HomeTradingG20 news shakes the crypto market

G20 news shakes the crypto market

The G20 news shakes the cryptocurrency market. The volumes that returned at the beginning of the week accompanied a bullish movement that became stronger at 16 UTC + 2, coinciding with the end of the G20 of finance ministers who decided on regulation with respect to the cryptocurrency sector, adding little compared to the last G20 in Argentina.

Source: COIN360.com

The news of a somewhat harmless stance by finance ministers prompted a reaction from the cryptocurrency industry. Shortly after the end of the meeting, bitcoin rose to over $8,000.

Litecoin chart by Tradingview

In these hours, 70% of the cryptocurrencies are in positive territory. Litecoin is the leader with a rise of 10%, one of the biggest rises on a daily basis and that seems to somewhat carry the whole industry. Litecoin is trying to stabilise at over 130 dollars, levels that have not been recorded since May 2018.

Bitcoin, Ethereum and Ripple are all in positive territory.

Among the best of the day, Aurora (AOA) stands out in 34th position and Fantom (FTM) in 92nd position, rising more than 70%. Maximine Coin (MXM) in 68th position, continues to climb +34% even today. Its price flies over 6 cents.

As far as capitalisation is concerned, it is now at 255 billion dollars with a market share of 55.5% for bitcoin. The shares of Ethereum and Ripple remain unchanged.

Bitcoin chart by Tradingview

Bitcoin (BTC)

Bitcoin after trying to go beyond the threshold of 8,000 dollars yesterday, it is now back to test the threshold of 7,900 dollars. From a technical point of view, in the next few hours and days, the possibility of a hypothetical bearish head and shoulders should be carefully considered, which might occur in the event that BTC is unable to break the $8,250 area decisively.

The $7,500 threshold remains decisive and critical downwards. In the case of violations, bitcoin should not go below $7,200.

Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum is oscillating around $245 again. For bullish signals, ETH needs to recover the $265. The structure is different but also Ethereum risks a “dirty” head and shoulders if it cannot push above the threshold of $265 in the coming days.

The structure remains bullish but it is important to keep above $235. In case of downward violation, it would attract speculation towards the $200.

Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".