Cryptocurrency: Legal uncertainty suppresses volatility, but the volume at the ETH pleasing
The second day of October and the beginning of the 4th quarter for the cryptocurrency were anemic. Bitcoin is here for the second day (BTC) remains practically unchanged in price, remaining at $6500. Altcoins from TOP 100, “treading water”.
The star of last week – XRP – for the last day lost nearly 3%, despite the announcement of Ripple on the conclusion of three major partnerships, including with banking giant Banco Santander for $80 billion it Seems that all the possible optimism XRP is already included in the price.
From the beginning of June, in the framework of the zcash for the complexity of networks has grown in 4.5 times, and in the Bitcoin network – in 1.6 times. While investors”honteri” continue to wait for reversal to growth, miners quickly sell mined crypto-currencies accepting less income.
Obviously, at the moment, the market froze because of the legal uncertainty. In the short term, it is the American regulators will determine the direction of the whole sector.
Recently it became known that the representatives of cryptocurrency businesses and companies providing traditional financial services, went to Washington to try to speed up the creation of regulation and again to explain to officials the need for a cryptocurrency-friendly environment in the United States.
Ripple will lead lobbying group SAIV also trying to influence us lawmakers. What is not growing is dying, and here the law is also valid. If the market does not receive clear signals, the new massive sale – the question is very imminent future.
The attitude of the major Asian regulators to the cryptocurrency market has been very negative. So, the Central Bank of India has forced the largest crypto currency exchange in the country Zebpay – to cease their activities, prohibiting banks to provide services to cryptocurrency businesses. China continues to get rid of all possible crypto-centers.
Not helping the market and new research: the WSJ came to the conclusion that using the crypto currency exchange for 2 years had laundered about $90 million, though, if you imagine the volume of such schemes in the traditional banking system, it is obvious that the cryptocurrency sector is a very small share of the shadow economy.
Short-term technical picture on Bitcoin has not changed for a long time, so please refer to the assessment of the situation with ETH.
The Ethereum buy from the second decade of September, which is increasing its quote from 13-month lows 164.5 – up to the current 225. It is noteworthy that the volume of trading rose to the highest level since the beginning of the year, reflecting the return of the interest, and for a long time remain elevated.
The stock market is traditionally considered a good signal for investors to purchases and can be a precursor of ROS, with the next goal to be around $280: the mark starts from the recent sale.