March 4, 2024

Bitcoin, Ethereum, altcoins - Cryptocurrency review - 02/26/2020

The cryptocurrency market is experiencing a decline. Perhaps this happened against the backdrop of criticism from Warren Buffett. INin most cases, everything is still happening within the frameworkcorrection, however, in a number of liquid instruments the trend has already become pronounced. Trading volumes have increased noticeably. The capitalization indicator has decreased by 7.7% since Monday, and its current value is $261 billion.Bitcoin, Ethereum, altcoins — Cryptocurrency review — 02/26/2020

Our indicatorBC 10 Indexdecreased by 6.4% to a value of 162 points.Bitcoin, Ethereum, altcoins — Cryptocurrency review — 02/26/2020


</strong>Bitcoin, Ethereum, altcoins &mdash; Cryptocurrency review &mdash; 02/26/2020

The exit from the converging formation occurred downward, inAs a result, the trend line, which originated in early January, was broken. This dynamics finally convinced market participants of a change in trend, after which sales followed, as a result of which the coin’s quotes entered the oversold zone. At the moment, the price is in the $9,150 support area, so the likelihood of a rebound is increasing. In case of a breakdown of the level, the next support is located in the area of ​​$8600.


</strong>Bitcoin, Ethereum, altcoins &mdash; Cryptocurrency review &mdash; 02/26/2020

ETH quotes have also come under pressure fromside sellers. Currently, the “bears” are trying to push support down, but due to local oversold, the likelihood of a rebound here also increases. In addition, a trend line passes nearby, which has not yet been broken, so the side scenario remains the most likely scenario.


</strong>Bitcoin, Ethereum, altcoins &mdash; Cryptocurrency review &mdash; 02/26/2020

The XRP price broke through the $0.264 level, confirmingformation of a reversal figure. In recent hours, the downward movement has accelerated, and volumes have increased noticeably. There is also some oversold at the moment, so from a technical point of view, the likelihood of a technical rebound increases. Meanwhile, the amount of Ripple’s investment in MoneyGram became known.


</strong>Bitcoin, Ethereum, altcoins &mdash; Cryptocurrency review &mdash; 02/26/2020

As expected, the previous bounce worepurely technical in nature and under the influence of sales from the "bears" in the entire market, the decrease affected BCH. After the local oversold leaves, there is a high probability of a continued downward trend. In this case, the reduction target is located in the region of $ 315 per coin.


</strong>Bitcoin, Ethereum, altcoins &mdash; Cryptocurrency review &mdash; 02/26/2020

In LTC, increased volatility persists. Compared to the other instruments under consideration, the movements here are more amplitude. Currently, the price is close to support, but in case of passing the level of $ 66 per coin, the downward trend may accelerate. In the meantime, everything looks like an ongoing sideways after the growth phase.

World context

  • At a meeting of finance ministers and central headsbanks of the G20 countries once again called for implementation and recalled the need to comply with virtual asset management standards, in accordance with the recommendations of the FATF.
  • Ethereum developers believe that the activation of the ProgPoW code will take place in July this year. Its goal is to make coin mining on ASICs ineffective.
  • The Central Bank of Sweden announced the start of a test period for its own cryptocurrency, which will last until February 2021.
  • Russia

  • Federal Security Service Offersintroduce a ban on the issue and use of cryptocurrencies as a means of payment in Russia, and exchange operators must identify the owners of cryptocurrencies.
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