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This post is a translation of the weekly cryptocurrency analysis by Crypto Lab, a wholly owned subsidiary of Monex Group (Tokyo, Japan). Monex is the parent of TradeStation Group.
BTC rose sharply, drawing funds from altcoins. That pushed it through the near-term resistance level of $9,200. After some short-term profit taking, it soon pushed toward $10,000.
One reason for the move was Binance, the world’s biggest cryptocurrency exchange, is restricting U.S. investors from trading altcoins in three months. The move is part of the company’s adjustments to regulatory demands as it looks to grow in the world’s largest economy. U.S. exchange Bittrex took similar steps. Both actions concentrated interest in BTC over rival tokens and helped triggered the breakout through $9,200.
FB’s Libra announcement was the other catalyst, although its impact on BTC was less significant.
Ripple (XRP) declined versus BTC, although it did gain overall on news of its investment in MoneyGram (MGI).