On Wednesday in Asia, the largest digital coins by market cap Bitcoin rally continued. In the past seven days, as much as 15% increased at the digital coins.
It has advanced to $13,088 before the usual time. Bitcoin progressed as much as 2% to $12,942.7.
When the co-creator of Facebook’s Libra, David Marcus, addressed a letter to the House Financial Services Committee in advance of the approaching hearings for the tech giant’s proposed launch of Libra, Bitcoin prices gained.
Furthermore, Marcus wrote, “I want to give you my personal assurance that we are committed to taking the time to do this right.”
Last month, Chairwoman of the House Financial Services Committee Maxine Waters composed a statement to convey concerns regarding Libra.
Libra is Facebook’s new digital coin.
Inside the note was, “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency.”
She also said, “until Congress and regulators have the opportunity to examine these issues and take action.”
Regardless of the news, Bitcoin soared to as much as 13,000 this week from the very little $7,700 in early June.
A chief market strategist at Oanda Corp. in New York, Edward Moya said, the key would be an ongoing institutional demand referring to the next high.
Moya stated, “Bitcoin looks like it could be coiling for a big breakout as institutional interest for blockchain technology shows no signs of slowing down,”
Besides, he added, that the bubble-like gains this time are driven by solid institutional interest.
Also, he sees that while security is still a big risk, it appears Bitcoin has overcome many of its initial growing pains.
Today, other cryptocurrencies traded lower. Ethereum was below 1.5%, XRP dropped 2.9%, while Litecoin weakened 3.3%.
Digital Coins: Ethereum to Surpass 320 Dollars
Meanwhile, ETH price gained above the $310 resistance area versus the US Dollar.
To be able to climb above the resistance zone that is $320, the price must break the $315 resistance area.
The gain is likely to signify that the Ethereum price could break the 320 Dollar resistance area.
On the flip side, Ethereum struggled against Bitcoin, but ETH price will remain well maintained on the shortcoming as long as above $302.
However, there was no new weekly high in Ethereum. It has remained stable above the $300 and $302 support level.
A downside correction was started from the $318 swing high and traded below the $310 support area.
On the other hand, along with the 100-hour simple moving average, the $302 support zone represented strong support.
At $302.80, a swing low happened. But recently, the prices scaled back above the $306 and $308 levels.
Moreover, it improved above the 50% Fib retracement level of the recent weakening from the $318 high to $302 swing low.
The digital coins are now trading well above the $310 level.
From the $318 high to $302 swing low, the pair is currently trading near the 61.8% Fib retracement level of the recent decline.
Ethereum price could continue to rise if there is an upside break above the $314 and $315 resistance level.
The price is likely to break the last swing high near $318 in the mentioned case and trade to a new weekly high above $320.