The market takes breath after the long rally. What opportunities do traders have today?
Weekly Crypto News
To the end of the week, bitcoin is losing its positions. The cryptocurrency could not break the psychological level at $9,000 and fell again. Now bitcoin is trading near $8,500. The support lies at $7,800.
- Tom Lee, co-founder of a research firm Fundstrat, forecasts a growth of bitcoin to $91,000 in 2020. So hold breath and HODL. Moreover, he is sure that a bearish trend at the altcoins market is closer to end. He highlighted that bitcoin is still the most attractive asset for investments.
- The Head of Twitter Jack Dorsey said that bitcoin will become the most actual currency and outrun the USD in 10 years.
- There is contrary opinion. Morgan Stanley' analysists think that changes of bitcoin’s rate repeat dynamics of "dotcom" bubble but in faster 15 times. Earlier they counted a bitcoin’s price and it appeared – 0!
- The Governor of the Bank of England and the Chairman of the G20’ Financial Stability Board Mark Carney said that cryptocurrencies are not a threat to the existing financial system. That is why it is unnecessary to implement new rules of international regulation.
- A new governor of Peoples Bank of China said that bitcoin is a currency that gives freedom. It was quite surprising as his predecessor did not consider cryptocurrencies as a payment mean and said that they can cause negative consequences at the financial market.
- South Korea’s Financial Services Commission announced that it will support a development of blockchain payments. Earlier South Korea said that they may cancel a ban on ICO to develop blockchain technologies.
- The US Department of Justice has filed charges in providing unlicensed services against the Payza payment operator and its founders, brothers Patel.
According to the Department, various financial pyramids and sites with child pornography have laundered at least $ 250 million through the company. Although the government documents do not mention cryptocurrency, Payza has worked in this area since 2014 offering services to sell and buy bitcoin.
- According to Edward Snowden’ documents, National Security Agency has been surveilling and gathering personal information of bitcoin users since 2013.
- The President of Venezuela announced a start of a new state program that will attract citizens to the mining industry. Unemployed, students, homeless, and single mothers will be provided with workplaces and taught to work on mining farms.
- On March 19 the US President signed an act that prohibits any operations with Venezuelan cryptocurrencies.
- Telegram is under the risk. The company has to submit Federal Security Service of Russia with messages of Telegram’s users. Otherwise, it will be blocked. It is a dangerous situation for the company as it has already gained a lot of money and is going to get more by pre-ICO to launch a blockchain and a token.
- The cryptocurrency exchange Binance in Japan can be closed due to the lack of license.
- Coincheck stopped working with anonymous cryptocurrencies Monero, Dash, and ZCash. The cryptocurrency exchange will buy all assets of users that are kept in these three cryptocurrencies.
- The eldest brother of the Colombian drug lord Pablo Escobar, Roberto Escobar, launches his own cryptocurrency Diet Bitcoin (DDX). Currently, he is trying to gain investments by ICO.
- More bans on ICO. Snapchat has blocked ICO ads.
- Mastercard’s payment system is ready to work with cryptocurrencies that are launched by central banks.
- The IBM company presented the smallest computer in the world. Its size is comparable to a grain of salt. However, its power is enough to work with blockchain apps.
Bitcoin $8,467.8 (-5.70%)
DASH $401.19 (-7.49%)
Ethereum $519.99 (-7.69%)
Litecoin $159.50 (-5.91%)
The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.