Consolidative price action continues in global cryptocurrency market for the second consecutive trading session. Following the recent upsurge in cryptocurrency market over the weekend, investors are waiting before making any major moved in hopes the market will see further upside action on the news and event-driven momentum and this is one major reason the price is yet to see sharp declines. Bitcoin and other legacy cryptocurrencies traded range bound across the day with 3 out of top 5 digital currencies trading with positive bias across the day. While Ethereum was one of those three which traded positive, Bitcoin saw slight downside price action. Meanwhile, today’s range bound action in the cryptocurrency market received an ounce of positive fundamental support in form of rescheduled Ethereum’s network upgrade data.
News hit the market that Ethereum developers had preponed the data and block number for Constantinople network from February 27 to February 25. As the deadline approached and the market is unlikely to provide any high impact updates and headlines before upgrade and investors turn cautious over the impact of the upgrade on Ethereum network history is set to repeat itself once again. Investors are expected to book profits wiping clean cryptocurrency market making sure every single penny of gains are extracted from the market. This will likely leave the price well near yearly lows as retail traders who make up most of the currency markets traders and investors are expected to flock away and not return until another such rally presents itself.
However, it is clear that the current market is set to experience a major downside move which is likely to occur sooner rather than later. As of writing this article, BTCUSD pair is trading at $3630.3 down by 0.32% on the day, while ETHUSD pair is trading flat at $121.39.The next big event which is most awaited in market could either turn out to be inform of SEC’s approval to Bitcoin ETF or approval of NYSE parent company backed Bitcoin futures which will be available for trading in Bakkt platform and bring in the next big wave of bullish price action possibly acting as magnet to attract fund managers and investors with huge portfolio providing market with much needed long term fund flow and fundamental support.