Multidirectional dynamics on cryptomarket

February 12, 2019   Bitcoin

Yesterday, multidirectional dynamics were observed in the virtual currency market. Bitcoin fell to the level of 3690. The price of Ethereum slightly increased and amounted to 123 dollars. XPR also rose and reached a level of 0.3040. Ethereum again went around the XRP capitalization, and regained second place in the CoinMarketCap ranking.

The rates of the major digital currencies were rising mostly on the reason of statements by the representative of the Securities and Exchange Commission of the USA about the prospects for the implementation of Bitcoin-ETF. According to him, the application for the launch of the fund will be approved as soon as it begins to meet all the standards established by US securities legislation.

The American company Reality Shares submitted an application to the US Securities and Exchange Commission to create an exchange-traded investment fund, which provides partial access to Bitcoin futures. The new fund will provide access to fiat and widely distributed virtual currencies, 15% of assets are planned to be invested in Bitcoin futures. This restriction distinguishes this fund from full-scale cryptocurrency ETFs, which may contribute to the approval of the application by the Commission. The introduction of Bitcoin-ETF can attract large traders to the market, and therefore is a prerequisite for its recovery.

Yesterday, the Lower House of the Italian Parliament considered and adopted a bill that defines the basic terms of the blockchain industry. In the future, parliamentarians will have to work out the legal criteria for smart contracts and operations with virtual currencies. Creating regulatory frameworks for the digital asset market will increase trader confidence and give potential for cryptocurrency growth.

Today, a moderate recession can occur in the cryptocurrency market. Bitcoin may drop to support levels of 3670, 3640 and $ 3,600. Support for Ethereum can range at $ 120, 117 and $ 115. The price of XRP can fall to the levels of 0.3010, 0.2980 and 0.2950 dollars.

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