Forecast of Bitcoin and cryptocurrency market this week
Last week on bitcoin ended lower by more than 10%. The weakening of bitcoin started in the downward correction on Monday and intensified on Friday 11 may. Market capitalization decreased from $452 billion to $389 billion, the Share of bitcoin increased from 38.8% to 37.1% to 2 April 2018
The collapse of the market caused two news: the largest South Korean cryptocurrency exchange Upbit and the next sale of the assets of Mt.Gox.
The Trustee of the bankrupt exchange Mt. Gox, Nobuaki Kobayashi brought with purse 8200 BTC. It’s not about the fact of sale of coins, just any movement in the wallets of Mt. Gox is perceived by kriptosmartfon as proof of the transaction for the sale of BTC on the exchange.
Korean prosecutors raided the largest cryptocurrency exchange UPbit. She is accused of fraud. Authorities suspect that the company has introduced clients to confusion by providing them with false information about their balance sheets and transferred money from clients ‘ accounts on a separate account.
Bitcoin (BTCUSD) on 20.05.18
On the news of Mt. Gox and Upbit positive market sentiment has changed to negative. To neutralize him at the time of the may annual conference on cryptocurrency Consensus, to be held in new York from 14 to 16 may. It is expected that the event will be attended by not less than 7000 people, including more than 200 experts of kryptonyte. For the credibility of Consensus is compared to the G8, but in the crypto world.
Because the investigation of the South Korean stock exchange Upbit is ongoing, but investigators do not know in which direction to investigate the case, bitcoin will remain under pressure. If in the first half of the week the value of bitcoin will not rise above $8750, we can expect declines to $7700 by the end of the week.
Ethereum (ETHUSD) 20.05.18
Over the past week the course Ethereum has fallen against the U.S. dollar by 19.6%. Because the market has changed investor sentiment, in the week from 14 to 16 may is expected to continue downward correction to $608. In the absence of negative information positive background for Ethereum can create annual conference on cryptocurrency Consensus.
Ripple (XRPUSD) 20.05.18
The weakening of the bitcoin price fell to a Ripple 0,6265 (-20,39%). At the time of writing the exchange Bitfinex Ripple is worth $0,6879. In the week from 14 to 20 may, the price of the coin at risk of falling to $0,5536 on the background of the scandal with the South Korean stock exchange Upbit.
During the annual conference on cryptocurrency Consensus from 14 to 16 may, the market may move in growth. The speculators will use any information where you can make money on exchange.