Bitcoin exchange rate: the reason of a quick growth of the cryptocurrency
Stock Markets Group – the bitcoin exchange Rate continues to decline in the current bear trend that has lasted over 400 days. It was the biggest for the duration of the fall popular cryptocurrencies in the last 2 years.
The price of bitcoin at the moment is losing 0.36% and decreased in 24 hours to around 3 589 USD. However, until then, as long as prices remain above the key level of $ 3,500, the potential to develop the upward movement of the Bitcoin is stored.
Most altcoins from the first tier except Bitcoin Cash remain under pressure.
So the rate of the coins rose by 0.2% and increased to around $ 128, the price of Ripple falls by 1.23% and reached $ 0.3177, the cost of Ethereum eased 0.39%, and now the token is trading at $ 118, and the rate of Bitcoin Gold is reduced by 0.62%, and one coin on the crypto currency exchange offer 11.25 USD.
Chart bitcoin/dollar remains under pressure, and despite attempts to grow, customers remain cautious and do not take action.
First resistance is at the level of $ 3,700, there goes the moving average, which remains above the price of bitcoin.
Next target for buyers will be the level of $ 4,000 (the lower boundary of Ichimoku) in the case of penetration which, the pair BTC/USD can reach the next important level of $ 5,000.
However, in the current situation, given the lack of positive signals and the weak external background, this scenario is unlikely.
Bitcoins could grow in the near future
Cryptocurrency exchange Bakkt, without waiting for the positive decision of the us regulator CFTC about the launch of bitcoin futures, the start of the recruitment under the project.
As we wrote earlier, the verdict of the Commission commodity futures U.S. will be made in any case. As the law prohibits more time to move the date of the decision, the cryptocurrency exchange has decided to prepare in advance opening 8 vacancies.
Recall that investors expect Bakkt will be regulated by the exchange for the bitcoin ETF, and the largest Intercontinental marketplace.
If the regulator will approve the beginning of trading in derivative instruments, it will trigger a strong wave of buying and a sharp rise of exchange rate of bitcoin in the short term.
According to experts, strengthening of the most popular token in the moment to reach $ 6,000, however, this requires a positive decision of the CFTC. Otherwise, the worst scenario, the fall in the value of the pair BTC/USD will be even bigger.
As it became known that the Bank of England criticized the cryptocurrencies, calling them a real threat to the authorities.
Senior Advisor to the Bank of England, Hugh van Stenis believes that bitcoin and other altcoins do not pass basic tests of financial transactions.
“Crypto-currencies do not pass basic tests of financial transactions have no value and are a poor means of exchange and payment”
Stennis noted that a big problem for the Central Bank will be control of the owners of digital assets if they are integrated into the financial system of the country.
In the current situation we expect the price of bitcoin will continue to slowly decline in anticipation of new growth drivers. In the short term, the fluctuation range will remain in the range of 3 500-4 000 dollars.
Market analyst cryptocurrency
Stock Markets Group™