450, above which the price is likely to surge above the $0.4802 swing high.
Hourly MACD – The MACD for XRP/USD is slowly gaining pace in the bearish zone, with a few negative signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level, with a bearish angle.
Major Support Levels – $0.3950, $0.3740 and $0.3400.
Major Resistance Levels – $0.4200, $0.4450 and $0.4800.
Earning cryptocurrency income online has become increasingly popular for more people around the world. Many employers and marketplaces are now offering jobs and tasks that pay in cryptocurrencies. The top 10 ways to earn bitcoin cash are outlined in the latest installment from Bitcoin.com’s new video series.
Today there are many different ways to earn cryptocurrencies for freelance work and other types of online interaction. The newest addition to the recently launched Bitcoin.com video series is all about how to generate bitcoin cash income.
The “Top 10 Ways to Earn Bitcoin Cash” video details how anyone can start earning the digital currency, such as by creating content online, completing tasks and bounties, getting tipped, winning casino games, selling gift cards, and even donating old clothes. In addition, it discusses how to receive free BCH by downloading the Bitcoin.com Wallet. This video series debuted on May 1 with “8 Ways Bitcoin Cash Will Change the World.”
Content Creation and Sharing
A popular way to earn bitcoin cash is by creating or sharing content online and being sociable. The video explains how to earn bitcoin cash on some platforms such as the Twitter-like Memo.cash and the censorship-resistant Honest.cash. While posting is free and can earn you bitcoin cash tips from other users, the latter platform offers additional ways to earn the cryptocurrency. For example, popular content and those who first discover it will earn more because it costs a small amount of BCH to upvote other people’s posts, with the payment going to early voters and the content creators.
The video also describes how you can get some bitcoin cash on mainstream social networks like Twitter and Reddit through Tipprbot, as bitcoin cash enthusiasts often tip for great content on these platforms.
Tasks and Bounties
There are also marketplaces that allow users to earn bitcoin cash for completing various tasks online. The video notes two of them: Lazyfox and Taskopus. Similar to popular mainstream task site Fiverr, Lazyfox offers tasks ranging from bug reporting to beta testing video games. Users can also download decentralized marketplace Taskopus and pay each other in bitcoin cash for carrying out desktop-based tasks. Taskopus is newer and has a steeper learning curve but is more private, which could lead to more interesting tasks.
For those with cyber-sleuthing skills, bounty hunting could be the most lucrative way to earn BCH online. There are several active bounties on Bitcoin.com, including one that currently offers up to 408.6356 BCH, worth $166,306 at press time. These tasks require more skills than most other options here, but the payout is also far larger.
Earn Crypto the Old Fashioned Way
One of the simplest ways to get paid in crypto is by asking your current employer to pay you in cryptocurrency, the video explains. There are also freelance work marketplaces such as Freelance for Coins that claim to pay in cryptocurrency. While jobs listed on these boards can be lucrative, they may require personal identification and matching your skills to the right job can be challenging.
You can also sell goods and services online in exchange for bitcoin cash. Both Bitpay and Coingate help merchants accept bitcoin cash on their websites. Alternatively, you can use third-party marketplaces such as the popular peer-to-peer marketplace Openbazaar which is available worldwide and has its own BCH wallet built in.
Lastly, trading bitcoin cash for fiat currencies directly with other people, both online or in person, could potentially be a lucrative way to earn the decentralized currency. Bitcoin.com is set to launch Local.Bitcoin.com, a peer-to-peer bitcoin cash exchange, on June 4. Users can start signing up now.
Other ways to earn bitcoin cash can be found in the video below.
What are your favorite ways to earn BCH? Let us know in the comments section below.
Disclaimer: None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither Bitcoin.com nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images courtesy of Shutterstock.
Are you feeling lucky? Visit our official Bitcoin casino where you can play BCH slots, BCH poker, and many more BCH games. Every game has a progressive Bitcoin Cash jackpot to be won!
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.