The price of Bitcoin has recovered to the level of $37,300. Ethereum rose to $2,450, and the price of XRP reached 87 cents. The total capitalization of the crypto asset market was $1.58 trillion.
Recent statements by the Chinese authorities about possible restrictions on mining and trading in cryptocurrencies have caused a stir in the market, but globally are not able to affect the price of bitcoin. The current correction in the cryptocurrency market has followed an extremely strong rise, with current levels well above previous highs. The most serious blow was inflicted on mining. It is not yet clear what will happen to the equipment in the event of a production stop, and how the capacity will be distributed around the world. China accounts for about 60% of the hashrate, and such a redistribution will affect the price in the short term. In the long term, the bans will only strengthen the quality of development of the cryptocurrency industry and lay the foundation for future growth of market capitalization.
South Korea's central bank is selecting a technology provider to create a pilot platform for the state-owned cryptocurrency. Testing will last from August to December of this year. The Bank of Korea is seeking a partner through an open bidding process to explore the practical aspects of launching a Central Bank digital currency in a test environment. Earlier, the Central Bank of South Korea reported that it will begin testing its own digital currency in the second half of 2021, but prefers not to rush the launch. According to the regulator, the platform will contain simulators of commercial banks and retail outlets, and testing will include payment using mobile phones, money transfers and deposits. According to a recent Bison Trails report, about 80% of central banks are exploring options for using state-owned cryptocurrencies, and 40% are already testing proof-of-concept.
Signals for trading cryptocurrencies Bitcoin, Ethereum and XRP
In the forecast, Bitcoin is expected to decline to the levels of 37000, 36500 and 36000. The price of Ethereum will fall to the supports of 2400, 2300 and 2000, and XRP - to the levels of 85, 82 and 80 cents.