There is no visible change in the crypto market scenario today as lull scenario continues for third consecutive session post-weekend. It can be said that crypto bulls are in a state of slumber in the current market as bulls have failed to capitalize on news-driven momentum that could have facilitated a solid breakthrough in price action. Following multiple attempts to breach psychological support levels Bitcoin and legacy cryptocurrencies have managed to establish stable support slightly above the 2018 year lows where price action seems to have flat-lined. However crypto market continues to experience some level of positive price action every now and then as blockchain tech and Bitcoin & other legacy cryptocurrencies are seemingly finding more popular real-world adaptations with each passing day.
ETH Trades in Red on News of Yet Another Security Vulnerability
While cryptocurrencies are decentralized by nature when compared to fiat currencies which are backed by respective economies, increasing popularity and improved acceptance and application of digital currencies in the real world is now beginning to provide some level of fundamental support. This support is helping major crypto coins in the market build a solid foundation near current price levels as investors await trigger that could favor a positive price rally. Bitcoin price action is for now controlled by a high level of activity in the Venezuelan market. Headlines suggest that Venezuelan citizens are opting to convert fiat to Bitcoin in order to shield themselves from the impact of an ongoing political crisis on the country’s economy.
Further, the country is also regulating activity surrounding Bitcoin & other digital currencies which is providing strong support to crypto market preventing further declines. As of writing this article, BTC/USD pair is trading at $3436 up by 0.20% on the day while ETH/USD pair is trading a $106.52 down by 0.35% on the day. Sentiment surrounding Ethereum is at new lows as headlines suggested that another security vulnerability has been found just when commotion surrounding Constantinople upgrade delay owing to security issues died down. However, the company which identified said vulnerability has reportedly managed to resolve same and asked it clients who use said node to also upgrade immediately to prevent from being hacked.
This article was originally posted on FX Empire
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