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    Industry WikiFX Analysis【Cryptocurrencies Sees A Volatile Market】

    Cryptocurrencies saw a mixed bag due to various events recently.

    The news that Bitcoin miner manufacturer Ebang's profit was cut in half due to the coronavirus negatively affected the market. Overall, investors are less open to risk amid the pandemic. Charges from the Commodity Futures Trading Commission (CFTC) and the US Department of Justice against the crypto derivatives exchange BitMEX added another blow.

    However, the crypto market received the welcome news that the final test Ethereum 2.0 network launched successfully. Deutsche Bank's announcement that China's digital yuan could end the dollar's hegemony was also greeted optimistically. According to the bank's experts, the use of national cryptocurrencies in foreign trade could end the American currency's dominance.

    The best performers of the current week:

    Bitcoin
    This week, it's advisable to consider selling Bitcoin. There are at least two reasons why:

    ● Markets are extremely volatile right now, even though investors are avoiding purchasing risky assets. The less demand there is to buy, the lower the price is.

    ● People are withdrawing cryptocurrency reserves from exchanges. The volume of Bitcoin in trading platform wallets has fallen to $2.4 million, its lowest value since November 2018. This trend started back in February 2020, but users have continued to withdraw their crypto coins from exchanges en masse.
    Bitcoin currently has little chance of crossing the $11,000.00 mark, which is why it might be a good idea to sell around that level. The Take Profit target is $10,150.00.

    It's important not to miss the right time to trade.

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    Karlsson1
    Trader

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