Cryptocurrency Brief: Bitcoin surges over 10 pct in 24 hours following massive Tether sell-off, Hong Kong SFC to introduce crypto regulations to protect investors – Monday, October 15th, 2018

BTC/USD: Bitcoin prices jumped across the board during late European session Monday, hitting a 2-1/2-month high, with market participants believing that a massive sell-off in Tether (USDT) has forced investors to buy alternatives like bitcoin, leading to a surge in prices. At the time of writing, BTC/USD jumped 9.50 percent to $6,937.90, marking a high of $7,788. Meanwhile, the near-term support is seen at $6,300.00 and resistance at $8,000.00.

Market Update: According to various media reports, BTC has witnessed a surge of over 10 percent over the past 24 hours, crossing the $7k mark, following sell-off in the USDT that sparked a panic shift to bitcoin, altcoins and stablecoins.

According to a report from CCN, Bitfinex has announced that launch of a new suite of reporting tools aimed at helping users gain greater control over their trades and give them useful insights into their activities on the platform.

ETH/USD: In line with strict competition to Bitcoin, Ethereum also sparked off a huge buying interest among the investors, surging over 13 percent during Monday’s afternoon trade; the day’s high was seen at $242.62 and low at $194.49. At the time of writing, ETH/USD jumped nearly 13.50 percent to 223.44. Meanwhile, the near-term support is seen at $200.00 and resistance at $246.00.

Market Update: According to a report from CoinTelegraph, Hong Kong’s Securities and Futures Commission (SFC) is planning to introduce crypto regulation to protect investors, the SFC chairman told Hong Kong English-language newspaper the South China Morning Post (SCMP) earlier today.

XRP/USD: After having witnessed a steep plunge late last week, Ripple prices are again on the rise today, keeping up the overall bullish sentiment in the digital currency market. Sell-off in Tether has spiked prices of its counterparts, with altcoins tracking movements of crypto king, Bitcoin. At the time of writing, XRP/USD climbed 16.58 percent to $0.47770. Meanwhile, the near-term support is seen at $0.4300 and resistance at $0.5500.

BCH/USD: Bitcoin Cash, too matched the footprints with its immediate peers, surging in the aftermath of the large sell-off seen on Thursday last week. At the time of writing, BCH/USD jumped nearly 9 percent to $483.60. Meanwhile, the near-term support is seen at $440.00 and resistance at $528.00.

EOS/USD: Nothing different, the EOS, also climbed on Monday, tracking its peers as investors engaged in a massive buying spree amid mixed news in the cryptocurrency market. At the time of writing, EOS/USD traded 10.50 percent higher at $5.7650. Meanwhile, the near-term support is seen at $5.17 and resistance at $6.28.

LTC/USD: Litecoin, also matched its peers, keeping up the green trading, continuing the widespread recovery across all cryptocurrency trading. At the time of writing, LTC/USD surged nearly 10 percent to trade at $57.797. Meanwhile, the near-term support is seen at $50.00 and resistance at $66.00.