Sun, April 21, 2024

Digital currencies and their challenges

Cryptocurrencies and coronavirus pandemic

On Monday, digital currencies such as Bitcoin and Ethereum had a good day as they regained their positions. For the last several weeks, Bitcoin experienced problems, and the price even decreased to less than $8,000. It is no secret that Bitcoin is one of the most popular cryptocurrencies in the world. In this situation, price fluctuations affect not only Bitcoin but other cryptocurrencies as well.

Hopefully, Bitcoin’s price increased during the weekend as the price rose above $9,000 and even reached more $10,000.

Nevertheless, Bitcoin was unable to hold the momentum, and the price fell below the $9,500 support level. The good news was that Bitcoin recovered above $9,000 and $9,200 resistance levels.

On October 28, Bitcoin’s price was $9.390. Bitcoin had to deal with the resistance levels near $9,850 and $9,900. However, due to the positive tendencies, it had the opportunity to rise above $9,500 and $9,200 levels.

Bitcoin was not the only major cryptocurrency that recovered on Monday. Another one is Ethereum. The second-largest digital currency on the market also strengthened its position. During the last couple of days, the price rose above $175 and $180 resistance levels. This was followed by a downside correction. However, Ethereum’s price remained above $175.

 Ethereum’s price was $184. On Monday, Ethereum could continue its journey, and to accomplish this goal is had to break the resistance level above $190.

Digital currencies and SwitzerlandCryptocurrencies and Switzerland

Switzerland has one of the most developed crypto regulations in the world. Crypto Valley Venture Capital, in cooperation with PwC and its partner, Inacta prepared a report about the local cryptocurrency market. Based on the information from the report the top 50 blockchain companies doubled their valuations. This happened during the first six months of 2019 and reached $41 billion.

 At the moment there are 800 companies that are connected to this business. Out of 800, six of them are so-called “unicorns,” as each of them reached valuations more $1 billion. It is worth mentioning that 4,000 employees are working in those companies.

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