Slight upward trend on cryptomarket

February 18, 2019   Bitcoin

At the end of the week, there was a slight upward trend in the virtual currency market. Bitcoin has reached $ 3,680. The rate of Ethereum rose to $ 128, and XPR reached $ 0.3030.

The market of digital currencies strengthened against the possible launch of JP Morgan's own cryptocurrency. One of the largest US banks intends to test JPM Coin in the nearest future, a virtual currency elaborated for quick payments with the usage of blockchain technology. Tokens will be designed for cash flow between enterprises, and therefore only institutional investors can use them.

In addition, on Friday, the US Securities and Exchange Commission began reviewing the application of the NYSE Arca and Bitwise Asset Management for changing the rules for listing Bitcoin-ETF. The new exchange-traded investment fund involves the participation of a qualified independent custodian Bitcoin. The market is waiting for the launch of this tool with impatience, as it opens up new opportunities for institutional investors, which will lead to an influx of funds into the industry.

Among other positive news, it is worth noting the system-wide update conducted by Ripple, as well as the adoption of legislation loyal to virtual currencies in Luxembourg. However, traders were frightened by the discovery of a critical vulnerability on the Coinbase exchange, together with the burglary of the Coinmama bitcoin exchanger, followed by a leak of users' personal data. Any security problems increase anxiety in the market, limiting the possibilities of its recovery.

In our forecast for Monday, we assume a slight rollback of the main cryptocurrency. Bitcoin is able to go down to support levels of 3660, 3630 and 3600 dollars. Ethereum can test support 125, 123 and 120 dollars. The price of XPR may drop to the levels of 0.3010, 0.2980 and 0.2950 dollars.

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