Cryptocurrency market update: Gemini exchange explores expansion in the UK as Bitcoin, Ethereum and Ripple bleed
|- Gemini is considering expansion into the UK market in spite of the uncertain regulatory status in the region.
- Bitcoin is testing the support at $6,600 while Ethereum buyers strongly defend $230 support.
- Ripple becomes the biggest loser in the market in the wake of the massive gains witnessed last week.
The Winklevoss twins’, Gemini exchange has announced its intentions of expanding operations in the United Kingdom. The move is coming in spite of the uncertainty of regulations in the UK. The Financial Times reported that the exchange recently hired advisors to look into the plan to expand its business in the region. Moreover, according to sources close the exchange and its expansion plans, an application to the UK regulatory authority is about to be filed.
Regulations in the UK still remain in limbo, although the lawmakers in the country recently called out to the government to regulate the crypto market “wild west.” Gemini is currently making headway in the crypto market with the launch of its very own stablecoin referred to as the Gemini Dollar.
“Gemini continues to explore potential jurisdictions around the globe to provide a best-in-class digital asset exchange and custodian which will enable growth and infrastructure to the entire digital asset community. Although we have no immediate plans, we … will always evaluate opportunities that allow the global economy to buy, sell, and store digital assets in a regulated, secure and compliant manner,” Gemini stated.
Bitcoin price technical picture
Bitcoin price is down 1.44% on Monday, although it is still defending the support discussed in an earlier published price analysis. The digital asset corrected higher last week breaking above the resistance at $6,600 and $6,700. It came close to $6,800 but the trend retreated during the weekend trading sessions. The bulls have been able to hold their ground above $6,600 but the current bear pressure is likely to break this support area as it heads towards $6,500.
Ethereum technical picture
On one hand, Ethereum has corrected lower on the day by 4.84%. On the other, the bulls have strongly defended the support at $230. Last week the cryptocurrency made great recovery towards $250 from the pits around $195 (primary support). The buyers, although unable to support further upside movement, ensured gains are consolidated above $235. Ethereum has opened this week’s trading correcting lower but the support at $230 seems strong enough to hold to the close of the session today. The immediate resistance is at $235 while $240 will be a significant hurdle. Another trip to $250 and beyond is also possible provided the buyers can seek support closer to $250.
Ripple price technical picture
Ripple was the best performing cryptocurrency last week. In fact, its trading volumes and market capitalization surged so much that it briefly dethroned Ethereum to become the 2nd largest cryptocurrency in the market. However, the days for the fireworks appear to have fizzled out as XRP/USD drops 9.7 percent on Monday. It recently traded highs slightly above $0.7 but at the moment it is exchanging hands at $0.51. It is vital for the buyers to push for a retracement above $0.55, this will allow them to gather strength to attack $0.60 in the medium-term. Ultimate medium-term resistance is at $0.70 but first, the support at $0.50 must be kept untouched.
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