Cryptocurrency Market Update: Hostility ousted as Bitcoin, Ethereum and Ripple make blissful moves

• All three major cryptos Bitcoin, Ethereum and Ripple fight to escape bearish zone as bulls wake up.
• China is likely to speed up the launch of the digital currency due to the fight against the Coronavirus.
• Russian could soon outlaw cryptocurrencies as a means of payment.

The cryptocurrency market is on Friday being painted by one massive green brush. The gains come to correct the negative correction recorded this week when Bitcoin dived to $9,500 twice, Ethereum touched weekly lows at $245 while Ripple crashed to $0.26. On the flip side, the bulls have made a decision to end the week in the positive ahead of the weekend session. Some of the market leaders include Ethereum Classic up 3.69%, EOS after growing 3.03% on the day and Litecoin with a 3.27% hike.

Coronavirus could accelerate China’s digital currency launch

The fight against the Coronavirus could see the People’s Bank of China (PBOC) accelerate its plans to release its digital currency according to remarks by the central bank’s former president Lihiu Li. His argument is that a digital currency system presents efficiency, cost-effectiveness, and convenience during a time of distress. Li is currently the head of blockchain at the state-run National Internet Finance Association.

The government has already taken measures such as quarantining the old paper cash and made a fresh distribution of 600 billion yuan to stop the spread of the virus, especially in Huobei. China has also restricted movements in affected regions.

Russian moves towards crypto payments ban

Russia’s Federal Security Service (FSB) is in agreement with the Central Bank of Russia that digital payments should not be allowed in the country. A letter sent to the President, Vladimir Putin from the Deputy Prime Minister Dmitry Chernyshenko indicated that the two government institutions have agreed to outlaw cryptocurrencies as a means of payment.

A decision was made following a meeting in the government to establish a ban on the issuance and use of cryptocurrencies as a means of payment.

Bitcoin price update

Bitcoin price is settling above $9,700 after recovery from the range between $9,500 and $9,600. The resistance at the 50 SMA at $9,800 on the 2-hour chart must come down to open the door for the final leg towards $10,000. The RSI signals that bulls are relatively in charge, but the sideways movement shows that the current session is likely to be characterized by sideways trading.

BTC/USD 2-hour chart

Ethereum and Ripple price update

Ethereum is trading at $261 after adding about $4 to the opening value at $257. An intraday high as been formed $264. Further movement north is limited by the developing bearish momentum and the volatility levels.

Ripple price, on the other hand, teeters a $0.2757 following a jump from $00.2711 (opening value). Upward movement have failed to rise past $0.2786 (intraday high) leaving the resistance at $0.28 untested.