Cryptocurrency Trading News: PayPal Transacts Optimism to Bitcoin Market; Altcoins Follow

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ForexMinute.com – There might be light at the end of a dark tunnel, says no one. Still the saying fits almost perfectly on Bitcoin which found its sunshine in PayPal, in times when its signals were bearish and were expecting to cross the critical trend lines.

The world’s foremost payment transfer portal announced yesterday that it is partnering with leading Bitcoin payment processors like OKCoin, Coinbase and BitPay to avail cryptocurrency payment options to its digital goods’ merchants. Last 24 hours in the cryptocurrency market thus belonged to Bitcoin, further influencing the nearest altcoins like Litecoin, Dogecoin and NXT to rebound from lower levels.

On the other hand, Peercoin turned out to be the biggest loser during the 9/23 trading sessions. Falling over 20% against the USD, Peercoin’s strong bearish behavior came right after the release of NuBits, reportedly the world’s first stable cryptocurrency. There might be a possibility that a huge section of Peercoin followers exchange their coins for NuBits, amid the ongoing hype.

Darkcoin, meanwhile, remained steadier amid the optimism generated ahead of open sourcing Darksend. The anonymity-offering coin was also among the only top trading assets by market cap, which withstood the Bitcoin’s crisis period thanks to the release of the RC5 client.

Here is the report:

BTC/USD
The BTC/USD opened at 402 during the 9/23 trading session and remained steady for the next few hours. The arrival of PayPal announcement added some optimism to the market, which reflected perfectly in the sudden surge BTC/USD faced, hinting a definite reversal attempt. The pair rose to the intraday peak of 439, thanks to the strong incoming volume noted during the same span. Bearish signs seem to have been broken. Bitcoin is expected to be bullish during the 9/24 trading hours. The next resistance is expected around 450, while the support may arrive at 410.

At press time, the BTC/USD has surged over 6% in last 24 hours and is being traded at 422.70.

LTC/BTC
Litecoin is currently in a similar phase. The LTC/BTC pair too cashed from the PayPal event and broke the bearish trend line quite easily in the last 24 hours. It opened at around 1054420 satoshi and traded quite steadily thereupon. Following the spike in the Bitcoin chart, the LTC/BTC went all bullish and rose rapidly as well, eventually finding the resistance at the intraday peak of 1105960 satoshi. For a few hours, the pair hinted another bearish trend, but was saved by increased volume and optimism inside the market. It closed at 1087620 satoshi.

The LTC/BTC is also expected to be bullish during 9/24 trading sessions. At press time, the pair has risen over 4% in last 24 hours and is now priced at 1103810 satoshi.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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