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TOP 3 Price Predictions: BTC, ETH, XRP — Bitcoin Is Again Below $8,000. What Do We Expect from the Top Coins?

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  • Denys Serhiichuk
    📈 Price Predictions

    Was the recent growth a false alarm or should one still wait for the rise of the cryptocurrency market?

TOP 3 Price Predictions: BTC, ETH, XRP — Bitcoin Is Again Below $8,000. What Do We Expect from the Top Coins?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Crucial changes have occurred on the cryptocurrency market over the last 3 days. If two days ago, Bitcoin traded above $8,200, today, its rate is not even above $8,000. Most altcoins have followed BTC’s price movements. Earlier Bitcoin SV was the biggest gainer, however, today, its rate has dropped by more than 8%. All the top 10 coins are in the red zone.

Top 10 coins by Coinstats

Take a look at the main parameters of the top 3 assets. 

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$143 798 804 615

$7 985,22

$17 194 331 733

-3,20%

Ethereum

ETH

$18 116 177 483

$167,34

$7 380 111 204

-4,60%

XRP

XRP

$12 432 303 444

$0,287501

$1 530 795 742

-3,49%

BTC/USD 

Even though Bitcoin formed a ’Golden Cross’ on the 1H chart, the leading cryptocurrency was unable to fix around $8,200. In this regard, our earlier Bitcoin price prediction came true as bears rolled the rate back to the zone where the quotes had been trading before. 

BTC/USD chart by TradingView

On the small timeframe, bears have nothing to sell based on the RSI indicator. This might be the signal of a slight bounceback after a sharp drop by more than $200. However, bears even strengthened their positions after a false growth. 

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One can conclude, that BTC will hardly be trading above $8,000 until the end of October. 

Bitcoin is trading at $7,960 at press time.

ETH/USD 

The leading altcoin simply kept up with the BTC’s decline. As it usually happens, altcoins are more volatile against Bitcoin.

ETH/USD chart by TradingView

Ethereum is testing the vital support level around $165 which has been as a bounce point since the end of August. An upward turn from this area completed the correction which started earlier from the strong resistance level of $200. Moreover, the Bollinger Band indicator confirms this statement.

The 2nd most popular crypto is expected to continue its growth and going to test the next resistance level at $200 (the top of the previous impulse wave).

Ethereum is trading at $166.87 at press time.

XRP/USD

XRP could not rise against the fall of other coins as it did earlier. Its rate has gone down 3.50% over the last day. But it has almost unchanged over the week - the decline has made up only 0.03%. 

XRP/USD chart by TradingView

XRP has been in a sideways trend since October 14. However, the last candle was bearish, having closed below the four-hour EMA55. This is a signal of a further short-term decline. Besides, other indicators, such as MACD and the trading volume index, also show a price drop. 

XRP is trading at $0.2876 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability

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  • Vladislav Sopov
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    According to its Financial Stability Report of November 2019, the Board of Governors has warned about the dangers of stablecoins.

Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability
Cover image via
Contents

The Board of Governors of the U.S. Federal Reserve System have issued their monthly Financial Stability Report. This special report is dedicated to the profits and risks of "global stablecoins".

Stablecoins: Global System with So Many "Ifs"

First, the Federal Reserve admits to the numerous advantages that stablecoins present as a concept. It has been highlighed that stablecoins are "faster, cheaper, and more inclusive payments could complement existing payment systems". This is in comparison to cases where traditional financial institutions are sophisticated and poorly accessible. Stablecoins can also be managed to eliminate the volatility of cryptocurrencies, which is one of the borders for them to be utilized as the medium for exchange.

Therefore, the "global stablecoin initiatives" like Facebook's Libra can rapidly achieve cross-border adoption. However, the major threat for stablecoins is apparent - the "inability to convert in national currency". The loss of confidence in "pegging" the stablecoin to traditional assets can lead to a run, in which several holders will attempt to liquidate their stablecoins at the same time.

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This dramatic scenario may be caused by "poor design and governance", and can result in severe consequences for international economic activity, asset prices, and financial stability.

Transparency First

The Federal Reserve also outlined in its report that in many cases, stablecoins can be utilized for money laundering, terrorist financing, and other financial crimes. Therefore, the Federal Reserve would require operators of such systems to conduct their Due Diligence, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to avoid any abuse. Moreover, the problems of disclosure policy and protecting investor data should be of paramount importance for stablecoin issuers:

Disclosures should clearly detail consumer and investor rights and protections, including whether the holder of the stablecoin has any rights to the underlying asset. Issuers should be transparent on how the stablecoin is tied to the underlying asset, has been said in the Report.

Last but not least, the report highlighted that the Federal Reserve, together with the Group of Seven, will closely monitor stablecoin developments as well as all the risks associated with it.

Have anyone ever invested in stablecoins? Do you prefer to use it, or to pay extra fees for fiat gateways? Tell us your story on Twitter!

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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