Bitcoin and major altcoins resume the decline after a short consolidation period. Ethereum is vulnerable to further losses as the coin echos BTC moves. Bitcoin bulls support $8,000 for dear life. Ethereum and Ripple also clinch to vital support levels. However, the market sees its glass half empty as all the recent attempts to engineer a recovery turned out to be futile. What’s going on on the market There are several developments of notice in the industry. Thus, the world’s top crypto exchange Binance hit the headlines with the decision to acquire Indian WazirX. This local cryptocurrency trading service provider may facilitate Binance expansion to the lucrative Indian market. Obviously, Asia is the leading and the most attractive region for the industry players despite tough restrictions and bans implemented by Chinese authorities. The Chinese bank Yillion Bank partnership with startup HDFH and venture capital firm ZVCA is another evidence that the industry is set to survive hard times. The above-said companies joined forces to create a $1 trillion blockchain-based investment fund focused on digital banks in the region. In a separate development, Singapore regulator (Monetary Authority of Singapore, MAS) will satisfy the requests from institutional investors and hedge-funds and allow cryptocurrency derivatives trading on regulated exchanges. BTC/USD, the technical picture At the time of writing, BTC/USD is changing hands at $7,930, off the recent low touched at $7,876. A sharp move below $8,000 triggered stop-orders located below this handle and gave a boost to the downside momentum. If the move below $8,000 is sustained, the decline may continue towards the next important barrier at $7,800. This level served as a lower boundary of the consolidation channel in October. Once it is out of the way, October 23 low at $7,300 will come into focus. Considering the downward-looking RSI (Relative Strength Index) on a daily chart, the bearish scenario looks highly likely at this stage. However, if bitcoin manages to recover above $8,000 during the day, we are in for more range-bound trading as the fierce staff between bulls and bears will continue. BTC/USD, the daily chart ETH/USD, the technical picture ETH/USD is currently traded at the $172.0 price level, off the intraday low reached at $170.62. Ethereum echoes bitcoin movements, which means the coin is vulnerable to further losses, unless the first cryptocurrency recovers above $8,000. A revisit of $170 support level may attract new buyers to the coin; however, once it is broken, the sell-off may continue towards the next psychological barrier of $160.00. This support is followed by $155.00 and $153.28 – the lowest level of the previous month. On the upside, we will need to see a sustainable recovery above $180.00 to mitigate the bearish pressure. However, even stronger barrier is created by a confluence of SMA100 (Simple Moving Average) and the middle line of the Bollinger Band on a daily chart above $183.00. ETH/USD, the daily chart XRP/USD, the technical picture XRP/USD is currently trading at $0.2452. The third-largest coin has lost over 2% of its value in the recent 24 hours amid the resumed sell-off on the cryptocurrency market. XRP/USD hit the intraday low at $0.2429 before new buyers popped in and saved the day. The coin has been declining steadily since it hit $0.3100 on November 7. The downside momentum has been strengthening amid growing bearish sentiments on the broader market. Looking technically, the next strong support is located at $0.2400 (October 18 low). Once it is out of the way, the sell-off may continue towards September low at $0.2168. On the upside, we will need to see a sustainable move above $0.2500 to mitigate the initial bearish pressure and bring the price back inside the previous consolidation range. The next barrier is created by $0.2600 that served as a support level during the previous week. Meanwhile, a recovery above $0.2700 strengthened by SMA100 (Simple Moving Average) daily will negate the immediate bearish scenario. XRP/USD, the daily chart Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Indian Rupee Price News & Forecast: USD/INR mildly positive as Sino row confronts Delhi’s decisions FX Street 3 years Bitcoin and major altcoins resume the decline after a short consolidation period. Ethereum is vulnerable to further losses as the coin echos BTC moves. Bitcoin bulls support $8,000 for dear life. Ethereum and Ripple also clinch to vital support levels. However, the market sees its glass half empty as all the recent attempts to engineer a recovery turned out to be futile. What's going on on the market There are several developments of notice in the industry. Thus, the world's top crypto exchange Binance hit the headlines with the decision to acquire Indian WazirX. 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