What news has been happening in the crypto market this week?
Ric Edelman, finance expert, the founder of Edelman Financial Engines: "The [Securities and Exchange Commission] SEC has several legitimate thoughtful concerns that the industry has to overcome but I'm confident they will. Eventually, we will see a Bitcoin ETF and it's at that stage that I will be much more comfortable recommending that ordinary investors participate."
Will we finally see any price action for Bitcoin? On the daily chart, the price for the digital asset has been capped by the 50-day MA at $3,715 and volatility has been dying out since the beginning of the week.
On H4, despite the high spike at the beginning of Monday, the grandfather of cryptocurrencies fell back within the $3,650-$3,704 range. From the technical side, the price formed the “Flag” pattern, which is characterized by a bullish rise on February 8-9 followed by the consolidation phase. This pattern may signal the rise if its upper border is broken. But remember that cryptocurrencies may play tricks on you, so wait for further confirmations and don’t forget about stop losses!
For now, the closest resistance for Bitcoin lies at $3,677. If it’s broken, the next resistance is placed at $3,704. If bears are stronger, the price for Bitcoin will fall towards the support at $3,650. The break of this level will pull the crypto asset lower to the support at $3,621.
- The first Bitcoin transaction through the short-wave radio was made this week. This method helps to operate Bitcoin without the Internet connection.
- The US Security and exchange commission requested Reality Shares to withdraw its partial-Bitcoin exchange-traded fund proposal. There have been no positive updates from the SEC yet.
- Another bug was found in the Constantinople update for Ethereum. The second attempt of the update is expected to begin on Thursday, February 28.
- Crypto market welcomes institutional investors: Morgan Creek Capital invested $40 million to open a new crypto fund. The main investors are American public pension funds.
- Japanese financial holding Mitsubishi UFJ Financial Group is developing a new blockchain payment platform and plans to launch it at the beginning of 2020.
- The leading US investment bank JPMorgan Chase created its own cryptocurrency JPM Coin. This is a stable coin backed by the USD. The bank plans to use it for international transactions.
- Nasdaq exchange fund adds a new Bitcoin (BLX) and Ethereum (ELX) indices to their trading services.
A lot of political uncertainties are driving the British pound down.
The United States anticipates the release of headline and core durable goods orders on May 24, at 15:30 MT time.
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.