Cryptocurrency Market Update: Bitcoin gets ready for the storm

• BTC/USD is paralyzed in a tight range before a large move.
• Ripple is doing well with 2% of gains on a day-to-day basis.

Layer-2 solutions can improve make Bitcoin (BTC) usability and make it a true competitor to the US Dollar, according to Kraken CEO Jesse Powell. He believes that Bitcoin adoption will be driven by several key factors including improvements in Bitcoin’s usability, and its anti-inflation features in the environment of the current money-printing policies.  

Speaking in the interview with Bloomberg, Powell said that Bitcoin proved itself as a store of value. People trust the system as it is characterized by the predictable nature of issuance. Thus it is often used as a hedge against traditional assets. Bitcoin may even surpass gold as a safe-haven.

“Look at the Fed buying junk bonds from failed United States corporations. It’s a joke. The market is manipulated. They’re printing trillions of dollars to pump up the value of publicly traded stocks. You can’t price anything in dollars any more. Inflation is going to be out of control very soon here. Personally I would be buying bitcoin as a hedge against that inflation,” he said.

Top-3 coins overview

BTC/USD settled below $9,500 amid slow trading activity The coin uhas stayed mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. The further BTC recovery depends on the ability to move outside the triangle pattern and clear the critical resistance of  $10,000. 

BTC/USD daily chart

ETH/USD is changing hands at $233.75, unchanged since the start of the day. The coin is moving within the short-term bearish trend with the local support created by psychological $230.00. The resistance comes at the former channel support at $240.00. A sustainable move above this area will create a bullish momentum with the next focus on the recent recovery high above $254.00.

ETH/USD daily chart

XRP/USD settled at $0.1957. The coin touched $0.1909 during early Asian hours, but managed to regain ground amid strong buying interest clustered around the psychological barrier. The coin has gained nearly 2% both on a day-to-day basis and since the beginning of the day. The support is created by the intraday low of $0.1909 followed by psychological $0.1900. The resistance comes at $0.2000.

XRP/USD daily chart