Weekly CryptoNews

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.

Other news:

Regulations:

• 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%.

New releases:

• 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

Bitcoin $6,406.8(+0.57%)

DASH $168.1 (-5.9%)

Ethereum $200.35 (+0.89%)

Litecoin: $50.5 (+1.90%)

Ekaterina Gorbatenko

View all articles author

Similar

14.10.2021 11:02 Gold Skyrocketed, USD Dropped. What Drives The Market Today?

The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.

13.10.2021 15:45 High-Impactful Event for Forex: US Retail Sales

US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).

12.10.2021 14:00 AUD Awaits Australian Job Data

Australia will release employment change and an unemployment rate on Thursday, October 14, at 03:30 MT (GMT+3).

Latest news

19.10.2021 10:00 Weekly US employment: a chance for the USD

The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).

18.10.2021 09:00 British inflation may send the GBP up

Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).

15.10.2021 12:36 What will move the market on October 18-22?

The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?