How to trade on August 4?
The market sentiment improved amid the slowdown in virus cases. Let's have a closer look at the AUD, S&P 500, gold and the GBP.
Weekly CryptoNews
David Supper, the chief operating officer at Blockbid: I believe the hype has just begun. Only 1 % of the world population own cryptocurrency. In recent time, there is more and more news about the involvement of banks and large funds in the stock market, so mass adoption of digital assets will come in the next two years.
Baiju Bhatt, Robinhood CEO: Sovereign nations will eventually have cryptocurrencies as their default currency. Whether it happens next year or in 15 years.
Cryptocurrencies
- Bitcoin has tested the support at $6,000. During the whole week, the cryptocurrency has been trying to stick above the psychological level of $6,500. However, all attempts failed. If this support doesn’t make Bitcoin rebound, a trader can anticipate the further fall to $5,500. The daily picture isn’t encouraging for the cryptocurrency. MAs are moving down. However, the position of MAs on the weekly chart gives more hope on the smooth trading. In the longer term, we can anticipate the trading within the horizontal channel at $5,500-6,500.
- According to Chainalysis blockchain startup, users lost an access to Bitcoin tokens in the amount of $20 billion. The main reason is the loss of private keys to wallets by users.
- Chinese hackers infected more than a million computers with a virus of the hidden mining. Suspected people worked for the company that develops plugins for web browsers. For 2 years, they had managed to earn more than $2 million.
- According to McAfee Labs, the volume of hidden mining has increased by 629% for three months.
Regulation
- The People Bank of China announced that a percentage of deals with the Chinese yuan in the global Bitcoin trading declined from more than 90% to 1%. The reason is the strict regulation. Last year, the Government forbade ICO projects. As a result, a lot of representatives of the industry left the country.
- The tax office of Australia will control citizens who hide their income from cryptocurrency trading in offshores. Australia will use data exchange agreements with other countries. Recently, the office became a member of the alliance that will investigate tax crimes and money laundering with cryptocurrencies.
- A new working party for cryptocurrency investigations will be created in the US.
Blockchain
- IBM got a grant in $738K from the government of Delaware for a development of the record keeping system for business project based on the blockchain technology. Moreover, the company will help the Australian government to implement blockchain projects.
- The +CityxChange startup will create “intelligent cities” in Europe using IOTA blockchain.
Just for fun.
- “Buffett’s $10” is a cryptocurrency experiment. Founders of the project invest $10 into cryptocurrencies daily; explain their decision and show results.
- An unknown expert placed a bet of 8,5 million Australian dollars ($6,27 million) on the possibility that the Bitcoin price will surpass $280,000 in 2023.
Bitcoin $6,238.2 (+0.81%)
DASH $223.40 (+5.60%)
Ethereum $437.13 (+1.19%)
Litecoin $76.786 (+1.41%)
Similar
All eyes on AUD
The RBA will make a rate statement on August 4 at 7:30 MT time.
Main market movements on July 31
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.
Latest news
Big day for USD
The US NFP will be published on August 7 at 15:30 MT time.
Main market movements on August 6
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
GBP is in focus
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…
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