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  • The presidential impeachment process in the US could breathe some air into the cryptocurrency if stocks markets slump.
  • Bitcoin, Ethereum, and Ripple recover from the dip on Thursday but gains are still limited below shirt-term hurdles.

The market continued to deal with increasing selling activities on Thursday. Bitcoin extended the lower leg below $8,000. The slide in Bitcoin price impacted on the top altcoins with Ethereum and Ripple retesting key support levels.

According to CoinDance, a cryptocurrency data platform the global volume of Bitcoin exchanged on LocalBitcoins is almost hitting a five-year low. The data shows the volume in the week of September 21, 2019 at 5,344 BTC compared to that of January 4, 2014 at 4,803 BTC. An all-time high of 39,137 BTC was recorded in the week of October 10, 2015.

The impeachment talks and process coupled with a formal impeachment inquiry against the current president of the US, Donald Trump is certainly not the reason why Bitcoin and cryptos are performing badly. However, if the process were to continue, the impact could be positive for Bitcoin and other cryptos. The impeachment process could be negative for the stock market which could eventually push investors towards Bitcoin other hedgers like gold.

Bitcoin price update

Bitcoin is trading slightly in the green on Friday. The largest cryptocurrency made a shallow recovery from the recent support at $7,750. However, the upside is limited below $8,200 broken support after the momentum fizzled out at $8,118 (intraday high). The CEO of Luno Marcus Swanepoel says that the loss of value is as a result of global market negativity.

More:  Bitcoin price prediction: BTC/USD targeting $7,400 – Confluence Detector

Ethereum market update

Ethereum, on the other hand, extended the losses towards $150 but formed a low at $152.78. A staged recovery from the dip under $160 is unable to trend towards $170 resistance. Ether is valued at $166 at the time of press.

Ripple price update

Ripple has sustained a shallow uptrend with a flag pattern discussed earlier in the day. The immediate support at $0.24 is vital for the next leg towards the short-term resistance at $0.25 and the supply zone at $0.26. The recent trend in Ripple price suggests that the crypto will continue to react to the general market trend.