Summary:

  • There is a benign beginning to the week across virtual currencies
  • Bitcoin market capitalization approaches amazing $100 billion
  • “Cryptoruble” has been allegedly ordered to be issued by the Russian President Vladimir Putin

All major cryptocurrencies have had a benign beginning to the new week which means that Bitcoin (BTCUSD on xStation5 platform) is uninterruptedly hovering close to its all-time high. On the other hand, a technical view could warrant a little bit more cautiousness as a bearish engulfing was drawn during the weekend. Let’s have a look at the chart below illustrating a daily time frame of the Bitcoin price.

link do file download linkThe Bitcoin price has drawn a bearish engulfing candlestick which could suggest a pullback being just around the corner. Source: xStation5

First of all, Bitcoin has failed to settle in above $5800 durably and has retreated somewhat since then. Then, a bearish candlestick has been drawn heralding a possible withdrawal where bears could aim for $5300. In turn, once the price breaks through $5810, it could negate a bearish scenario and give a rise to a swing towards $6000. Nevertheless, Bitcoin is exceptionally calm at the beginning of trading being traded flat.

link do file download linkThe Bitcoin’s market capitalization closes $100 billion and the most famous digital currency’s position seems to not be at stake at that moment. Source: coinmarketcap.com

Due to the astounding performance of Bitcoin last week nobody could be caught off-guard seeing the Bitcoin’s capitalization approaching $100 billion. What’s more, Bitcoin is the unquestionable leader of the above rank as the second largest market Ethereum (ETHUSD) accounts for just a third part of the Bitcoin’s capitalization. Moreover, one needs to stress that Bitcoin Cash has outstripped both Dash (DSHUSD) and Litecoin (LTCUSD) in terms of capitalization of late.

We’ve covered more Russian stories related to the cryptocurrency industry recently and today is going to be alike. According to the Russian Minister of Communications and Mass Media Nikolay Nikiforov Vladimir Putin has reportedly ordered the issue of the country’s own cryptocurrency called “the cryptoruble”. This decision followed the meeting that Putin had with Russia’s top regulators last week where he instructed the central bank not to create “unnecessary barriers” to cryptocurrencies.

Other stories related to cryptocurrencies:

  • Sweden has settled a debt with bitcoin, this is the first time when the country accepted Bitcoin as payment rendered for debt owed to the State.