Slight downward trend on cryptomarket

February 15, 2019   Bitcoin

Yesterday, a slight downward trend was observed in the virtual currency market, however, the value of the main cryptocurrencies remained unchanged. The price of Bitcoin remained near the level of 3670 dollars. Ethereum traded at around $ 124, and the price of XPR reached $ 0.3040.

The cryptocurrency market was relatively stable amid a series of positive news. American financial company Reality Shares announced its intention to launch Bitcoin-ETF, which would have a higher chance of approval from the US Securities and Exchange Commission than many similar applications. As planned by the company, the amount of money stored in cryptocurrencies within the framework of the fund should have been 15%, and the remaining funds would be stored in fiat currencies. However, the subsequent withdrawal of the application on the recommendation of the Commission put pressure on the market, reducing the confidence of traders in the launch of Bitcoin-ETF in the current year.

In addition, the US stock exchange Nasdaq from February 25 will add to its trading platform indices that track the prices of Bitcoin and Ethereum. Additional support for XRP was provided by the news about the launch of the Western Union payment system with Ripple. Barclays and Ripple also invested $ 1.7 million in remittance launches using XRP.

Despite a number of positive news, cryptocurrencies are likely to continue their decline in the short term. Bitcoin can drop to support levels of 3650, 3620 and 3600 dollars. Support levels for Ethereum are located at 120, 118 and 115 dollars. The price of XPR will drop to the levels of 0.3020, 0.3000 and $ 0.2960.

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