Market Overview: February 19–25
In the previous overview we made a guess that Bitcoin value would enter a correction phase as soon as it reaches the $12000 mark point. This forecast proved true. Even a drastic drop in fees in the Bitcoin network didn’t help to consolidate the price and in the evening of February, 24 we’re approaching $9000–9500 mark points. We expect this price range to be interesting for those who didn’t dare to buy Bitcoins for less than $10000 at the beginning of February.
For the market in general, the resistance level was reached at $515 billion of total capitalization. The Bitcoin dominance index is almost 40% which means that the altcoin market is still weak. At the same time, cryptomarket is rather quiet, there are no panic sales or extremely high volatility.
Last week we saw the news on Bitfinex exchange and Dutch ING Bank partnership. If more information is disclosed and there is at least a hint confirming Tether reserves, it will produce a significant positive effect on the whole cryptomarket.
They’ve also announced the EU regulators meeting to discuss the market of ‘virtual’ currency. Based on the existing information, the meeting is scheduled for Monday, February 26. Participants include European central banks representatives and stakeholders. The G20 events on March 19–20 also feature discussions on cryptocurrency regulation. So the meeting on February, 26 may be a forerunner for the G20 event and it’s very unlikely that there will be any strong statements. Everybody has already heard of the talks on investors security and that we shouldn’t invest more than we’re ready to lose. We expect the market to stabilize by the middle of next week and be ready for the new growth surge.
