- Valdis Dombrovskis promises to implement crypto regulation.
- Bitcoin retreated from the intraday high registered above $8.300.
- Altcoins are still mostly bullish, though the growth momentum has been slowing down recently.
The European Union’s finance commissioner Valdis Dombrovskis promised to impose new rules for cryptocurrencies including Libra, if he is reappointed, Reuters reports.
“Europe needs a common approach on crypto-assets such as Libra. I intend to propose new legislation on this,” he told EU lawmakers in his confirmation hearing.
He believes that by regulating digital currencies, the EU should tackle “unfair competition, cybersecurity, and threats to financial stability”.
Notably, in recent Dombrovskis refrained from regulating the crypto industry and taking a systemic approach to digital assets.
The cryptocurrency market is back in a green zone. Bitcoin bulls clawed back some ground after a devastating weekend and pushed the coin towards $8,300. At the time of writing, BTC/USD is changing hands at $8,240 with 5% gains on a day-on-day basis. All major altcoins followed the lead and recovered from the recent slump. However, the further upside may be limited as the bullish momentum is fading away on approach to critical resistance levels in several key cryptocurrency pairs.
The market capitalization of all digital assets in circulation increased to $223 billion from $216 billion on Monday, while an average daily trading volume edged up to $63 billion. Bitcoin’s market dominance is registered at 66.6%
Top-3 coins price overview
BTC/USD settled above $8,000, however, the recovery stalled at $8,300 hurdle. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on $8,500 strengthened by SMA200 (Simple Moving Average) on a daily chart.
Ethereum, the second-largest digital asset with the current market capitalization of $19.6 billion, has gained over 5% since this time on Monday to trade above $181.00. Notably, ETH/USD touched the intraday high at $185.40 but failed to hold the ground. A strong resistance area created by SMA50 daily seems to be a hard nut to crack for ETH bulls.
Ripple’s XRP led the altcoins recovery on Monday. XRP/USD has grown by more than 10% since the weekend to tested waters above $0.2850. A resistance created by the long-term sloping trend line might slow down the upside for the time being. The nearest support is located on the approach to $0.2700.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.