At the end of Wednesday trading in the virtual currency market there was again a slight pullback. Bitcoin fell to around 3,670 dollars, the cost of Ethereum dropped to 125 dollars, and the price of XPR was 0.3045.
QuadrigaCX, the problematic Canadian crypto-exchange, which owed users about $ 190 million, lost another $ 370,000 last week, mistakenly putting more than 100 Bitcoins into a cold wallet without access. This heightened the market’s concerns about the security of cryptocurrency transactions, which was the main reason for yesterday’s recession.
At the beginning of the day, the market was able to grow a little against the background of the announcement of the investment in cryptocurrency of two large pension funds from the United States, which acquired digital assets worth $ 40 million. At the same time, trading volumes on the crypto market are not high, in recent days the figures have fallen to the level of 2017, and the total market capitalization amounted to 121.9 billion dollars.
In March 2019, a number of companies will start launching custodian solutions for virtual currencies, which can intensify the activities of institutional investors. Large traders are likely to enter the market gradually, with their usual care. However, transaction volumes may be sufficient for the growth of Bitcoin and other cryptocurrencies. Against the background of positive dynamics, the influx of traders will increase, and the recovery of the market will go faster.
In our forecast for Thursday we assume a moderate increase in cryptocurrency. We expect Bitcoin to rise to resistance levels of 3690, 3720 and 3750 dollars. Ethereum can grow to 127, 129 and 132 dollars. The price of XPR is able to meet resistance at the levels of 0.3065, 0.3090 and 0.3130 dollars.
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