Weekly Cryptonews
Cryptocurrencies are going down... What may signal a recovery?
Weekly Cryptonews
Jack Dorsey, Twitter CEO & Cash App Founder: “[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is on the internet."
Let’s consider the H4 chart for Bitcoin. On Wednesday, the oldest cryptocurrency fell towards the support at $3,423 and started to consolidate between this and the $3,460 levels. Up to now, the Bitcoin’s price has managed to recover and already tested the 50-MA. The reason behind it may lie in the recent comments by the SEC commissioner, who said that the long-awaited Bitcoin exchange-traded funds will eventually be approved. If bullish pressure continues, the price for the crypto asset will face with the resistance at $3,509. If they manage to break this level, the next resistance is placed at $3,548. From the technical side, parabolic SAR shows a downtrend for Bitcoin. If it resumes moving within the downtrend, the price will fall below the $3,460 level to the support at $3,423. The break of this level will signal about a further fall towards the next support at $3,378.
Important updates:
- Parity developers found out the critical bug, which may be dangerous for the whole Ethereum ecosystem. The developers have already started to fix this problem.
- Litecoin creator Charlie Lee intends to implement new privacy features into Litecoin. As you may know, Litecoin has historically served as a testbed for future Bitcoin implementations.
Regulations:
- The central bank of Lithuania has promised to launch LBCoins as the first numismatic coin with blockchain. Sounds cool, but do we really need it?
- The US Security and exchange commission (SEC) is looking for a company, which will help the regulator to research the transactions of top cryptocurrencies.
- Iran launched its own cryptocurrency backed by gold for Paymon banks to avoid sanctions.
- Citizens of Venezuela set as a new record by buying 1,972 BTC last week. In response, the Venezuelan authorities announced crypto regulation. According to this regulation, citizens need to have permission on the emission, usage or mining of cryptocurrencies.
- Japanese financial holding Nomura joined the messenger Line to use blockchain in the financial sector.
- Public transport in 37 cities of Argentina now accepts Bitcoin.
Bitcoin $3,527
DASH $71.12
Ethereum $110.80
Litecoin: $38.58
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