Cryptocurrency Market News: Bitcoin drops to $10,460 after a significant rejection and overall weakness

Here is what you need to know on Friday 4, September

BTC/USD is currently trading at $10,689 after another leg down following the weakness of the U.S. stock market which also had a red day.

ETH/USD is trying to hold the crucial $400 support level and it’s trading at $402 right above the daily 26-EMA.

XRP/USD had another leg down but has defended $0.255, which was the low set on August 27.

The biggest and practically only winner today was TRON and all the products related to it. After the successful launch of SUN genesis mining and Pearl.Finance, TRON is enjoying a ton of liquidity and exposure. 

Chart of the day: BTC/USD 15-minute chart

BTCUSD

Market

The U.S. stock market had a really weak open with the Dow Jones falling 3% dropping more than 900 points. The pullback is generally considered healthy and Bitcoin and others are simply following the global market like before.

This is certainly not good news for the crypto market which intends to distance itself from traditional markets. The selling pressure from miners is also rising up for Bitcoin and according to recent reports, 60% more Bitcoins than mined are being sold in the past 24 hours. 

Industry

Revolut, a money application based in the United Kingdom and one of the biggest brokerage firms in Europe will offer cryptocurrency trading to Aussie customers. It will initially support BTC, ETH, LTC, BCH, XRP, and XLM. 

Buying and selling cryptocurrencies can be incredibly complicated and confusing for the uninitiated, which means many Australians don’t know how to access cryptocurrency as an investment option, said Revolut Australia CEO Matt Baxby. By making cryptocurrencies easier to access for everyone, we’re trying to do what the internet browser did for the internet.

Quote of the day

Bitcoin actually has the balance and incentives center, and that is why it is starting to take off. – Julian Assange, founder of Wikileaks

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