The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.
Carlos Tong, the Chairman of Hong Kong’s Securities and Futures Commission (SFC): “We do not think imposing a total ban on cryptocurrency trading platforms is necessarily the right approach, and it will not work in today’s internet world when trading can cross national boundaries.”
On Wednesday, Bitcoin managed to test its September highs. An unexpected increase happened due to the problems with Bitfinex and Tether. Tether or USDT considered as a stablecoin which price has been held at $1 for a long period of time, dropped to $0.98. This resulted in panic among the investors and traders, who started to sell USDT and buy Bitcoin. It is interesting to know that USDT is supported by Bitfinex trading platform, which is facing bankruptcy right now. At the moment, Bitcoin is trading below the support at $6580 (50-day MA). The next support for the digital currency is at $6419. If any crypto manipulations occur Bitcoin can go up. In that case, the price can stick above $6580.
- Due to the trade war between the US and China, Bitmain and other developers of mining tools for China can lose their target market if the trade tariffs rise.
- The government of India suggested forbidding owning crypto assets which are not approved by the government. Will the situation be worse than in China?
- The most stable stablecoin Gemini Dollar approved by New York financial department rose by $1.2. More stability is needed!
- The oldest Chinese crypto trading platform BTCC announced its expansion to South Korea.
- American holding company Fidelity Investments, which rules assets around 7.2 trillion of market capitalization will launch a crypto trading platform for institutional investors at the beginning of 2019.
- Telegram will start testing blockchain TON until the end of November. The network is 70% ready.
Key events to follow for the next week:
October 23 - Blockchain & Bitcoin Conference in Saint Julian`s, Malta
October 23 - Ethereum Classic New York Meetup, USA
October 24 - TRON San Francisco Meetup, USA
October 26 - China Alternative Investments Summit in Beijing, China
DASH $157.09 (-4.19%)
Ethereum $206.65 (-2.67%)
Litecoin: $52.22 (-0.44%)
China's industrial rebound, progress in US fiscal stimulus and other important news in this article.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.