The cryptocurrency market grew at the end of the trading week. Bitcoin overcame a psychologically important resistance level of 4,000 dollars and reached the level of 4025, Ethereum rose to the resistance of 140 dollars, and XRP strengthened to a value of 0.3185.
Bitcoin Cash became the growth leader among cryptocurrencies last week, adding more than 15% to the price. The Litecoin price rose by 8%, and Ethereum added almost 6%. On the eve, Bitcoin daily trading volumes reached their maximum since April last year, which indicates a recovery in investor demand for cryptocurrency.
A Canadian regulator has tabled the introduction of regulatory laws for cryptocurrency exchanges in the country. Given the high risks of cryptocurrency, Canadian financial regulators have proposed the application of securities laws in individual cases. According to the regulator, cryptocurrency platforms can perform the functions of several market participants at once, including stock exchanges, brokers, custodial and clearing services. Currently, none of the existing cryptocurrency exchanges is regulated and formally has no right to act as a trading platform or dealer. The consultation document will be open for discussion until May 15, after which a decision will be made.
On Thursday, the launch of the Cosmos Hub blockchain network took place, and on Friday the cryptocurrency exchange Poloniex announced the listing of the Atom token from this project. Work on the Cosmos Hub has been going on for about three years, and the main task will be an attempt to ensure compatibility of various blockchains. Active trading with the Atom token will be opened after a vote by members of the Cosmos Hub network to activate the transfer function.
In our forecast for Monday, we assume a slight increase in Bitcoin to the levels of 4050, 4075 and 4100 dollars, further strengthening of Ethereum to 142, 145, 148, and a decrease in the price of XRP to support 0.3160, 0.3130 and 0.3100 dollars. According to analysts at CoinDesk, the price of Bitcoin is likely to continue its upward movement, confirming the change in the long-term trend. High trading volumes indicate investor interest in Bitcoin, despite the fact that experts consider CME's offer on Bitcoin contracts more profitable and thoughtful for traders.
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