Cryptocurrencies are falling behind bitcoins, because the Indian regulator

  • And
  • +A

Main cryptocurrencies are falling in price on Friday in the framework of market consolidation with a negative investor reaction to the news that the reserve Bank of India forbade banks transactions with companies engaged in trade or storage of cryptocurrencies.
According Libertex, bitcoin exchange rate to 12.00 per day has fallen in price on 1,68% – to 6600 dollars in capitalization in 112,4 billion. The Litecoin exchange rate fell by 2.74% to 113.7 dollar in capitalization is 6.3 billion dollars. Ethereum fell in price by 12.00 1.60% – 370,1 dollar, its market capitalization amounted to 36.5 billion dollars. Ripple has fallen in price on 2,08% – to $ 0.47 market cap of 18.5 billion dollars. The total market capitalization is 249,2 billion.
The cryptocurrency market is currently entered a phase of consolidation. While the trading volume is not very high, and in the future we can expect a resumption of downward movement in the framework of the downtrend.
The drop in prices may cause virtually any at first glance, even minor negative news. This negative message is able to block a positive, as market participants are very wary.
So, for example, was negatively perceived the news that the reserve Bank of India banned banks and other regulated financial organizations operations with companies engaged in trade or storage of digital currencies: the ban for the Indian banks fall all cryptocurrency exchanges and wallets. The financial authorities of India were expressed in a similar vein before, so this news, in theory, should not have come as a surprise to investors.
During the day you can predict the further moderate decline in rates of cryptocurrencies and bitcoin, obviously, will still be at current levels in the scope of consolidation. Rate Ripple will move at 0.46 dollar, Litecoin is at $ 110, and Ethereum will be at the level of $ 370.
Ivan Marchena,
GK Forex Club