Market review, April 18, 2019

2019-04-18 14:01:37

The Japanese cryptocurrency exchange SBI Virtual Currencies removed Bitcoin Cash from its platform after Binance, Shapeshift and Kraken announced the delisting of Bitcoin SV.

The official reason for the decision was the reduction in the value of the asset, which caused the overall level of network security to fall, and the risk of attack increased by 51%.

Representatives of the cryptocurrency community started to give their reasons for delisting BCH. Basically, everyone says that this is a response to the delisting of Bitcoin SV by several exchanges, with which SBI has a close relationship, in fact, as with Craig Wright's nChain.

nChain began working with SBI BITS as early as December 2017, when Bitcoin SV did not exist. Then it was assumed that this alliance was intended to work on improving the ecosystem of Bitcoin Cash, which subsequently split into two separate branches: Bitcoin ABC and Bitcoin SV.

However, contrary to information spread by some media, Bitcoin SV has never traded on the SBI exchange. Today’s announcement says that the company will sell all the reserves of BSV, which belong to users after the fork of Bitcoin Cash, and give them money in Fiat.

In addition, it was reported that the popular exchange OKEx refused to stop supporting Bitcoin SV, saying that there was no reason for such drastic measures. Kraken Exchange voted among users on the subject of “toxicity” of the project and today joined the movement against Bitcoin SV, also stating that it will delist this cryptocurrency by the end of the month.

Meanwhile, the authoritative supporter of Bitcoin Jimmy Song noted that the exclusion of coins from the site for personal reasons could bring temporary satisfaction, but in the long run would have a negative impact on the ecosystem.

Now, let's move to the technical analysis of Bitcoin (BTC):

Over the past day, bitcoin reached the level of $5,200. We expect that the price of bitcoin will fix above this level and continue its growth. Trading targets for purchase - $5,300, $5,400. If the price broke through the level of $5,200 downwards, trading targets will be $5,130, $5,060, $5,000, $4,960.

Technical analysis of Ethereum (ETH):

Over the past day, the price of ethereum increased and reached $171.8. We expect further growth. The immediate targets are $173.8, $176.28, $178.8 and $182.6. Trading targets for sale - $165.26, $161.5, $159, $156.

Technical analysis of Ripple (XRP):

Over the past day, ripple made an upward movement and reached the mark of $0.3458. Given the strength of the rebound from this level, it is very likely to reset the next support level of $0.3293. After the retest of the support level, we expect testing of a local maximum of $0.3458. Resistance levels - $0.3458, $0.35222, $0.3568. Support levels - $0.3293, $0.3249, $0.318, $0.3135.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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