Major crypto assets are back in range bound action following weekend declines as the update on Ethereum network upgrade failed to generate any change in price action. Bitcoin and other major legacy cryptocurrencies have maintained steady range-bound price action with bearish bias across Asian and European market hours today with price moving well near weekend lows. Major Cryptocurrencies are expected to decline further today as investor sentiment surrounding crypto assets took a hit following comments from Bank of England Senior advisor who said that cryptocurrency is worthless as it fails the fundamental tests of financial services. However, crypto assets could reclaim price action above critical resistance levels if Wyoming state lawmakers attempt to pass a bill that recognizes digital currencies as money is approved.
New Date For ETH Hard Fork Announced
Such an attempt would give banks clear permissions specifically meant for handling cryptocurrencies and digital assets. While the bill is backed by both House and Senate of Wyoming state with supporters from both republic and Democrat parties, it still has a long way to go. In fact, the impact of approval on crypto market could be compared to impact expected from approval of Bitcoin futures by SEC as Banks would be legally authorized to handle cryptocurrencies as a form of legal tender/money. As of writing this article, the BTC/USD pair is trading at $3557.9 down by 0.81% on the day. Bitcoin is currently in range bound action with upside move seeing strong resistance near $3585 handle.
Amid lack of clear directional bias, news-driven price action will provide major crypto pairs short term profit opportunities in immediate and near future. Post a sharp downside spike that hit as low as $112.04, ETH/USD pair is trading at $115.85 down by 1.78% on the day. The much-awaited Constantinople hard fork having being delayed last week owing to security issues now has a new date, the network upgrade is expected to occur on February 27 at block number 7, 280,000. However, this announcement has failed to generate any visible impact on the market as investors continue to remain wary of crypto assets amid lack of clear fundamental support for a rally in either direction.