Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Weekly Crypto News
Fred Wilson, co-founder of Union Square Ventures: “Buying cryptocurrencies is a very important form of investment. They allow any person in the world to invest in the next technological wave”.
Let’s divide the news from the world of blockchain and cryptocurrencies in good and bad.
Positive crypto news:
- One of the biggest banks in the world HSBC made the world's first trade finance transaction using blockchain. According to the bank, it took only 24 hours to perform the transaction vs. 5 days that similar operations usually take.
- LG launched a blockchain called Monachain. The network has its own digital currency, digital wallet, digital authentication system and digital supply chain management. Many cheers for the electronics giant!
- Nokia is collaborating with the blockchain data platform Streamr to allow mobile customers to monetize their user data and make purchases.
- The people of Florida will from now on be able to pay taxes in Bitcoin and Bitcoin Cash. BitPay will process the payments.
- Ripple has launched Xpring, a platform to support entrepreneurs who will use the cryptocurrency XRP.
- Cryptocurrency exchange Coinbase is launching Coinbase Custody, a cryptocurrency project for institutional investors.
- Switzerland’s government requested a report on the risks and opportunities of introducing "e-franc”, a state-backed digital currency.
- Apple’s co-founder Steve "Woz" Wozniak: “Blockchain is the next major IT revolution that is about to happen.”
- Jack Dorsey, the CEO of Square: “The Internet deserves a native currency. It will have a native currency. I don't know if it will be bitcoin. I hope it will be bitcoin. I'm a huge fan.”
Negative crypto news:
- About 8,000 people attended the cryptocurrency conference Consensus 2018 spending from $1000 to $3000 for a ticket. Yet, Bitcoin didn’t appreciate. BTC/USD declined $8,420 to $8,000.
- Thailand adopted a new law, according to which cryptocurrency traders have 90 days at the Stock Exchange of Thailand to register. Those who violate this law will have to pay a fine or be sentenced to up to 2 years in prison.
- In China, 6 people were arrested for fraud. The project was called PEB and it sold a cryptocurrency called Pu'er Coin. They said that this token entitled holders to ownership of a certain amount of the Pu'er Tibetan tea the firm has in stock, which it claims to be worth billions of dollars. It turned out that the firm has only a small stock of tea after all. Be careful with your investments!
- BTC/USD broke below 50-day MA. Below $8,240 it’s vulnerable for a decline to $7,830.
- And finally, co-founder of Binance crypto exchange He Yi has denied rumors that the company was planning to build its own blockchain-powered country on a private island. What a pity!
Whether BTC price goes up or down, you can profit on these moves by trading with FBS. The prices of the main cryptocurrencies – Bitcoin, DASH, Litecoin, and Ethereum remain volatile. it means that every day offers great trading opportunities. You can sell BTC and make money. Good luck in your trades!
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
The US unemployment claims are announced on Thursday at 15:30 MT time.
The RBA will make a rate statement on August 4 at 7:30 MT time.
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The market sentiment switched to risk-off after the Fed’s Powell statement. The USD edged higher, while risker assets started falling after reaching quite high levels. Let’s have a closer look.