Elon Musk, Tesla’s founder and CEO, said the company wouldn’t accept Bitcoin as payment any longer. As a result, BTC/USD dropped to $45,300, the low unseen since March.
Tim Draper, billionaire, venture investor: “I mean, just by that alone, just that they cost you less, it’s going to be better for people. And so they’re going to move to crypto, and they’re going to go away from the political currency – they call it fiat”
On Monday, Bitcoin extended losses and fell below $3,700. The recovery for the digital asset started in the middle of the week. Bitcoin rose above the $4,300 level on Wednesday. However, the correction turned out to be short-lived and the traders’ uncertainties formed a red Doji candlestick on Thursday. For now, we can see a limited volatility of the cryptocurrency. If Bitcoin is supported by bullish investors, it can rise towards the next significant resistance at $4,750. If uncertainties around the crypto market continue, it can fall to the support at $3,660. Was it a bearish trap or a rebound?
In other news:
- Amazon launched a platform for the creation of the blockchain network based on Hyperledger Fabric or Ethereum;
- The new WTO release said the blockchain would carry out the international economy to a new level in 10-15 years.
- Cryptocurrency wallet Copay was hacked on Monday and now all the private keys belong to hackers. The users were suggested to update the application and withdraw money to a different wallet.
- NASDAQ Bitcoin futures are anticipated to be out in the first quarter of 2019.
- Financial Ministry of the US applied sanctions against two bitcoin addresses, which belong to the residents of Iran or connected with the bypass of the sanctions.
- CFTC of the US released an instruction for developers and users of smart-contracts. In short, if it is used for breaking the law, users will be responsible for it.
- The Ohio state authorities allowed companies to pay taxes in Bitcoins
- British financial regulator handles cases against 50 crypto companies which operate without a license.
- New investment crypto product Amun Crypto Basket ETP has the biggest trade volume on the Swiss trading exchange.
Tesla reported better-than-expected earnings per share after the market closes and even boosted its profit by selling Bitcoin.
The greatest sale of Bitcoin keeps going.
The United States will release retail sales and producer inflation (PPI index) numbers at 15:30 MT time on June 15.
Gold has plunged amid the stronger US dollar as investors await the Fed’s meeting this week.
All eyes are turning to the Federal Reserve and the US dollar. How to trade XAU/USD, EUR/USD, and GBP/USD?