Home / Bitcoin / Cryptogens increase the lows, but do not expect gains to last, says analyst

Cryptogens increase the lows, but do not expect gains to last, says analyst

Cryptocurrency prices were marching higher on Thursday's trade, with all major currencies recovering recent losses. However, the current state of the game could be calm before the storm, according to a cryptic analyst.

Bitcoin

BTCUSD, + 2.79%

the world no. 1 digital currency, it remained resilient in the face of the altcoin crash, not yielding the key support at $ 6,000. A single bitcoin is valued at $ 6,480.68, up 2.7% from Wednesday at 5:00 pm. Eastern Time on the Kraken exchange.

However, the change of luck of owners of digital resources could be short-lived, says Jani Ziedins of CrackedMarket. "Bitcoin keeps slipping and does not hold nearly $ 6k support." The rebound from last week at $ 7.4k died and gave us another lower minimum since we could not reach the previous $ 8 rebound. , 4k The lowest lows tell us that the next low-bass is behind the corner, "he wrote in a recent blog post, pointing out that the limited entity of the rebounds and the suggestion of a violation of Critical support prices may be imminent.

"The trend is definitely lower, but every rebound is still a sales opportunity – the worst is still ahead of us," wrote Ziedins.

Ether rises more than 10%, trades over $ 200

The turnaround on Thursday pushed Ether

ETHUSD, + 11.31%

who had lost almost 90% of its value from top to bottom, back above $ 200, trading at $ 203.75, up 12%. It was a torrid period for the second largest digital currency, which had recorded eight losing sessions in the previous 10 before Thursday.

Read: Traders are making record bets for the ether of the digital currency to fall

Other major altcoins are also monitoring on the highest Thursday. Bitcoin money

BCHUSD, + 5.69%

rose 6% to $ 452.60, Litecoin

LTCUSD, + 4.82%

gained 4.9% to $ 54.24 and the Ripple XRP currency

XRPUSD, + 3.72%

was the last at 28 cents, up 4%.

Morgan Stanley launch crypto-offer, report

While the analyst remains at the mercy of bitcoin's price, another bank is about to offer an encrypted product, according to reports. Bloomberg said Thursday that Morgan Stanley is working on a product that will allow investors to get "a synthetic exposure to bitcoin performance".

The news is the latest in a series of reports that banks and financial institutions are on the verge of offering an encrypted product. In the last week both Citigroup Inc.

C, -0.14%

and BlackRock Inc.

BLK, -0.09%

in coordination with Coinbase, have been linked to products related to digital goods.

Read: Opinion: Your cryptocurrency is a stable currency & # 39; is not tied to anything

Futures at par with spot prices

Bitcoin futures are tending to rise with spot prices. The September contract of Cboe Global Markets Group Inc.

XBTU8, + 3.10%

rose 2.7% to $ 6.460 and the September contract CME Group Inc. comparable

BTCU8, + 3.18%

is at $ 6.485, up 3.1%.

Read: Bitcoin is flirting with a new low for the year after the SEC has stopped negotiating on 2 funds

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