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Cryptocurrency market survived the earthquake

May 22, 2019

At the end of last week, the BTC sharply collapsed, which pulled along other coins. But by the opening of trading on Monday, May 20, the cryptocurrency market had recovered from the shocks. At the same time, there are the coins that record incredibly strong growth in the first trading days of the current week.

According to CoinMarketCap, over the past 24 hours, the price of Bitcoin SV increased by 76.67%, reaching $111.33. As a result of strong growth, the capitalization of BSV came close to $2 billion. At the same time, the price reached $139- the high of the current year.

Bitcoin will continue to grow

The driver of such a robust BSV growth was the information that Craig Wright designed the copyright for the whitepaper and the source code of Bitcoin. At the same time, it is necessary to understand that the Office registers all applications without checking the validity of the claims. It was written by Jerry Brito, the director of Coin Center, the legal organization. To review and refute the application submitted by Craig, who calls himself Satoshi Nakamoto, someone else needs to register the copyright of Bitcoin.

It is worth noting that the demand for BSV is still high, and on the second day after such strong growth, the coin is trading in the green zone.

Bitcoin will continue to grow

87%, out of more than 2550 surveyed Twitter, believe in the further growth of BTC.

We recall that in 364 days, on May 20, 2020, the Bitcoin mining remuneration will be half reduced. At the moment, the miners receive 12.5 BTC for each block, and from next year this number will be reduced to 6.25 BTC. Indeed, some crypto enthusiasts, analysts and experts note inverse relations between the mining reward and the price of the first cryptocurrency. Thus, a reduction in remuneration should lead to an increase in the price of BTC. It is quite logical because mining is quite expensive and should be profitable, which is possible with an increase in the price of mined coins. But this survey reflects only the expectations of most users.

Another point of view

Omkar Godbole, a CoinDesk analyst, predicts the BTC price collapse to $6333. He emphasizes that customers are unable to overcome the resistance level of $8300. On the daily chart, it looks like a “double top” and indicates a weakening of the uptrend. The second peak, formed on May 19, is lower than the previous one, which is not good for buyers.

The first signal indicating that the price is ready to resume the decline will be the return of BTC to the level of $7650.

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