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The market data is provided by the HitBTC exchange.

Bitcoin (BTC) has proven to be in high demand among citizens of smaller nations like Venezuela, whose economic conditions have been adversely affecting their fiat currencies.

Now, cryptocurrencies will face another test with the impending Brexit deal. If the United Kingdom is forced to leave the European Union without a deal, experts believe that the pound will be hit hard, and might lose up to a quarter of its value.

With such uncertainty, will the market participants turn towards cryptocurrencies as an alternative source of investment or stick to the classical investment vehicles? We believe that digital currencies will make their presence felt because they are likely at the end of their year-long bear market. According to Binance chief executive Changpeng Zhao, their new Jersey-based trading platform has witnessed a huge demand.

CNBC contributor Brian Kelly expects cryptocurrencies to do well in 2019. Geopolitical tension in the world can boost the demand for digital currencies as the investors look to hedge their positions. However, Kelly doesn’t anticipate an approval for Bitcoin ETF this year.

BNB/USD

Binance was the top performer among the major coins. The news of the launch of Binance Jersey, a fiat-to-crypto exchange for U.K, and European customers, was cheered by the investors. The company plans to capitalize on the uncertainty regarding Brexit and wants to offer the people an opportunity to diversify into cryptocurrencies. Binance also completed its 6th quarterly BNB token burn, roughly equivalent to $9.4 million. So, will its outperformance continue? Let’s find out.

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The BNB/USD pair is attempting to breakout of the resistance line of the descending channel. For the past four weeks, the bulls have defended the first support at $5.46666. Therefore, we anticipate another attempt to breakout of the channel within the next couple of weeks.

A breakout of the channel will start a new uptrend that can carry the virtual currency to $15, with a minor resistance at $12. The traders can buy on a close (UTC time frame) above the channel and keep a stop loss below $5.

Contrary to our opinion, if the bulls fail to breakout of the channel, the bears will try to sink the digital currency below $5.

ADA/USD

Cardano developer and CEO of IOHK Charles Hoskinson is excited about the forthcoming Project Shelly update. Cardano wallet “Deadalus” can also prove to be a major event, as it aims to be the most secure crypto wallet with a series of inbuilt protections. While some are confident about the prospects of the cryptocurrency, the critics feel that the developments are moving too slowly.

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