Nations Are Scared What Cryptocurrencies Can Do To Their Financial Ecosystem

Bitcoin and other coins are attempting recovery and bulls are treating their wounds.  There was a correlative upside on Saturday, and the Bitcoin cash is leading it. Bitcoin has been fluctuating up and down in tight trading ranges near the 11,850 levels.  The investors eagerly expect a break on the upside after the symmetrical triangle formation in the trend chart.  The market capitalization of the coin is at $211 billion, and it has been providing marginal gains. Ethereum has an existing market capitalization at $22.74 billion, and the price is working beyond the $212 handle. The coin might likely tough the daily high of 214.63.  It has caught up with some reliable support at $211. ETC/USD is up by 1% over the past 24 hours. Will bears sustain their pressure on the Ethereum? Whether ETH will cut off from their correlation with the Bitcoin is the trending buzz in the cryptocurrency market. Ripple (XRP) is in green, and it is recovering from the three-week lows of 0.2897. The cryptocurrency regained its 0.30 handle, and it is trading in the 0.3016 range.  The market capitalization is at $12.93 billion. Brad Garlinghouse recently stated, “Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be.” Bitcoin Cash is near the $325 region and is ranging in the $320 mark.  A dead cat bounce is prevalent, and a sustained hike beyond $330 is required to handle this. It gained 1.25% over the past 24 hours.  The market capitalization is at $ 5.73 billion. Litecoin is at $80.00 with a market capitalization at $ 5.36 billion. The price of Stellar Lumens is continuing to trend downwards.  There seem to be no clues for improvement.  Investors of Stellar Lumens are losing their trust. Tron, the most promising of cryptocurrencies, is currently taking an upward leap.  The meetings and lunch did not work, and it was a downtrend for Tron for a whole month. NEO is looking for a price boost, and it is expected to touch $15 in just two months. Currently, it has support at $10.80.  The support level is trending in the ranges through $10.93 and $10.80. With the ups and downs in the cryptocurrency space trending, nations are contemplating whether they should ban or regulate cryptocurrencies.  Others are projecting tax liabilities.  By all means, countries are scared of what cryptocurrencies can do to their financial ecosystem.

Richard Newman

Richard is the Editor-in-chief of Bitcoin Journal. He has over 10 years of experience with the news industry mainly handling the editorial cycle.

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