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ETH Sinks Beyond Safe Frontier, XRP and LTC Treadmill

The last two days have been characterized by a short-term easing of market pressure on major coins. Bitcoin managed to gain a foothold at around $ 37 thousand, which allowed altcoins to start growing. On June 11, the situation deteriorated again amid new bans on cryptocurrencies in the United States. As a result, the total cryptocurrency market capitalization sank by 3%, to $ 1.6 trillion. Ethereum metrics failed to maintain a secure position around $ 2.5k. The cryptocurrency failed to cope with market pressure and fell 3%. At the same time, the volume of daily trading fell seriously, to the level of $ 30 billion. This indicates a local decline in interest in the coin and the market as a whole. However, the ETH / USD pair shows a positive dynamics of price changes, which indicates a high level of support. It is likely that if the news background does not worsen, the cryptocurrency will be able to re-gain a foothold above the $ 2.5 thousand mark. In the long term, the altcoin is doing great. The asset shows a percentage growth that is many times higher than the indicators of bitcoin. In addition, the whales are counting on cryptocurrency at a distance due to the huge potential of the ETH 2.0 upgrade. Ethereum showed the greatest stability after the start of the correction, which is due to the confidence of institutions in the prospects of the coin. However, in a narrower perspective, altcoin takes time to accumulate the necessary volumes. Judging by the horizontal charts, Ethereum indicators fluctuate in a narrow range of $ 2.41 – $ 2.48 thousand, consolidating the price for further upward movement. Judging by the positive dynamics, buyers are ready to raise the asset to $ 2.5 thousand. Ripple token quotes also remain in a narrow range. The cryptocurrency has practically not changed in price, which indicates a lack of interest in the coin. This is also evidenced by the volume of daily trading, which dipped to $ 3 billion. Altcoin quotes fluctuate around $ 0.848 -0.880, which is the reason for the lack of interest from market players. Oscillation zones do not provide an opportunity to play even on movement within the range. The cryptocurrency will continue to fluctuate within the specified corridors, as market pressure and news background hint at an aggravation of the current situation. Litecoin has settled at $ 170 and is not showing significant movement. The asset went up in price by 1.5%, having won back the recent jump abroad. Buyers pushed the altcoin up, but the coin is now not capable of further growth. The situation around LTC / USD is similar to XRP problems. The only difference is that the light has managed to climb to a safe mark. At the same time, price consolidation at this line continues. Large-scale or direct negativity will again lower the cryptocurrency to the $ 150 milestone. In the near future, LTC has every chance to test this indicator, as the news background becomes more and more threatening for the entire market. The situation around altcoins indirectly indicates a drop in interest in the market due to uncertainty on the part of regulators. Quotes of major coins are not going up, which is facilitated by market pressure, provoked by an ambiguous news background. Interactive Brokers will provide crypto access to its customers, and Texas banks have been given the option to store cryptocurrencies. At the same time, another financial giant, Silvergate, stopped serving the Binance crypto exchange. The platform’s management has already reacted to the termination of cooperation, but the announcement is definitely negative. In addition, the head of the Netherlands’ Central Planning Bureau said the government should ban the use of cryptocurrencies. A similar idea was expressed in the state of New York, where mining was banned for three years. The news background was aggravated by the news from JPMorgan experts, who said that Bitcoin would return to a downward trend. This is indicated by the prices of Bitcoin futures, which have become higher in the derivatives market for the first time since 2018. Most likely, in the near future, a powerful news impulse will determine the direction of movement of the entire cryptocurrency market. Until then, major altcoins are struggling to climb safe lines to cushion the impact of the fall. – Source: InstaForex

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