Bitcoin (BTC) has strengthened in price towards the $58000 resistance level. Ethereum (ETH) has returned to the maximum value area and is trading around the $2080 mark. The price of Ripple (XRP) reached 0.98 USD. The total capitalization of the cryptocurrency market has increased to $1.96 trillion.
The Central Bank of the Russian Federation will begin testing the digital ruble in 2022. Based on the results of the testing, a decision will be made on the continuation of the project. According to the document of the Bank of Russia describing the concept and development plan of the project, a prototype of the digital ruble platform will be created by December 2021, and the development of changes to the legislation is planned until January 2022. Testing of the digital ruble will begin in the first quarter of 2022. The Central Bank plans to use a hybrid architecture of the digital ruble platform, consisting simultaneously of components of a centralized system and a distributed registry. So far, there is no solution for conducting offline transfers, which are also provided for in the concept. At the next stage of the project, the Central Bank plans to establish uniform rules and tariffs for operations in the digital ruble. According to the preliminary decision, transfers between individuals will be free of charge. At this stage, there are no plans to set limits on digital wallets of citizens and businesses.
Bloomberg Crypto analysts say Bitcoin could rise to $400000 this year, similar to the rally in 2017 and 2013, when the price of the main cryptocurrency rose 15 and 55 times, respectively. While past successes do not guarantee future results, history may repeat itself.
The last active growth began after the third halving of Bitcoin, when the reward of miners was halved. Bitcoin has also been rising in value for 12-18 months after previous halvings in November 2012 and July 2016. Analysts noted that the indicator of long-term volatility almost reached a minimum in September 2020. In that month, bitcoin was worth about $11000 on average. Some market experts fear that a faster rise in bond yields could weaken the appeal of inflation defenses, such as Gold and Bitcoin, leading to lower prices.
In my forecast, I assume that the Bitcoin (BTC) will rise to the $59000 mark. Ethereum (ETH) may rise to the level of $2150, and Ripple (XRP) may decline to the price value of $0.92.