Fri, August 19, 2022

Bitcoin Price Upsurges After Mnuchin Expressed Negativity

Crypto industry news

In Asia, U.S. Treasury Secretary Steven Mnuchin voiced new pessimism about Bitcoin’s futures. On Thursday, Bitcoin also increased above the critical $10,000 level.

The bitcoin price rose 4.9% to $10,145.8.

After Mnuchin said he thinks the outlook for the crypto king is unwelcoming, the gains improved.

In a news report interview, Mnuchin stated, “I won’t be talking about Bitcoin in 10 years, I can assure you that, I would bet even in 5 or 6 years I’m no longer talking about Bitcoin as Treasury Secretary.”

He also said, “I’ll have other priorities … I can assure you I will personally not be loaded up on Bitcoin.”

Also, “I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.”

Officials around the world expressed their concerns regarding the cryptocurrency project over privacy and security.

Last week at an academic conference, St. Louis Federal Reserve President James Bullard said that the likely illegal activities and uncertainty carried by cryptocurrencies are disrupting the U.S. currency system.

The plans of Facebook’s Libra “cannot go forward” until serious concerns are discussed as said by Fed Chairman Jerome Powell earlier this month.

This month the G-7 finance ministers and U.S. President Donald warn investors versus Libra.

Today, prices of other cryptocurrencies, including bitcoin price, also increased despite the negative sentiment surrounding Facebook’s proposed coin.

Ethereum grew 7.3% to $220.20, while XRP scaled 4.0% to 0.31899. Litecoin surged 7.1% to $95.284.

Updates on the Cryptocurrency Market

Digital currency market

Meanwhile, on the crypto market, Bitcoin is currently approaching key resistance levels. Ethereum, LTC, BCH, EOS, Cardano, ripple, TRX, XLM, and BNB are also showing positive signs.

Bitcoin price cash found support near the $280 level after yet another downward move against the U.S. Dollar.

BCH/USD started a decent retrieval and broke the $290 and $300 resistance levels.

The price increased by 7%, and it is likely to test the $320 resistance level in the near term.

Litecoin price performed well as the bulls safeguarded the $85 support area.

LTC price started a robust upward move and broke the $90.00 and $95.00 resistance levels.

The price rose 7%, and it seems like it could test the $98.00 and $100.00 resistance levels in the coming sessions.

In the past three days, the Tron price weakened slowly and broke the $0.0280 and $0.0250 support levels.

TRX price tested the $0.0225 support level, and it is currently combining above the $0.0230 level.

On the other side, there are many resistances near the $0.0245 and $0.0250 levels.

Cardano price remained fine bid above the $0.0500 level and recently started a solid upward move.

ADA price increased by more than 10% and broke the $0.0580 resistance level.

In the short term, the current price action proposes that the price may even attempt to settle above the critical $0.0600 resistance level.

Observing the total cryptocurrency market cap 4-hour chart, the $250.0B level acted as decent support after a steady plunge.

The market cap started a decent regaining above the $260.0 billion resistance level.

However, it seems like there is a significant resistance building near $270.0 billion and a linking bearish trend line. Therefore, an upside break above $270.0 billion might start a significant upward move.

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