The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
BitMEX CEO Arthur Hayes: “Contrary to popular belief, Bitcoin requires volatility if it is ever to gain mainstream adoption. The price of Bitcoin is the best and most transparent way to communicate the health of the ecosystem. It advertises to the world that something is happening–whether that is positive or negative is irrelevant.”
The week started bullish for Bitcoin. On Wednesday, the price crossed the resistance at 50-day MA at $6,516 and afterward tested the next psychological resistance at $6,563. However, it failed to continue moving towards $6,662 and bounced back below $6,516. Despite the market speculations, the volatility of the digital asset remains extremely low. ATR is situated at its lowest levels. If buyers take over, it can push the price towards $6,516 again. In case of a bear market, the support lies at the pivot point at $6,400.
- The People's Bank of China is planning to ban airdrop as it can be used for conducting hidden ICOs.
- Taiwanese financial regulator banned anonymous crypto transactions and obliged trading platforms to pass personal data of clients to it.
- The Swiss financial market supervisory authority advised banks to set the risk coefficient for crypto assets at 800% to cover market and credit risks, regardless of whether the positions are held in the banking or trading book.
- Tax regulating department of Thailand is planning to use blockchain for following the tax evasions.
- Government banks of Venezuela started to show the sum on clients’ accounts in Petro cryptocurrency.
- The Brazilian prosecutor's office started the investigation of the money-laundering through Deltec Bank which is Tether partner.
- The BBVA bank from Spain gave the first credit with financial data recorded in blockchain Ethereum. The approximate sum of the loan is $150 million.
- The French government will make the taxation for crypto asset owners easier. The tax will reduce from 36% to 30%.
- OKEx launched margin trading of XRP/BTC and LTC/BTC. As a result, Ripple rose and outperformed Ethereum, while Litecoin ignored the news.
- It’s now possible to buy Litecoin for the fiat currencies at Litecoin.com.
Events to trade on BTC, Ethereum, Litecoin and Dash in the upcoming week:
November 12 - Bitcoin (BTC) - Bakkt Bitcoin BTC Futures Launch
November 15 - Bitcoin Cash (BCH) - Hard Fork
DASH $168.1 (-5.9%)
Ethereum $200.35 (+0.89%)
Litecoin: $50.5 (+1.90%)
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.
Netflix stock price falls 5% on Tuesday. Why? Read the news.
The USA will publish unemployment claims on October 22 at 15:30 MT time. How to trade after the release?
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!