Cryptocurrency Market Review
At the beginning of this week, the cryptocurrency market continued to grow but since Thursday, it slightly tries to enter a downward correction. Currently, Bitcoin is trading at 10090.00 (+0.5%), Ethereum is at 260.00 (+14.2%) and is the growth leader, Ripple is near the level of 0.3140 (+11.6%), Bitcoin Cash is around 470.00 (+5.9%), and Bitcoin SV – at 350.00 (+2.0%). The total market capitalization increased from $288 to $298 billion. Bitcoin's market share has fallen to 61.8%.
The digital currencies market maintains an uptrend. Common reasons for the growth remain the same: concerns about the economic damage from the spread of coronavirus and the upcoming BTC halving. Some experts suggest that market growth is supported by the speculative activity of "cryptocurrency whales". So, the Whale Alert service recorded two very large transactions in Bitcoin totaling more than $350 million.
As for the growth leaders Ethereum and Ripple, they are supported by the expectation of the launch of the Ethereum 2.0 network and the accession of new large financial institutions to the RippleNet network. Users were presented with a prototype of the deposit contract interface for Ethereum 2.0, a technology that allows you to transfer the ETH client from the existing Ethereum network to a new one. In addition, Ethereum 2.0 is now undergoing a security check, during which it is revealed its ability to withstand DoS attacks and other vulnerabilities. Ripple representatives said the company has entered into a partnership agreement with the National Bank of Egypt (NBE), which plans to use RippleNet to make faster and cheaper international transactions. Also, Bank Asia, based in Bangladesh, with total assets of $4 billion, will join the network.
Representatives of the US financial authorities actively commented on the cryptocurrency industry this week. Fed Chairman Jerome Powell, speaking in Congress, confirmed that the regulator is working to create a national digital currency, which aims to preserve the US dollar as a world reserve currency. However, a final decision on the introduction of cryptodollar has not yet been made. Powell noted that the development of the Libra project served as an impetus for these works. US Treasury Secretary Stephen Mnuchin, also speaking to congressmen, said the ministry is preparing to release new cryptocurrency security regulations. Mnuchin did not make any specific decisions but noted that regulators should be aware of where the money is sent and if cryptocurrencies are used to launder it.
The cryptocurrency market may continue to grow or stabilize next week.