Bitcoin – $11 000Jun 24, 2019
One more week ends with an incredibly strong increase in BTC and, as a result, the update of highs of the current year. But demand over the psychological resistance level of $ 11,000 remains very weak, keeping Bitcoin from more powerful growth.
The number of coins with a capitalization of more than $ 1 billion reached 19. The list of TOP 19 is closed with NEO (NEO) and Ethereum Classic (ETC), taking respectively 18 and 19 positions in the ranking of coins with the highest capitalization. The growth leaders are: NEO + 20%, BTC + 17% and TRX + 13%. Despite the general optimism in the cryptocurrency market, there are also obvious outsiders who finished the week at a loss: -2.2% XLM and -1.5% LEO.
The next wave of BTC growth and, as a consequence, of the rest of the market, contributes to the appearance of optimistic forecasts from experts, analysts and crypto-enthusiasts. So, Peter Brandt, predicts the growth of BTC to the level of $ 100,000. He does not give the exact date, but marks the trend as clearly bullish.
“Bitcoin is targeting the $ 100,000 mark. Since 2010, the BTC / USD pair is in the fourth parabolic phase. No other market in my 45 years of trading looked on logarithmic graphs in this way. Bitcoin is a unique market, very unlike to any other”.
Earlier, we noted the optimistic forecast of Tom Lee, who said that a breakthrough of resistance level of $ 10,000 would open the way to the next goal – $ 40,000. As we can see now, a breakthrough of psychological and at the same time technical resistance level of $ 10,000 provoked rather strong upward movement. Noted by Tom Lee goal has not yet been reached, but the highs of the year have been updated.
Another restriction of the cryptocurrency market
Back in October 2018, it became known that in the summer of this year, the Financial Action Task Force on Money Laundering (FATF) will publish standards for international regulation of cryptocurrency.
Despite the fact that the majority of market participants were waiting for the publication of standards from FATF, the measures taken were a surprise. In particular, we are talking about the obligation of cryptocurrency exchanges and other cryptocurrency service providers (VASPs) to comply with AML and CFT procedures (countering the financing of terrorism), by analogy with traditional financial companies.
VASPs must provide each other with the following data:
– the name of the sender and the data on his digital wallet;
– the name of the recipient and the data on his digital wallet;
– physical address of the sender, his passport data or user ID, which binds him to the company, date or place of birth.
Business and governments have exactly 12 months to implement the recommendations, and the first FATF check will be carried out in June 2020. At the same time, many experts, including the analytical blockchain start-up Chainalysis, called on the Financial Action Task Force on Money Laundering to refrain from excessively tightening regulation of the cryptocurrency industry. According to them, as a result of the application of these measures, a cryptocurrency business can partially go into the shadows, which is negative for the market and for regulators.
Despite the very strong limitation from FATF, the cryptocurrency market shows a good upward trend. This can be explained by the fact that there is still a year before the first check. For the cryptocurrency market and the industry as a whole, this is a long period of time over which much can change.
Facebook and Libra in particular support Ripple
Brad Garlinghouse, the head of California-based Fintech startup Ripple, announced a record influx of new customers amid the recent Facebook announcement about the launch of its own digital currency. The launch of the Libra coin prompts financial institutions to consider using xCurrent software for bank payments and XRP token for cross-border transfers.
All this points to the development of Ripple, including partnerships and partnership with one of the world’s largest money transfer systems MoneyGram. According to Ripple CEO, cooperation with MoneyGram is evidence of the relevance of the xRapid payment solution based on the XRP token.