Bitcoin rose to the level of $6000

May 8, 2019

The sharp rise in the price of Bitcoin, which almost reached a key resistance level of $ 6,000, continued on Tuesday. Ethereum fell to a level of $ 173, and XRP reached $ 0.3210.

The New York State Supreme Court ordered Bitfinex to provide the state attorney’s office documents relating to the loss of access to funds of $ 850 million, and upheld a prescription that prevents Tether from using its reserves for lending to the stock exchange or other investment activities. At the same time, the court left open the question of whether the steakblokoy USDT is a security and demanded that the prosecutor’s office conduct a more thorough investigation in the light of the fact that the company is not a bank and, accordingly, does not fall under banking regulation. This case is quite interesting from the point of view of legal contact between cryptocurrency and the traditional banking system, and a court decision can cause certain consequences, both negative and positive, for the digital assets industry.

The Central Bank of Iran is developing its own platform to ensure the creation of a common standard for the use of blockchains in the country. The Central Bank also wants to reduce the cost of developing solutions for the blockchain, allowing Iranian banks and other financial organizations to test and implement the technology on a larger scale. Tough sanctions, reintroduced by the United States against Iran in the recent past, have accelerated the process of developing their own blockchain. The platform developers are creating a solution that will allow the Central Bank of Iran to distribute and initiate the implementation of its instructions using smart contracts and promote maximum transparency of financial institutions. It is expected that client identification protocols will not be activated until March 2020.

Financial Corporation Fidelity Investments, one of the largest asset management companies in the world, will launch a cryptocurrency trading platform for institutional investors within a few weeks. Observers are confident that as soon as institutional capital begins to enter the crypto market through the Fidelity platform, the rate of the largest digital asset BTC will jump at least $ 2,000. It is not excluded that such an option, when the turnovers of big business on trading floors will add more impressive rates than experts expect. In this case, the course of Bitcoin can jerk to new heights.

In our forecast for Wednesday, we expect a reversal and correctional reduction in the Bitcoin price to support levels of 5950, 5900 and 5850 dollars, as well as a decrease in Ethereum to 172, 170, 168 dollars, and XRP to levels of 0.3200, 0.3175 and 0.3150.

Cryptocurrency: Bitcoin

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