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Cryptocurrency trading. Forecast for today

Cryptocurrency trading. Forecast for today

The price of Bitcoin (BTC) has fallen to the support of $56000. Ethereum (ETH) declined to the level of $1960, and Ripple (XRP) - to the level of 0.91 USD. The total capitalization of the cryptocurrency market was 1.87 trillion US Dollars.

Investments in cryptocurrency funds and products reached $4.5 billion in the first quarter, which indicates the continued growth of investments by institutional investors. According to Reuters data, investments in cryptocurrency funds and products increased by 11% in the first three months of this year. However, the growth of investment in cryptocurrencies in 2021 slowed down compared to the pace of the second half of last year. The volume of crypto assets under management also rose to a new high of $59 billion. Grayscale is still the largest crypto asset manager with $46.1 billion. At the end of March, CoinShares presented a weekly report on financial institutions' investments in cryptocurrency products, noting that new investments by institutional investors in Bitcoin fell to the level of October 2020. The volatility of cryptocurrencies is often cited as one of the reasons why Wall Street investors shy away from investing in Bitcoin. However, JPMorgan believes that the indicator will normalize and attract more institutional investors.

The Bank of Sweden has completed the first phase of pilot testing of the digital crown (SEK). The technology of national digital currencies requires further development, in particular in the aspect of scalability. Such conclusions are contained in the Riksbank report on the results of the first phase of testing. The regulator modeled the main aspects of the potential system, including the distribution of liquidity through prospective intermediaries using the RIX settlement system. The project is based on the R3 blockchain from Corda. The regulator said the technology's ability to manage retail payments on a large scale required further research and testing. The central bank also noted some privacy concerns. The second phase of the trial will focus on potential digital crown (SEK) suppliers, its storage methods, and its effectiveness in retail payments. The researchers will also test the system's autonomous functionality and integration with point-of-sale terminals. In December 2020, it was reported that the Swedish government would decide to issue a digital crown (SEK) within two years.

In the trading forecast I set signals - further correction of Bitcoin (BTC) to the level of  55000 US Dollars, Ethereum (ETH) will decline to the level of 1900 USD, and Ripple (XRP) - to the price value of  0.85 USD.

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View forecasts for USD/SEK, Ethereum/USD, Bitcoin/USD, XRP/USD

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