The cryptocurrency industry in Ukraine seems to be heading south after the National Bank of Ukraine (NBU) came out to warn the citizens about the risks associated with this nascent digital asset.

Cryptocurrency isn't money
The NBU clarified that Bitcoin and other cryptocurrencies are neither cash, nor currencies as such, nor a means of payment, nor electronic money. Some of the major functions of money include a medium of exchange, a store of value (purchasing power), the basis of credit, a unit of account, a measure of value, and a standard of deferred payment.

But according to the point of view of Kateryna Rozhkova, First Deputy Governor of the NBU, cryptocurrencies including BTC, Ethereum, Tether, Binance Coin, Litecoin, etc., are virtual assets that are not money, since they do not perform the basic functions of money particularly settlements and savings. More information: please click here

Binance Coin (BNB) is retracing after retesting the $380 high. Today, crypto has fallen to the low at $367. The current downtrend may persist except buyers sustain a bullish momentum that will break the resistance at $430.

The $430 price level was attained after Binance Coin recovered from the bearish trend. Since June 3, the crypto has been in a downward move. BNB price is making a series of lower highs and lower lows. The recent rejection was a lower high of $380. BNB/USD is likely to resume a downward move. Besides, if the bears break below the 21-day SMA, the altcoin will fall into the bearish trend zone. More information: please click here

Bitcoin Cash (BCH) has continued its downward move as BCH slumped to a $548 low. As BCH fell to a $548 low, the crypto’s price resumed fluctuation between $548 and $600.

The selling pressure of Bitcoin Cash will resume if the price breaks below the $548 support level. That is, the market will decline to the next support at $450.

Conversely, if the current upward correction breaks above $660, and the bullish momentum is sustained, the downtrend is presumed to be over. Meanwhile, for the past two days, the crypto has been fluctuating between $548 and $600. The crypto is trading at $588 at the time of writing. More Information: please click here

Bitcoin Cash (BCH) rebounded above $680 support to resume an upward move. The current uptrend is targeted to retest or break the $800 resistance. For the past three days, BCH fell and found support above the $680 for a possible uptrend.

Earlier on, the altcoin has been facing rejection at the recent high. This will be the fourth time; BCH will be rising to retest the $800 resistance. Nevertheless, on May 25, 26, and 27, buyers retested the resistance zone and were repelled. On the upside, if buyers overcome the resistance at $800, BCH will rally to $1000. Conversely, if BCH rises and faces another rejection at the resistance, the market will be compelled to a range-bound movement. BCH/USD is likely to fluctuate between $640 and $800. Source

Ripple (XRP) is falling as buyers find it increasingly difficult to sustain above the $1.10 resistance since June 1. The bulls were repelled twice before the eventual downward move. XRP is likely to fall to the previous low at $0.80.

The crypto suffered the same bearish consequences when it retested the resistance zone on May 26. The crypto fell to the low at $0.80 and resumed a fresh uptrend. Presently, the XRP/USD is falling and approaching the low of $0.94. If the crypto falls and finds support above $0.80, then it is assumed that XRP is likely to be a range-bound between $0.80 and $1.10 for a few more days. Conversely, if the bears break the $0.80 support, the market will further decline to a $0.60 low. Source

Following Google's announcement of lifting the ban on Bitcoin and cryptocurrency ads on its website platform, the prices of major coins have skyrocketed dramatically. The total market cap has increased from $1.664 trillion to over $1.742 trillion, indicating a massive and bullish growth in the entire market of about 5%.

Google has lifted a ban on crypto asset ads related to exchanges and wallets, on the condition that they’re fully licenced and legally registered with Financial Crimes Enforcement Network (FinCEN), the United States Financial Intelligence Unit. However, the initial coin offerings (ICO) have remained barred. More info - please click here

Ripple (XRP) has continued to make positive moves for the past three days. Today, XRP reached the high of $1.10 but buyers could not sustain the bullish momentum above the resistance level. This is not the first time the uptrend has been interrupted.

On May 25 and 26, the upward move was resisted as the crypto dropped to $0.80 support. The recent retracement compelled buyers to resume a fresh uptrend. More Info - please click here

Cardano's (ADA) price is falling after the rejection at the $1.80 overhead resistance. As ADA price falls the downtrend is likely to extend to the low of $1.30. This has been the price action since May 20. This present rejection will imitate the previous price actions of May 20 and 26.

In the previous price action, the market was in a range-bound move between $1.30 and $1.80. As price retraces, the crypto may find support above the moving averages. The upward move will resume if the price finds support above the moving averages. The selling pressure will resume once the price breaks below moving averages. On the upside, if the bulls break the $1.80 overhead resistance, the market will rally to a $2.00 high. However, Cardano will resume a range-bound move, if the bulls fail to break the resistance at $1.80. More Info - please click here