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A market without great ideas for cryptocurrencies

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A market without great ideas for cryptocurrencies


3 min read

The last days of exchanges did not provide great ideas for traders engaged in the nascent segment of cryptocurrencies, we are witnessing, if anything, a side stage with stable or downward prices . This is undoubtedly the case of Bitcoin (BTC), the most important cryptocurrency in the world, which is to be traded just under $ 8200. From the graph we can see how the resistance at $ 10,000 has held up quite well and the price has begun to move along a downward channel; the next level of support, at this point, is at $ 8,000.

 Bitcoin

The main drivers in price formation were the news of new bans of advertising with the object of the promotion of cryptocurrencies. In this case, to add to the list that already giants such as Facebook and Twitter there is Microsoft, which with its search engine Bing and the cloud ecosystem linked to Hotmail is among the largest generators of web traffic in the world.

It should be stressed, however, that many of these companies consider digital currencies and their block technology as a great opportunity for growth. Facebook, for example, recently announced its intention to create its own cryptocurrency that, in the intentions of its creators, should not allow the possibility of being used for illegal purposes by its users.

On the positive news front for the the sector is that of the possibility that Ukraine may soon be added to the list of countries that have made legal the use of virtual currencies in their own monetary jurisdiction.

On Facebook an important parliamentary member of the majority, Alexi Mushak, presented a draft of what should become law and allow the Eastern European country, which has recently experienced alternate financial events due to the default on its sovereign debt, to become one of the most advanced in the world in cryptocurrency.

The Central Bank also shares this design and is preparing what is needed to make the new digital currencies financial assets for all purposes, with the possibility of being freely traded with other assets on the stock exchanges of the country. This could be very important in the future because Kiev should join the European Union and this could affect other members to go a similar route.

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Title:

A market without great ideas for cryptocurrencies

Source: IQ Option Blog Ufficiale
Date published: 2018-05-16 16:00:52

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