Bitcoin Cash, Litecoin and Ripple Daily Analysis – 09/01/18

Bitcoin Cash Lost

The cryptomarkets took another hit on Monday, following the fall through the weekend peaks, with Bitcoin cash hitting an intraday low $2,192.6 before recovering to $2,419.2 by the close.

It’s been a choppy start to the day this morning, with Bitcoin Cash down just 0.69% to 2379.5 at the time of writing, with Bitcoin Cash easing back from an intraday high $2,472.5.

South Korea was the driving force behind the December rallies see across many of the cryptocurrencies and looks to be the key contributor to the start of the year woes across the market, that has seen Bitcoin pegged back to low-$15,000 levels.

While focus had been on the battle of the coins, it’s now the coins against the regulators and the South Korean government is looking to ramp up regulations, with news of North Korean malware being used to attain coins adding to the negative sentiment towards the South Korean government’s intended regulator moves.

With so much uncertainty in the air, it’s going to be another tough day for Bitcoin Cash, which will continue to find support at $2,300 levels, though resistance at $2,475 will be high through the day, assuming that the South Korean doesn’t back down on its regulator intentions.

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Litecoin Feeling the Heat

It’s been downhill all the way for Litecoin since Saturday’s rally, with Litecoin down 1.41% to $251.62 at the time of writing.

The major cryptocurrencies are most at risk from the news of the South Korean government’s intentions to impose stringent KYC and money laundering regulations and ensure that the nation’s banks are also following policy.

With the likes of Bitcoin also struggling, Litecoin is unlikely to shine through the current negative sentiment, which will likely keep Litecoin under pressure through the day.

The markets will be looking for an assessment of the South Korean government’s findings, but that may be a number of days away.

Litecoin will need to break back through to $260 levels this morning to a avoid sub-$245 levels, with the more bearish investors likely to have already played their hand for now

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Ripple woes continue

At the time of writing, Ripple was down 1.71% to $2.36449, with the declines following a Monday tumble that saw Ripple hit an intraday low $1.61 midway through the day, though support kicked in with Ripple managing to regain some of its composure.

Following last week’s declines that came in the wake of Coinbase announcing that Ripple would not be included on its exchange, it’s perhaps not surprising that Ripple will be among the more sensitive cryptocurrencies to talks of increased regulatory oversight and possible exchange closures.

It’s been a tough start to the year and, while the negative sentiment continues to linger, how the South Korean exchanges move to implement the necessary KYC and anti-money laundering policies will be pivotal in the direction of Ripple and its peers over the near-term.

The size of the South Korean market is by no means small, so for the exchanges to flout the requirements of the South Korean government does seem unlikely, while possible.

For Ripple, sub-$2.3 levels could see Ripple make another move to sub-$2.00 levels, with upside through the day likely to be limited.

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