Bitcoin about 1% sank over the last 24 hours and trades around $10,250 with a downward slope, risking to test once again the strength of the level of $10K. The dominance index of the benchmark cryptocurrency declined to 69.1%, as Ethereum suddenly revived. This decline may be just small correction due to inactivity around the leading cryptocurrency. But it can inspire buyers of the injured Ether in the short term.

BTCUSD

The price of Bitcoin has declined, but the hash rate in the network reached another historical maximum of 85 EH/s. Such a significant jump in mining difficulty in the last three months occurred due to the launch of about 600,000 new ASICs. Manufacturers of mining equipment are back to profit, although they were preparing for this by launching new chips even in the darkest times of the bearish market. At the moment, miners mostly prefer not to sell the mined bitcoins, in anticipation of selling at a higher price. Such a significant growth of hash rate may indicate the prospects of Bitcoin growth, being one of the few physically measurable indicators of the crypto market.

The number two among cryptocurrencies - Ethereum (ETH) - climbed more than 2% overnight close to the round level $200. The coin got support on the decline to the 200-day average and then turned upwards. Possibly, the sentiments around the altcoins gradually began to improve. On the one hand, the market participants began to feel tired from the side trend of Bitcoin. On the other hand, the altcoin market lows and "funeral speeches" of many media indicate the opposite situation, where investors are forced to get rid of their assets with huge losses. As often happens in markets, the growth begins just right after that.

ETHUSD

The drone attack on Saudi Arabia's oil production capacity did not pull the demand for Bitcoin as a protective asset. Eventually, it becomes another proof that the cryptocurrencies are still difficult to classify as safe havens, where investors rush in turbulent times.

Crypto

Politicians grilled cryptocurrency Libra for the second time - now the representatives of 26 central banks of the world gathered for a serious conversation. ECB's Benoit Coeuré immediately made clear that the "bar of approval" will be extremely high. Central banks are seriously concerned that the Facebook cryptocurrency, supported by dozens of major global corporations, will significantly reduce the role of Swift and IBAN in international transactions. They afraid new stable crypto becomes a superstructure over national currencies. This may be the beginning of the end of the monetary power of governments.

Senior officials are afraid of significant competition. David Markus, CEO of Calibra, is trying to reduce the degree of concern, saying that the regulators will adequately supervise the project, but it is unlikely to convince them. Everybody understands that progress can't stop, and in this case, the traditional banking sector is late with the development of its technologies. So it is in their interest to delay the launch of the competitor as much as possible.

FxPro UK Limited is authorised and regulated by the Financial Services Authority, registration number 509956. CFDs are leveraged products that incur a high level of risk and it is possible to lose all your capital invested. Please ensure that you understand the risks involved and seek independent advice if necessary.

Disclaimer: This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Past performance is not a guarantee of or prediction of future performance. FxPro does not take into account your personal investment objectives or financial situation. FxPro makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any employee of FxPro, a third party or otherwise. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of FxPro. This communication must not be reproduced or further distributed without the prior permission of FxPro. Risk Warning: CFDs, which are leveraged products, incur a high level of risk and can result in the loss of all your invested capital. Therefore, CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, please ensure you understand the risks involved and take into account your level of experience. Seek independent advice if necessary. FxPro Financial Services Ltd is authorised and regulated by the CySEC (licence no. 078/07) and FxPro UK Limited is authorised and regulated by the Financial Services Authority, Number 509956.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Flat, Cryptocurrencies on a Positive Tone

Cryptocurrencies were slightly positive during the last 24 hours, except for Bitcoin, who failed to cross the $8,300 level and created a large candle down to $8.150, tho, then, move back to the $8,200 range. 

More Bitcoin News

Ripple price analysis: XRP/USD grinds to a halt ahead triangle breakout

Ripple performance in October has been relatively better compared to other major digital currencies. The world’s third-largest crypto is stepped above $0.30 last week but failed in sustaining gains towards $0.31.

More Ripple News

Ethereum market update: ETH/USD slips back inside the range, $180.00 still out of reach

ETH/USD hit $178.28 on Monday and retreated to $174.57 by press time. The second-largest coin is moving inside a tight range amid slow trading activity in sync with the market. 

More Ethereum News

NEO price analysis: NEO/USD on recovery track, still below critical resistance of $7.80

NEO, currently the 21st largest coin with the total market value of $527 million, has gained about 1.7% in recent 24 hours to trade at $7.5 at the time of writing. Since the beginning of Tuesday, NEO/USD has gained about 1%.

More NEO News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP