Bitcoin has returned to the price value of $37,000. Ethereum declined to the support of $2,400, and the price of XRP fell to the level of 84 cents. The total capitalization of the cryptocurrency market was 1.55 trillion Dollars.
The analytical company Delphi Digital notes that bitcoin has fallen by half from its absolute highs in less than two months. Now the cryptocurrency needs a new major catalyst to resume growth and cancel out the short-term negative factors that have appeared on the charts. The decline was largely due to a large reduction in margin positions and profit-taking after one of the best stages in the history of the cryptocurrency. When all traders take margin long positions, a strong correction is only a matter of time. Despite the latest decline, 85% of the Bitcoins in holders' wallets remain profitable relative to the deposit price. Historically, with such declines, minima were detected when the metric reached values of at least about 55%.
Last week, the Legislative assembly of El Salvador passed a bill to recognize the first cryptocurrency as an official means of payment in the country on a par with the US dollar. El Salvador guarantees instant automatic conversion of bitcoin to the US dollar, which will remain the base currency of the state. The authorities will launch a $150 million trust fund to buy a digital asset from the public. In the future, El Salvador plans to keep these funds on the balance sheet. Analysts believe that the recognition of the leading cryptocurrency as a means of payment can equally entail both an influx of investment into the country and an outflow of capital. The IMF has already said that El Salvador's decision may entail a number of risks and regulatory problems. And the JPMorgan bank doubted that the adoption of bitcoin will bring the state a special economic benefit.
Forex trading. Cryptocurrency forecast for today, June 9, 2021
In the forecast, the price of Bitcoin is expected to decline to the levels of 36700, 36500 and 36000 Dollars. Ethereum will decline to the supports of $2300, $2200 and $2000, while XRP will fall to the levels of 82, 80 and 77 cents.