Weekly Cryptonews
The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Weekly Cryptonews
Stephen Pairs, Bitpay CEO: “I used to say 10 years, but now I think it’s more like 3-5 years until you can go into a restaurant, a retail establishment, and just everybody’s going to expect that that store will be able to accept a blockchain payment.”
Crypto market finally entered the correction phase. The price for Bitcoin rebounded from the $3,222 level on Saturday and continued to go up. On Thursday it managed to stick above the $4,000 level. If bulls continue to pull the price further, it will manage to rise towards the resistance at $4,337. The next resistance is placed at $4,753. In case of the bearish pressure, the price for the oldest cryptocurrency will fall towards the support at $3,660. If we look at the technical side, we can see that the price created lower lows on the daily chart, while MACD formed higher lows. This situation is called convergence and signals reversal to the upside. In addition, Parabolic SAR shows an uptrend for Bitcoin. It is a good sign for the further rise of the grandfather of cryptocurrencies.
In other news:
- The cryptomarket has grown by $10 billion in several days. Can you believe it?
- The Bitcoin mining’s difficulty declined by 9.5%. It means that miners will get back to work soon.
Regulations:
- Two US congressmen suggested to exclude cryptocurrencies from the securities classification and improve the tax treatment for currencies.
- French authorities refused to cut taxes for the owners of crypto assets. The current tax is held at 36%.
- The British government suggested providing the Financial Conduct Authority (FCA) with additional rights to regulate cryptocurrency assets.
New releases:
- Facebook announced the stablecoin’s development for WhatsApp users. At first, it will be launched in India.
- The construction of the crypto heaven in Malta continues: RnF Finance Limited submitted a request for blockchain bank’s license.
Just for fun:
- The famous trader Mark Dow closed the short position for Bitcoin, which he was holding for the whole year. He opened position when BTC’s price was at the top. Now we know the reason for the bearish market :)
Bitcoin $4,142
Ethereum $117.47
Litecoin $32.32
DASH: $94.37
Similar
Weekly Cryptonews
Let’s consider the key levels for Bitcoin. Is it too early to talk about the bullish market?
Weekly Cryptonews
The analysis of Bitcoin and the key events which affected the crypto and blockchain world this week
Latest news
Post-Fed Releases for USD & CAD Traders
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
FED and BOE Make Another Attempt to Beat Inflation
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Will the UK and US Cope with Inflation?
Every week we expect many interesting events that can shake the market.
