Cryptocurrencies trade with low volatility

March 14, 2019

The main cryptocurrency assets traded again with low volatility on Wednesday. The price of Bitcoin continues to be in a narrow range around the level of $ 3,900, Ethereum was trading at around $ 133, and XRP rose to the resistance level of 0.3150.

The slight intraday growth of XRP is associated with the announcement by Ripple of the creation of a special fund of $ 100 million in cooperation with the Forte gaming blockchain platform. The purpose of the fund will be to support the creators of games on the blockchain for the dissemination of technology in the computer games industry. Forte plans to use the fund to support developers with already existing projects with more than 50 thousand players interested in blockchain technology. The XRP price rose after the announcement to a seven-day high. At the same time, quotes remain quite far from the annual maximum value at the level of 0.3780.

Central Bank of Mexico has published a new tough rules on cryptocurrency. In essence, these rules say that the Central Bank does not allow regulated financial institutions to offer cryptocurrency to their customers. Institutions may conduct transactions only with digital assets that correspond to internal transactions, subject to prior authorization granted by the Bank of Mexico. Thus, after receiving the exchange license of a financial institution, it will not be able to work with cryptocurrencies. Such complex restrictions on the part of regulators in a number of countries stop the influx of large institutional money into cryptocurrencies, while maintaining their reputation as an insufficiently reliable asset.

In our forecast for today, we assume a slight decrease in Bitcoin to the levels of 3870, 3850 and 3820 dollars, Ethereum to the levels of 132, 130 and 127 dollars, and an increase in XRP to resistances of 0.3160, 0.3180 and 0.3200.

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