The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Tim Draper, billionaire, cryptoinvestor: "I think <cryptocurrencies> will have such a transformation effect on industries that we never even imagined would be imitating. The Internet went for industries that were $10-100 billion dollars markets, cryptocurrency will go for billions of dollars markets – this is finance, healthcare and insurance, banking and investment banking and governments."
Bitcoin started bearish on Monday and the price dropped again to the last week levels at $6330. Positive news on Wednesday gave the digital currency a chance to recover. On Thursday it crossed the 100-day MA at $6676 aiming the resistance at $6812. The next resistance is at $7360. If situation on the market changes, the support is at $6194.
- Yet another attempt to control the wild west of digital money?
On Tuesday representatives from the US Congress, equity markets (Fidelity, Andreessen Horowitz and Nasdaq) and crypto community (Ripple, Coinbase and Circle) discussed the regulations of cryptocurrencies.
These discussions may, however, have positive effect: Google will allow an advertisement of cryptocurrencies for Japanese and the US exchange platforms, that is, for two key markets in October.
- The leading crypto trading platform Binance will increase the market supply of its own tokens from $112 to $144 million.
- Another one football club, Italian Juventus announced the release of its own cryptocurrency. Can’t wait for football fans to crash trading platforms.
- Blockchain payment platform for government department’s needs was launched in Dubai. The goal of this project is to make a transparent environment for the financial flows and to reduce time of processing payments. If only all countries followed Emirates’ approach!
- The US court defined crypto as a commodity during the proceedings against “My big coin pay inc.” scam project.
- Chinese search engine Baidu presented white paper of its own blockchain platform Super Chain which will help to optimize any industry from product quality controlling to tourism.
- Equities switch to blockchain: The Austrian government will release bonds with a total value of $1.35 billion using Ethereum technology on October 2.
- SWIFT has a new competitor now. Blockchain startup Veem attracted $25 million of investments with the main investor Goldman Sachs
- Japanese financial giant SBI Holdings started testing its own cryptocurrency S coin. They plan to use the crypto for mobile payments. And if you launched your own cryptocurrency, how would you name it?
- Sophos, cyber-protecting company, found viruses-miners in 25 applications on Google Play.
So maybe the tetris game you downloaded yesterday helped someone to earn some BTCs ;)
Bitcoin $6,736.7 (+4.34%)
DASH $192.83 (+4.19%)
Ethereum $226.63 (+6.51%)
Litecoin: $62.390 (+9.40%)
Ethereum crossed $3000 recently and is aiming at $3500 already. Is it taking over Bitcoin's place?
Bears finally took over the cryptomarket and pulled the price for BTC down.
Read a short market wrap before trading today!
The United States will publish the non-farm employment change, also known as non-farm payrolls or NFP at 15:30 MT (GMT+3) time on August 6.
Our analyst discusses the latest news and shares his trade ideas on gold, EUR/USD, and S&P 500. Jump in!