Cryptocurrencies. Trading forecast and signal for Bitcoin, ETH and XRP
The price of Bitcoin (BTC) fell to the level of $54,100. Ethereum (ETH) rose to the level of $3320, and the price of XRP fell to the support of $1.39. The total capitalization of the digital currency market was $2.22 trillion.
The total volume of liquidations of short positions on derivatives on Ethereum has reached a new record. The impetus for this was the rise in the price of the second-largest cryptocurrency to a new historical high above $3,500. Over the past day, Ethereum has increased by 12.7%, and its capitalization has reached $405 billion. Over the past seven days, the asset has risen by 39%. According to CryptoQuant analysts, the selling pressure is significantly lower than at the peak of the previous growing market in 2018. On the Deribit derivatives exchange, for the first time in history, the volume of trading options on Ethereum exceeded the corresponding figure for Bitcoin. At the end of April, this ratio was 4.1 times higher for the first cryptocurrency.
The Capital Dollar Foundation, together with a major consulting company, will launch five pilot projects to test the digital Dollar this year. The US does not yet have information on which tools are best suited for the development of state-owned digital currencies, so such an initiative will be aimed at collecting the necessary data. Despite the fact that the Fed is cautious about state-owned stablecoins, the regulator sees the need to test them, as this issue has become very relevant among central banks. Recently, Fed Chairman Jerome Powell once again said that it is much more important to work out the right strategy for launching a digital Dollar than to try to overtake the People's Bank of China, which has already tested the digital yuan several times, or other banks that have already launched their own digital currencies. Today, more than 60 countries are engaged in the development of state-owned cryptocurrencies, and the United States does not plan to lag behind them in development.
Bitcoin, ETH and XRP trading signals for today May 5, 2021
The forecast assumes a drop in the price of Bitcoin to the levels of 54000, 53700 and 53500 Dollars. Ethereum will decline to the levels of 3300, 3250 and 3200 Dollars, and XRP - to the price values of 1.37, 1.35 and 1.30 Dollars.