Bitcoin
Bitcoin$38 419.93

-3.52%

Ethereum
Ethereum$2 498.46

-5.60%

Tether
Tether$1.00

-0.01%

Binance Coin
Binance Coin$323.11

-3.68%

Cardano
Cardano$1.36

2.17%

XRP
XRP$0.716566

-4.61%

Bitcoin can subside significantly


#Bitcoin

Cryptocurrency assets on Tuesday rose in price. Bitcoin added more than 3% and reached $ 5220, Ethereum reached $ 165 resistance, and the price of XRP rose to the level of $ 0.3250. The total market capitalization of cryptocurrency rose to $ 176 billion.

On Wednesday, the main cryptocurrencies at the time moved to growth against the background of good financial performance of Binance crypto-exchange for the first quarter of 2019. At the end of the quarter, Binance made a profit of $ 78 million, which is 66% more than in the previous quarter. In addition, the Japanese marketplace Rakuten began registering its cryptocurrency.

Bitcoin is trading close to the maximum of 2019 at 5,390 dollars and maintains an upward trend. The key resistance for the main cryptocurrency is at the level of $ 5300, the breakdown of this resistance will allow Bitcoin to develop an upward momentum. The lack of a fundamental background for strengthening cryptocurrency allows skeptics to talk about price manipulations of the market by large players. Given the relatively low market volume and some features of the recently launched price rally, it can be assumed that suspicions are not far from the truth. The price of cryptocurrency, including Bitcoin, can be easily shifted by one or several large transactions on the exchange. This allows artificially inflating the price, which can be used in the future for selling even larger volumes of cryptocurrencies in the over-the-counter market.

At the same time, cryptanalyst Magic Poop Cannon, who had previously predicted the fall of Bitcoin from $ 10,000 to $ 3000, warned investors that in the next 10 days, the first cryptocurrency could subside significantly. The rollback after the “evening star doji” can completely offset all previous weekly growth: “In other words, with the development of such a scenario next week, our recent achievements in the price of Bitcoin can be completely canceled.” If these expectations of Magic Poop Cannon are met, then the Bitcoin rate may drop by 15–20% to $ 4,100 over the next 10 days, and this trend may continue to about $ 3,500

The British Stock Exchange attempted to use tokenized shares to modernize financial markets and sold them on its platform as part of the company's placement 20 | 30. During the placement of tokens, about 3 million British pounds were collected. 20 | 30 - one of the blockchain startups that came to the attention of the UK government last year. Last summer, the management of the stock exchange and the Financial Supervision Authority announced that they were planning for the first time to demonstrate in real time the tokenization and issue of shares of a British company as part of a regulated system of storage, clearing and settlements. The project aims to explore the tools that will help companies to raise funds in a more efficient and rational way. After the primary issue of tokens on the Ethereum blockchain, the next step will be to offer secondary transfers.

Against the background of these messages, according to Libertex, the bitcoin rate rose by 9.00 per day by 2.83% to $ 5226 with a capitalization of $ 92.5 billion. Ethereum by this time has risen in price by 2.04% - to 166.6 dollars, its capitalization amounted to 17.6 billion dollars. XRP for the day strengthened by 0.31% - to $ 0.321 with a capitalization of $ 13.6 billion. Litecoin rose in price by 0.87% - up to 80.4 dollars, its capitalization reached 4.9 billion dollars.

The total capitalization of the crypto market was $ 176.7 billion. Meanwhile, a not very favorable news for investors was the statement of the crypto money exchange and BitMEX that it will stop adding new cryptocurrencies. According to financial crypto experts, after a short burst of growth, the market will once again return to decline. In our forecast for Wednesday, we expect further Bitcoin growth to the levels of 5250, 5280 and 5300 dollars, Ethereum growth to the levels of 168, 170, 172 dollars, and the XRP price movement to the levels of 0.3270, 0.3300 and 0.3350.

 

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