Will US be able to counter cryptocurrencies effectively?Oct 24, 2019
Indeed, the US policy, aimed to counteract the rapidly growing cryptocurrency market, remains one of the strongest bearish factors, and, as a result, supports the USD leadership.
We see, how actively the US government is opposed to the largest blockchain projects launches – Facebook’s Libra, Telegram Open Network (TON) and others. In the short term, this fact puts significant pressure on the entire cryptocurrency market, whose capitalization fell to $204.9B according to CoinMarketCap.
According to the index, this indicator overcame psychological and, at the same time, technical support at $200.0B. But, after such a significant support breakthrough, the sellers’ activity remains very weak. For comparison: on September 23-24, market capitalization decreased by more than $55B, while the last decline wave was less than $20B (even taking into account the breakthrough in psychological support).
All these facts indicate that large investors aren’t ready to withdraw capital from the cryptocurrency market. It definitely means another growth wave appearance in the medium term.
The latest growth wave, which began in December 2018, led to a market capitalization increase by more than 4 times from $92B to $388B. If the next growth wave is comparable in strength, then capitalization can reach $800B, and the BTC price up to $30,000.