With the cryptocurrencies Bitcoin, Ethereum and Ripple it doesn’t look good at the moment. Is the hype about the Cryptos over? In any case, everyone is facing a weak market environment. Many investors have burned their fingers and bought on high prices levels. There were also many dubious offers. The trust and interest can diminish quickly. Now Google also wants to introduce an advertising ban for dubious offers with cryptocurrencies. We also see this as an opportunity to regain confidence in the cryptocurrencies.
Unfortunately, Bitcoin has left its support for the downside and is now below its downward trend. The main reason for this is likely to be Google’s announcement of a ban on advertising cryptocurrencies. Bitcoin is currently trading at $7880. It could be quite conceivable that the BTC/USD will try to come close to the downtrend again. But at the moment we see the development very weak, and Bitcoin can reach the level of 6800 dollars again in the short term.
Ethereum is also unable to withstand the weak market. ETH/USD was not able to recover as well as Bitcoin in the beginning, and was still below its downward trend. Ethereum should have maintained its support in order to ensure a further upswing. Unfortunately, it did not manage to do so and after the last sale it is at 580 dollars. It is now important that it does not break through the USD 500 mark downwards. Then we could quickly see further price losses.
Ripple holds up best of all cryptocurrencies. XRP/USD is currently still above its support. It may not be able to withstand the general market situation either, but at least it remains more stable. Now it is also important for Ripple that the line holds at 0.62 dollars.