The crypto market rallied on Friday. Bitcoin steadied at $9,700 after recovering from the range between $9,500 and $9,600. The resistance at the 50 SMA at $9,800 on the two-hour chart could open the door for the final leg towards $10,000. The current session seems to be characterized by sideways trading. However, bulls are relatively in charge so far.
Ethereum reached weekly low at $245 before gaining again. It was trading at $261 after the crypto increased by nearly $4 since the opening value of $257. An intraday high reached $264. However, experts think that it may develop bearish momentum due to the volatility levels.
Meanwhile, Ripple crashed to $0.26 before rising insignificantly. It fluctuated for a while between $0.2757 and $00.2711 but couldn’t surpass the intraday high at $0.2786. The crypto left the resistance level at $0.28 untested.
It seems that the bulls decided to end the week in the positive until the weekend session. Some major cryptos rose. Ethereum Classic climbed up by 3.69%, EOS added 3.03% during the day, and Litecoin increased by 3.27%.
How will the coronavirus influence China’s digital currency’s launch?
The central bank of China may speed its plans to issue its digital currency due to the coronavirus epidemy, according to the central bank’s former president Lihiu Li.
Li is presently the head of the blockchain at the state-run National Internet Finance Association. His statement is based on the fact that the digital currency system is more efficient, as well as cost-effective. So, it’s more convenient during the time of distress.
The Chinese government is already trying to quarantine the old paper money, distributing new 600 billion yuan to stop the spread of the virus. The authorities have restricted movements in those regions where the epidemy rages.
While China is planning to move on the digital currencies, Russia decided to ban crypto payments in the country. Russia’s Federal Security Service and the Central Bank of Russia agreed to outlaw cryptocurrencies as a means of payment.