The main cryptocurrencies lost about one percent at the start of the new week, but they generally show enviable stability. Now the stable market contributes to the distribution of Bitcoin as a means of payment. There were daily reports in the media about the acceptance of BTC for the payment of goods and services. At present, although the inclusion of the ability to pay with cryptocurrencies for goods and services has a marketing nature, the more stable the market, the greater the likelihood that large service providers will accept payments in digital currencies.
And certainly the big business is concentrated in the United States. That is why the position of the US regulator (SEC) has such a strong impact on the entire crypto industry. The United States’ sanctions policy has a direct impact on the introduction of cryptocurrencies in developing countries.
Recently, Iran announced the final stages of the development of its national cryptocurrency, which will be tied to the Rial. Perhaps the circulation of digital currencies among the “black list counrtries” will contribute to the growth of cryptocurrencies exchange for real commodities.
On the other hand, Ripple announced that it has partnered with MUFG to facilitate cross-border payments between Japan and Brazil. NEM has rose in the past 7 days after Coincheck resumed trading with the coin.
But the big surprise was that the crypto industry found an unexpected new supporter. The head of the International Monetary Fund, Christine Lagarde, praised block technology for being “safe, cheap and potentially semi-anonymous” and said “global central banks should consider issuing their own cryptocurrencies.”
So the experts remain still slightly upbeat about Bitcoin’s short-term future. For the past 24 hours Bitcoin gained only 0.53%, following a flat trade on Monday to close yesterday at $ 6,429.2. The resistance at $ 6,500 continues to secure a BTC cap before SEC’s decision on Bitcoin’s ETF 9 applications.
Looking at the broader market, Bitcoin Cash had some flexibility during the day, with a slight gain of 2.24%, which lowered downward pressure before tomorrow’s fork. And the war between the both sides of the hard fork, Bitcoin ABC and Bitcoin SV, continues today.
For the day ahead, the retention of Bitcoin Cash around and above $ 530 would have to support a rally to $ 540, and then to the first substantial intraday resistance of $ 549.1. In order for Bitcoin Cash to continue its recovery mode, the fork will have to be favorable, with any violation conversations being heavy impact.
Failure to hold above $ 530 may cause Bitcoin Cash to drop to the morning bottom at $ 519, followed by $ 510. The first significant resistance of the day is $ 500.1, and its breakthroughs can extend more sale-off.
Author: Silviya Velcheva
* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.