Cryptocurrency market rallies with gains across the board as South Korea allegedly legalizes crypto trading

• The news from South Korea helped to push the market outside the range.
• Bitcoin and major altcoins moved above important resistance levels.

The cryptocurrency market is full of optimism once again. Bitcoin and all major altcoins are growing strongly with bullish trend seem to be gaining momentum. BTC/USD rushed above $9,000 and hit the intraday high at $9,126. Both ETH and XRP smashed important resistance levels and continued the upside quest. The total capitalization of all digital assets in the circulation jumped to $260 billion, while an average daily trading volume is registered at $130 billion

South Korea is behind the pump

The positive news from South Korea might have become the last straw that pushed the market outside the ranges. The News Asia reports that the Parliament of the South Korea passed an amendment to the Act on Reporting and Use of Specific Financial Information, which signals that cryptocurrency trading and holding will become a  part of the legal system. This development is expected to lead to a complete revamp of the domestic blockchain industry. 

Once the amendments are approved by the president, a year-log of enactment process will start. Once it is over, the companies will have six-months of a grace period to ensure the compliance with the requirements. Allegedly, blockchain and cryptocurrency companies shall bring their operations in full compliance with the regulatory requirements by September 2021.

Cryptocurrency market goes wild

A flow of positive news, including yesterday’s announcement that India’s Supreme Court cancelled the ban on cryptocurrency trading, caused the industry players jump with joy. 

BTC/USD is moving fast towards the next important resistance of $9,250, created by a combination of SMA50 daily and 23.6% Fibo retracement for the downside move from July 2019 high to December 2019 low. It is closely followed by $9,300. Once it is out of the way, the upside is likely to gain traction with the next focus on  $9,600.

ETH/USD gained nearly 4% since the beginning of Thursday and hit $234.65, which is the highest level since the beginning of March. The next strong barrier comes at $245.70. It is created by SMA100 4-hour and followed by psychological $250.00.

XRP/USD managed to break free from the range and hit the intraday high of $0.2429.