Bitcoin, Ethereum, altcoins - Cryptocurrency review - 02/28/2020

The decline in the cryptocurrency market continued. Since Wednesday, the total market capitalization indicator has lost 4.2% andto date, its value is $ 250 billion.

Our indicatorBC 10 Indexlost 3.7%, dropping to 156 points.

 

Bitcoin

The dynamics of the BTC to the US dollar (BTC / USD)

Sales in BTC continued, resulting in the priceBTC tested the support level around $8,600, followed by a technical rebound. A number of experts attribute the negative dynamics of recent days to the approaching expiration of CME futures and technical factors, since the dynamics that the coin has shown over the past week are not typical for periods of instability in financial markets. If the “bulls” do not have enough strength to buy out the market, then the next support is located around $8,200.

Ethereum

 
ETH to USD exchange rate dynamics (ETH / USD)

Amid increased volatility, the price of ETHbroke the trend line, but there was no strong downward impulse. After some time, a natural rebound followed. The oversold situation observed in the middle of the week has now been lifted and quotes are near the $230 level. Trading volumes on a rebound are significantly less than during the sales period. According to market participants, the price is supported at this stage by the fact that a number of well-known community representatives are calling for a refusal to activate the ProgPoW code.

Ripple

Dynamics of the XRP to the US dollar (XRP / USD)

The price of XRP also tested anothersupport level at $0.264, followed by a rebound. If the bearish market continues, then from a technical point of view, the next significant support is already located around $0.2. Adding further pressure to the stock is the fact that the Northern District of California court has indicated that the initiators of the class action lawsuit against the company can defend their interests because statutes of limitations do not apply to violations of federal law.

Bitcoin cash

BCH to USD exchange rate dynamics (BCH / USD)

The price of BCH continued to decline, reachingits minimum was around $310 per coin. At the moment there is a rebound, but the dynamics of volumes and the nature of price movements indicate some uncertainty among participants that the bottom has been reached. Volatility here is low, which, coupled with the pronounced negative dynamics, is a sign that the trend is still ongoing.

Litecoin

The dynamics of the LTC to the US dollar (LTC / USD)

In LTC, after breaking through support at $66,sales increased. Against the backdrop of increased volumes, the price immediately reached a minimum of $59, after which it rebounded along with the market, but the turnover decreased noticeably. Volatility remains at high values, which indicates the absence of any clear consensus in the opinions of participants and the influence of the emotional factor on their trading decisions. If the trend continues, the next support will be located around $52.

World context

In Hong Kong, the authorities plan to further tighten the regulation of the cryptocurrency sphere in security matters, according to the recommendations of the FATF.

In New Zealand, tax authorities may refusetax on goods and services in relation to cryptocurrencies, since in the interpretation of the current legislation of the country, digital assets do not fall into the category of investment products.

According to Deputy Governor of the Canadian Central Bank Timothy Lane, the bank has no plans to issue its own cryptocurrency in the near future.

In China, due to the coronavirus outbreak, there has been a delay in research work on the digital yuan by the People's Bank of China. At the same time, the timing of the launch of the cryptocurrency has not changed.

Russia

Federal Security ServiceIt is proposed to introduce a ban on the issuance and use of cryptocurrencies as a means of payment in Russia, and to oblige exchange operators to identify the owners of cryptocurrencies.