The Japan cryptocurrency market has been faced with a scare that Binance, which is a leading cryptocurrency venue, might be closed due to issues to do with licensing. This has seen huge sell-offs in Bitcoin which has fallen below the $8,500 level. The Japanese cryptocurrency market has been involved in regulations to ensure that cryptocurrency trading is not faced with various risks and vulnerabilities.
In other news, the Chinese government has introduced new rules for the ICO regulations. Additionally, the UK government has also been involved in regulations. Additionally, the previous glitch in Coinbase and other cryptocurrency exchange companies was identified by Vicompany. This glitch had allowed users alter their ether balances to their preferred balances.
Let’s find out the state of the market.
From March 19, Bitcoin was involved in a recovery mode which saw it move from the $7,400 positions to the $9,177 level on March 21. However, it appears that Binance shook the confidence of the investors. According to the current news, Binance was told to shut down their operations because they had no license to operate. Binance is the largest crypto exchange organization in Japan.
Therefore, this scare has seen Bitcoin price drop in price from above the $9,000 price ranges to below $8,500. Currently, Bitcoin trades at the $8,432 level. In the previous analysis, we suggested the support levels be at the $7,400 level. Therefore, dropping below the support level means that the cryptocurrency might attain the $6,000 levels before initiating purchasing. This is due to the fact that currently, people and investors are subjected to selling due to the Binance scare.
If this Binance scare is successful, we might experience a drastic fall in prices. This is due to the fact that Japan is one of the business markets in the cryptocurrency world. However, on the other hand, if they follow the necessary steps and obtain a license without shut down, we might experience an improvement in price to the normal levels. Therefore, trading should halt at the moment.
Just like Bitcoin, Ethereum had been involved in an improvement in price until the Binance news shook the market. Ethereum had raised to the $587 level on March 21. However, it has now dropped slightly to the $514 levels from yesterday.
We were anticipating an improvement in the $600 price levels, and this has not been the case. Therefore, with the current Binance news, Ethereum might continually be involved in a dropping state due to the selloff. However, if Binance is not suspended, purchasing might resume pushing the prices higher. We are still not sure of the next market outcome. However, we do not recommend any trade to happen at this time.
From March 19, bitcoin cash was enjoying an improvement in price gradually. His saw Bitcoin cash improves from $857 to $1,078 level in just two days. However, things have taken a drastic turn due to the market state and news. From yesterday, bitcoin cash has been involved in a dropping state to the $969 levels.
In case of closure of Binance, this cryptocurrency might drop further in prices below the $800 price level. However, if the issue is sorted and license obtained without closure, the cryptocurrency might regain and improve to the $1,150 support levels. However, we do not advice on any trade to take place.
Ripple has not been left out in the current price falls. For some time, ripple had been experiencing an improvement in prices to the 0.714 level. According to the current price analysis, ripple trades at the $0.634 level. This is a slight fall in price from the previous analysis.
According to the current market conditions, we might experience a continual fall in prices. However, the support level lies at the $0.60 level. Moving below this point means that the cryptocurrency might further drop to the $0.50 levels. On the other hand, with the reinstatement of Binance, we expect the prices to improve with time. However, we are not sure of the next market move and the decisions to be made on Binance. Therefore, we do not recommend any trades.
IOTA was enjoying continual improvements in price with time. However, according to the current Binance scare in Japan and also the regulations, things have taken a drastic turn. According to the previous analysis, IOTA had attained the $1.49 price level.
According to the current price which is $1.37, there has been a slight fall in prices in IOTA. This might have been caused by minimal sell-offs and the market state. Therefore, if the regulation and Binance news continue, IOTA might be subjected to a fall below the $1.20 level. However, if the news turns out to be positive and the regulations end, we expect it to improve back to above $1.45 level.
Litecoin is considered to be one of the most significant and strongest cryptocurrencies in the market. Litecoin had improved with a huge percentage from Sunday to March 21. This saw it attain the $173 price level.
However, according to the regulation conditions and the Binance scare, the cryptocurrency has dropped to the $158 price level. If the market conditions continue to be hostile, Litecoin might drop to the $140 levels soon. However, if the issues are corrected accordingly, we expect a rise from this position.
During the previous week, NEM had been subjected to a price improvement to the $0.53 levels. However, on March 18, it was subjected to a drop to the $0.233 level. During the previous analysis, it had improved slightly to the $0.309 level.
According to the current statistics, the cryptocurrency has dropped to the $0.276 level from yesterday. The support level lies at the $0.25 price level and dropping below this point means that the cryptocurrency might reach the $0.22 levels. However, with the end of the current market conditions, the cryptocurrency might improve to above $0.3200.
According to the previous analysis, Cardano has also been affected by the current price fall. This is since it traded at the $0.0000217 levels. However, it has dropped to the $0.0000189 level from yesterday.
If this trend continues, Cardano might reach the $0.0000150 levels. With positive market news, however, Cardano might improve back to the $0.0000200 levels.