The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
The Bank of Finland released a paper “The Great Illusion of Cryptocurrencies” where they explain why the concept of a digital currency is a “fallacy.” The main idea is cryptocurrencies are not real currencies but instead “accounting systems for non-existent assets.”
- Bitcoin has been trying to break the resistance at $6,500 during the whole week but failed. Up to now, the cryptocurrency has been trading near $6,350. The trading isn’t extensive. If no positive news encourages the digital currency, it will fall further. The support is at $6,200 (50-hour and 100-hour MA). If Bitcoin finds support, it will return to $6,500 (200-hour MA).
- Venezuela will build houses for homeless people financing it with the national cryptocurrency El Petro. The government will invest 909K Petro.
- Ripple is sued again. The company is accused of violating the law in the sphere of securities. According to the complainant, the company increases the price purposely. It’s worth remembering that the company was issued for the first time in May this year.
- During the first six months of 2018, swindlers laundered money in the amount of $761 million with cryptocurrencies through illegal activities. To compare, during the whole 2017, swindlers laundered just $266 million.
- Securities and Exchange Commission of Thailand imposed restrictions for ICO projects. Before launching the ICO, the company will have to get an approval of 2 authorities. Moreover, companies can raise investments only in Thai baht or in the cryptocurrencies that were approved before. They are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, and Stellar.
- The Parliament of Malta passed bills on cryptocurrencies. Malta is the first country in the world that provides legal certainty in this field.
- The largest US cryptocurrency company Coinbase accepts investments from institutional investors from the USA and the EU.
- Bittrex platform and invest.com trading company will launch a new cryptocurrency exchange for residents of the Eurozone. Users will be able to trade about 200 digital tokens. The new platform will support a blockchain expansion.
- Huobi Pro cryptocurrency exchange will open a new trading platform where users will be able to trade 10 cryptocurrencies in a pair with the Australian dollar.
- A new idea of the British Parliament. They ask the government of the UK to use blockchain in the state sector wider and create a new position of the Head of the blockchain.
- Microsoft Taiwan announced a cooperation with Chinese companies Digital China и Hot Cool for a blockchain project. Companies will implement the technology to financial, entertainment and electronic commerce sectors.
- An experiment on a blockchain poll was successfully conducted in the Switzerland city, Zug. Moreover, a representative of the government of Zug said that cryptocurrency companies will get a full access to bank services.
Just for fun. According to talks, Satoshi Nakamoto will write a book where he will answer all rousing questions.
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