Bitcoins: Ethereum futures will support the cryptocurrency
Stock Markets Group – bitcoin exchange Rate today September 3, remains in an uptrend, despite the slowdown in the weekend.
Attempts by sellers to break started two weeks earlier upward trend of the price of Bitcoin, yet fail, but bitcoin holds above the key level $ 7,000.
With the arrival of autumn in the market of cryptocurrencies is a strong activation of the buyers and the influx of new players that will provide these days bitcoin good support.
Courses most popular cryptocurrency has slightly decreased.So the Bitcoin exchange rate Cash fell to 2.72% is 633.73$ 966 capitalization of 10 billion dollars. The Ripple rate fell by 1.18% and reached $ 0.338$ in market capitalization 13 450 billion. Price Ethereum fell by 1.73% and reached 290$ in market capitalization 29 548 billion.
17:10 GMT., main trading platforms display these values of the rate BTC/USD:
Bitstamp – $ 294 7 (-0.23%)
Bitfinex – $ 7 300 (-0.17%)
Coinbase – $ 7 296 (-0.22%)
The market capitalization of Bitcoin at the moment is $125 632 billion Total capitalization of the stock market 220 808 billion.
The rate of bitcoin will be strengthened after the launch of the Ethereum futures
As is well known in the near future, the cryptocurrency market is awaiting the launch of futures contracts on Ethereum, which could significantly change the balance of power among players, and some experts make predictions in favor of bitcoins.
So the managing partner at Fundstrat Global Tom Lee, known to many of its analytical studies of cryptocurrencies notes that to air such a move could end very badly.
His assumptions are based on the situation that was developing with the exchange rate of bitcoin, when there was the launch of futures most popular cryptocurrency.
First, we observed a sharp increase in the prices of Bitcoin to 19 700 dollars later, however, the asset turned around and fell more than three times, and the falling trend observed today.
The current bitcoin worth 60% less than their peak reached in December 2017.
This, in his opinion, has occurred because derivative instrument enables traders to open positions on lowering without actual possession of the cryptocurrency.
Tom Lee believes that once the new tool will be officially launched on the CBOE Ethereum will meet the same fate as bitcoin and may incur losses in speculation.
“In December last year, anyone who is not physically possess a bitcoin, could open a short position. Similarly, it can be done after the futures Ethereum that will support bitcoin and make a short position in bitcoin is meaningless”
However, experts can agree only partially, as the price of bitcoin and Ethereum is influenced by different factors. The first rather focuses on General global trends in kriptonyte, whereas the dynamics of the second, partly linked to projects built on the basis of the network.
The fact that the situation will change and more with the course the second most popular cryptocurrency, it’s true, but whether further movement to follow the leader of the cryptocurrency market, it is doubtful, because the market was different and the players involved in the formation of prices have become more Mature.
Bitcoin exchange rate today
Today, during the day we observed the activity of sellers and a slight decrease in cryptocurrencies within 1%. However if to speak about global trends, it remains positive and bitcoin has the potential to remain above the key level in the next few days.
The rate of bitcoin will continue to strengthen, and in this case, the first important marker is the level of $ 7,500. Now a small retracement value will be used by buyers as a respite and consolidation of new forces to break above.
Even if in the near future the decline will reach a key level, the price of bitcoin will receive additional support in the form of a moving average, which is 7 000 dollars.
The negative scenario
The exchange rate of bitcoin met resistance at 7300 dollars turns down that was the signal for sellers to the beginning of sales.
The first target for bears is the area of 6 800 dollars where buyers may attempt to halt the decline. Further quotes can be testing at least at the level of 6 300$.
Currently, we do not consider this scenario as the most likely because, like most analysts, expect a burst of activity in the stock market and the return of a large captainvalor.
Market analyst cryptocurrency
Stock Markets Group™