Bitcoin could not resist the $10,924 level and fell below the 50-day SMA on Tuesday.
Weekly Crypto News
Bill Gates, co-founder of Microsoft, investor: “Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”
- Capitalization of the cryptocurrency market rose to $350 billion. However, Bitcoin's price has not increased a lot. The digital currency continues to consolidate near $8,000.
- The Venezuelans prefer Bitcoin rather than El Petro. While the government puts forward the national cryptocurrency, Bitcoin trading volume on a platform LocalBitcoins hit the record highs. Last week it reached $55 million.
- The head of the IMF claims a sensible approach to cryptocurrencies: without judgment and euphoria. Christine Lagarde says that most of the digital currencies will disappear, however, those that remain, will change the whole financial system.
- The General Prosecutor Office of New York sent requests to 13 largest cryptocurrency exchanges such as Coinbase, bitFlyer, Kraken и Bitfinex to present information about their services. Kraken has already denied the request. The CEO of the cryptocurrency exchange said that it will not work with the state’s authorities.
- The European Parliament announced new measures for anti-money laundering in EU countries. As a result, it aims at a strict control on Bitcoin and other cryptocurrencies. According to the new rules, exchange platforms, virtual wallets, and banks have to verify their clients. Moreover, trading platforms, exchange services and providers of cryptocurrencies storage services have to be registered.
- Citigroup is seeking Bitcoin professionals to tackle money laundering.
- Chicago Mercantile Exchange CME Group presented a report on Bitcoin futures trading. It is the first official report. According to it, large traders bet on the sale of Bitcoin, but a bearish trend slows down. On the contrary, small traders aim at long positions.
- A cryptocurrency exchange GMO Coin (a subsidiary of the largest Japanese internet company GMO) offers a Bitcoin’s rent. The amount of deposit is from 10 to 100 BTC, a profit is 5% per annum.
- Coinbase bought a Bitcoin startup Earn.com. The startup will continue to work without changes, but it will get new functions based on the cryptocurrency exchange’s services.
- The cryptocurrency exchange Kraken closes in Japan because of high expenses. It plans to finish all operations until the end of June. The closing may be related to a tough Japanese legislation.
- Binance burned its own tokens BNB for $30 million. The token is deflationary, so every month the cryptocurrency exchange spends 20% of its profit to buy it and burn. Such measure will continue until 50% of the launched tokens will be liquidated.
- Barclays plans to invest in blockchain startups. According to Bloomberg, the bank monitors an interest of its clients to cryptocurrency trading.
- One of the largest banks in India ICICI plans to launch a trading blockchain platform for the local and international operations.
Finally, it happened! Both the Fed Chair and US president commented about cryptocurrencies yesterday. However, in a different way (such a surprise).
The overheated market has started to calm down since the beginning of the week. What are the levels?
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.