Cryptocurrencies on Thursday
Digital currencies such as Bitcoin, Ethereum, Litecoin, and others became a lucrative source of income. Nowadays, potential investors are willing to invest in cryptocurrencies. However, it is essential to note that due to a massive number of cryptocurrencies, a lot of people lack information about the crypto currency market. Let’s start with the price of the most-well digital currency, which is Bitcoin.
The price of Bitcoin entered the $10,000 zone on Wednesday, which is excellent news for Bitcoin. At the moment, the price fell to less than $10,000 per Bitcoin. However, it has the chance to regain the lost position. At some point, it reached $10,182 before decreasing to the current level.
There are several factors which will determine the price of Bitcoin. The main support level of Bitcoin is close to $9,850. It means that if the price continues to decrease, it is possible to fell to $9,650 level. However, it is important to mention that any further losses might force the price of Bitcoin decreased to $9,300 zone. On the bright side, if Bitcoin can overcome the resistance near the $10,000 level, it might encounter next resistance, which will be $10,200. If Bitcoin is going to reach this level, it will have the opportunity to reach $10,500 per Bitcoin. Right now the price of Bitcoin is $9,944.
Ethereum and Litecoin
Another cryptocurrency is Ethereum, which is a second-biggest digital currency. The price of this cryptocurrency increased in the last several hours when it was close to reaching $220 per Ethereum. However, price decreased below $215. It is worth mentioning that Ethereum managed to reach the highest point during this week against the U.S. Dollar. The good news is that it has the chance to improve the situation and once again surpass the $215 level. It might even reach $225 or more if Ethereum can overcome the current level.
Litecoin is another popular cryptocurrency. Right now, this digital currency is the fourth-largest cryptocurrency with the market value of $6 billion. The price of Litecoin increased during the late Wednesday session. It was close to reaching the $100 level. However, Litecoin was unable to retain this level, and at the moment, the price of Litecoin is $96.94.
U.K. authorities and digital currencies
The Financial Conduct Authority (FCA) of U.K. warner potential investors that Bitcoin and other cryptocurrencies have no “intrinsic value.” The United Kingdom joined the list of countries who are cautious about the cryptocurrencies. Christopher Woolard is an executive director of strategy and competition at FCA.
He stated that cryptocurrency is a complex and emerging market. He warned that potential investors should be careful when investing in cryptocurrencies. His advice is to learn more about the digital currencies before entering this market. It is technically correct that cryptocurrencies have no “intrinsic value.” However, there are numerous examples when intangible assets gain value, according to Jon Oster.
Cryptocurrencies are becoming more popular around the world. It is a good idea to gather information about the advantages and disadvantages of any digital currency. There are many issues connected with digital currencies. However, digital currencies have huge potential when investors know how to use this opportunity.
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