The trend whether Ethereum is classified as a security or not by the US regulators is becoming more serious as it could have a significant effect on the cryptocurrency market. Also, the increased regulations in Hong Kong and Japan are forcing digital currency trading platforms to move to nations with more friendly regulations.
Korea is also another country where the daily trading of cryptocurrencies has reduced because of the numerous regulations. The governor of the Financial Supervisory Services in South Korea sees some appealing and positive things about cryptocurrencies. Nevertheless, his action towards the industry will be interesting to see.
Here are the price analysis of some of the leading digital currencies in the crypto market.
The value of bitcoin could not exceed the $10k mark on the 5th and 6th of May. Later on, the value declined and went below the ascending channel’s support line. If the levels hold firmly, the digital currency would again try to exceed the $10k mark and rally to $12k levels. If the support lies within the $9k and 20-day EMA, the value of the currency can fall to $8,500 – which is the 50-day EMA.
May 6 was a great time to buy Ethereum when the value was very close to the breakout levels. Nevertheless, the value has declined below the breakout level, and the present value of Ethereum is $745. However, the good news is that the value has bounced off the 20-day EMA.
On the 5th of May, the value of Bitcoin Cash broke out and went above the $1,600 mark. If this support holds, the value can get to the $2k mark. This is also a great time to invest in the digital currency.
Ripple has failed to exceed its upper range of 80 cents. Currently, Ripple is trading at 76 cents. The value can increase if the support at 76 cents holds.