Slight decrease at cryptomarket

February 4, 2019

At the end of last week, the first cryptocurrency traded with a slight decrease. Bitcoin fell to a key support of $ 3,500, Ethereum dropped to 110, and the XRP price reached $ 0.3100.

On Friday, Ethereum developers agreed to postpone an update to ProgPow, which would reduce the effectiveness of Bitmain's ASIC miners, which in turn would make graphics processors more competitive. Following the discussion, it was decided to conduct additional audits that would confirm that the integration of ProgPow will lead to an increase in the number of miners and thereby reduce the centralization of hashing power. The developers also decided to get an opinion on this issue from the Ethereum community.

VanEck and SolidX again submitted their request for rule change to the US SEC. If confirmed by the SEC, CBOE will be able to list Bitcoin ETF shares, many supporters of which suppose that the fund is going to help attract new money to the industry by establishing a more liquid market. Last week, the exchange withdrew the application, due to the temporary suspension of the US government. To avoid the potential rejection of the application, the offer was withdrawn. The final decision on the previous application VanEck and SolidX was to be made on February 27. A new proposal to change the rule has not yet been published in the Federal Register, which means that the countdown on the decision for the SEC has not yet begun. After the offering is published, the SEC will have 240 days to approve or deny the application. Final approval of the application can significantly change the mood in the market of cryptocurrency assets.

In our forecast for Monday, we assume a slight recovery of basic cryptocurrency rates. We expect Bitcoin to rise to resistance levels of $ 3520, $ 3,550 and $ 3,575, strengthen Ethereum to levels of $ 112, $ 115 and $ 118, and increase the XRP price to $ 0.3130, 0.3160 ​​and $ 0.3200.

Cryptocurrency: XRP

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