- Russia to launch the CryptoRubble in order to reduce dependency on the USD as well as avoid various sanctions.
- Bitcoin price smashes through various support areas only to be supported above $8,275.
Bitcoin price is trading above $8,300 after it lacked the momentum to attack $8,600 during the session on Monday 21. The king of the digital assets extended the declines smashing its way through the support areas at $8,475, $8,400 and $8,300. The declines were, however, stopped above $8,275. There is a general downward trend among the major coins in the market as well with Ethereum recording a 0.51% decrease on the day while Ripple is also down 0.16%.
Various countries across the world have expressed their desire to have a national cryptocurrency. While United States sanctions are top among the reasons why these countries want to go the crypto way, other reasons include financial freedom for their citizens and even reducing the dependency on the USD. Russia, Venezuela and Iran were the first countries to propose national digital assets. Venezuela went ahead and launched its Petro token in the first quarter of 2018. Russia is considering releasing the CryptoRubble to function as a virtual currency that can be used to process transactions, reduce the time taken for cross-border transactions besides, lowering the costs.
Bitcoin price, on the other hand, is currently trading at $8,310, although it is facing resistance from the 61.8% Fib retracement level with the last swing high of $8,565 a low of $8,192. The price is trading below the moving averages on the 15’ intraday chart, which show that there will be a dominance of selling pressure in the near-term. An immediate support is at $8,300, but further declines will be stopped by the support zone at $8,275.
BTC/USD 15’chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off
Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration
In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.
Bitcoin dives 3% from its recent all-time high, is this the cycle top?
Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.