Cryptodiary (18.06): the analysts predict the further fall of BTC

June 18

Will we see again bitcoin for $5 000? Will the exchanges be opened for anonymous cryptocurrencies? And what is the reason for the rise of the medical token? We continue to keep you informed of the trends and forecasts for the market in our daily heading.

The beginning of the week does not please the holders of cryptocurrency assets that were again subjected to the pressure of the «bearish» trend and massively are losing in price. According to the analysts, the rate could be affected by the refusal of Western Union Company to work with cryptocurrencies that was reported by the head of the company Hikmet Erset last week. The capitalization of the cryptomarket is $275 billion. All the investments that the falling market managed to attract last week were leveled. Most tokens lost a little (within 5%) but due to the massive nature of the phenomenon it was enough to talk about a new market fall. Now the positions of buyers are rather weak and another wave of decline is more than logical.

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Bitcoin (BTC) fell below an important support level of $6 500 again. It lost more than 1% of the value and now is trading in the corridor $6 450-$ 6 500. The past week was closed by a «red candle» sifting to the level of $6 300 that is a negative signal for the «bulls» despite the subsequent corrective rebound. Bitcoin needs to gain a foothold at $6 700-$7 000 in order to talk about the transition from the falling to the growth. But while sellers on the market prevail over buyers and the total trading volume leaves much to be desired.

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If the situation does not improve during the day trading, we are likely to see a new drawdown. The next important level of the resistance to the downtrend is at the level of $5 000 taht is becoming an increasingly realistic prospect for the coming weeks.

Ethereum (ETH) loses about 1% and remains below $500. While there are not enough market signals to predict the further fall or growth of this cryptocurrency but with a high probability it will duplicate the dynamics of bitcoin. The creator of the Ethereum blockchain Vitalik Buterin said that two key updates of the Casper and Sharding network would be activated simultaneously.

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Ripple (XRP) loses even more (about 3.4%) and falls to $0.51. The adherents of this cryptocurrency continue to talk about long-term prospects for the XRP token to grow to $100. Their optimism is based on a potential partnership with American Express and on the recent decision by Philippine Satoshi Citadel Industries (SCI) Company to integrate XRP support through the several of its services.

«SCI soon will start supporting Ripple (XRP) through the several of our services. Starting from Buybitcoin.ph our users will be able to buy and sell XRP for Philippine pesos quickly, safely and easily, with Rebit.ph support for money transfers and Bitbit.cash for mobile money to monitor future integration», − the statement by SCI says.

The current stagnation is explained by the fact that most of the partner companies of Ripple use the xCurrent solution that is a slower version than xRapid. But given the fact that Ripple supports the ability to migrate from xCurrent to xRapid that will save for all these hundreds of banks more than 30% of the costs the main hopes for the growth of the XRP token are associated with the beginning of the transition because it will be used in banking operations with large amounts of funds.

EOS (EOS) that last week became a hero of the drama with constantly deferring attempts to activate MainNet, discovered bugs and vulnerabilities, and the attempts by the developers to make «sunset by hands» has reduced the price by 2.8%. Given the damage to the image that the project attracted $4 billion as a result of this turmoil suffered, it is still not enough. The limiting factor for the fall was the launch of the network, suspended transactions outside the exchanges and the active marketing efforts of the Block.One team.

The anonymous Dash (DASH) cryptocurrency loses as much as 5.35%. There are no separate reasons for a stronger compared with other large tokens decline. But as the supporting news it can be highlighted the addition of Dash at Vaultoro (the platform for working with gold).

Among the tokens of the first hundred the Docademic (MTC) token unexpectedly rise into the 83th place. Over the past day its growth was almost 45%. The great impact on the price of the token of this project that is conducting ICO was the advertising on Twitter from the famous crypto-evangelist and creator of the same name antivirus John McAfee. It can’t be failed to note the competent promotion of this project in the community. It attracts the users through the constantly conducted airdrops and rests on its actual use in the medical sector. Despite McAfee's loud statements that MTC is a «diamond among the rubbish» and his attempt to link this ICO campaign with his own campaign for the US presidential election of 2020, while everything we see fits in the context of banal speculation and with a large probability after the strong growth it will follow no less impressive correction. It should be noted that the pump of this cryptocurrency may be affected by the upcoming launch of the Docademic application for psychiatric care scheduled for July 23.

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The Bank for International Settlements has published the preliminary version of its annual report that gave the cryptocurrencies, their potential and shortcomings two chapters. Despite the fact that the large financial institutions are still distrustful of cryptocurrencies, it is necessary to note the positive news about the agreement between the American Gemini cryptoexchange and the anonymous Zcash (ZCH) cryptocurrency, according to which the coin can be traded on the platform. Despite the fact that there is nothing outstanding in the agreement itself, the analysts tend to view this as the first signal that in the future the policy restricting the use of the tools with a high degree of anonymity can give reliefs.

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