Bitcoin and Ether Market Update: February 27, 2019
The global crypto market cap is $0.5 billion up since February 25 and now stands at $129 billion. At the time of writing, bitcoin is trading at $3,818, while ether is hovering around $135. Ripple’s XRP remains close to $0.313
Bitcoin closed the previous week with a substantial loss, dropping nine percent on the Bitfinex daily chart on February 24. The most popular cryptocurrency was not able to hold the newly set 2019 high of $4,211 and fell below the psychological level of $4,000, to $3,830.
The BTC/USD trading pair managed to regain some of its territories on February 25 and closed the trading session at $3,922.
The biggest Latin America’s standalone investment bank, Brazil’s Banco BTG Pactual SA will be adding a security token to its portfolio. According to the official press release, the ReitBZ (RBZ) coin will be used to invest in the distressed real estate market in Brazil. The South American bank is collaborating with Gemini Trust Company, LLC. to utilize its Gemini dollar stablecoin to “both receive investment capital and distribute dividends via the Ethereum blockchain.”
The State Duma, the lower house of the Federal Assembly of Russia, will be looking to review and finalize its cryptocurrency and blockchain law in March 2019. According to Oleg Nikolaev, member of the Economic Policy Committee at the State Duma, the act is in its final phase and once adopted will allow the country to utilize the technology and further develop it fully. One of the leading projects is the so-called “petro ruble,” an oil-backed cryptocurrency similar to Venezuela’s Petro, which will help Russia deal with economic sanctions and avoid USD in trading.
South of Russia, The National Bank of Ukraine (NBU) has successfully tested its digital coin, the E- Hryvnia and will further analyze its implementation and scope of use. According to the bank’s payment systems director Alexander Yablunivsky, however, it is not a new cryptocurrency, but “can be implemented on both the centralized registry technology and the decentralized one.”
BTC was trading in the $3,862 to $3,932 range on February 26, but could not close a second consecutive green day, ending the session at $3,895 or 0.7 percent lower for the 24-hour period.
The Ethereum Constantinople hard fork is scheduled to take place later this week, at Block #7,280,000 (probably in the early hours of February 28). In parallel, there will be a second fork, St. Petersburg, which will roll back the Ethereum Improvement Proposal 1283 from the test blockchain.
The ETH/USD pair closed right above the $161 year-to-date high on February 23, but could not hold its ground. It took a heavy hit, instead, dropping to $135 on February 24. The sharp decline resulted in a 16 percent loss.
On February 25, one of the leading altcoins once again moved North, to $141, to maintain the overall bullish sentiment.
On February 26, however, it made another drop, this time to $139 after trading as low as $136 during day trading.