The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Vinny Lingham, Civic CEO: “For me, crypto is a bit too risky at its current point. I think the risks right now outweigh the upside in the short term anyway. There’ll be better opportunities later on.”
Despite the rise on Monday, Bitcoin failed to stick above the $4,000 level for a long time and formed a gap down on Wednesday. If the oldest cryptocurrency extends losses, it will fall to the support at $3,222. However, Parabolic SAR shows an uptrend for the digital asset. If Bitcoin recovers, it will rise to the resistance at $4,380.
In other news:
- The Japanese internet technology company GMO has recently announced that it is closing down its mining production.
- 8% of money transfers from the US are made with cryptocurrencies.
- During December 17-27, Bitcoin and Ethereum set records in the trading volume. Bitcoin trading volume reached $46 billion, while Ethereum’s - $18.5 billion.
- Bank of America wants to patent blockchain-technology for processing fiat currencies.
- Japanese financial corporation Mizuho Financial Group announced its plans to launch a cryptocurrency connected to the JPY.
On Wednesday, China posted shockingly weaker surge in retail sales as well as industrial output for April, thus increasing pressure on the Chinese cabinet to roll out more stimulus because the trade conflict with America escalates…
In April, American import prices surged less than anticipated in April due to the fact that jumps in the cost of food and petroleum were tamed by the largest tumble in the price of capital goods for a decade, dropping a hint at the fact that inflation…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.