The market takes breath after the long rally. What opportunities do traders have today?
Aaron Olmos, Venezuela’s most outspoken economist: “We are in a complicated situation because ‘good money’ – dollars or cryptocurrency – is available, but it is scarce because people tend to keep it, not spend it. On the other hand our ‘bad money,’ the Bolivar, it’s the one used by law.”
Let's look at how the oldest cryptocurrency has been performing this week. Bitcoin continues trading sideways between the $3,920 and $4,013 levels. Strong bullish pressure will help it to break the current resistance at $4,013 and move towards the next resistance at $4,058. Otherwise, if bears come into play, the digital asset will plunge below the support at $3,920. The next support for it lies at $3,808. If we look at indicators, ADX shows the strength of bears and parabolic SAR demonstrates the downward movement for Bitcoin.
- Tether is not backed by US dollars anymore. The information on its official site says that stablecoin is backed by fiat currencies, cash equivalents, and other assets.
- Thai stock exchange plans to launch the platform for trading digital assets next year.
- London stock exchange listed blockchain ETF by Invesco investment company.
- Swiss stock exchange SIX Swiss plans to open trading of the ETP product connected to Ripple.
- NASDAQ plans to launch the first full-stack cryptocurrency ecosystem in the first half of 2019.
- A bill has been proposed in the state of Texas that would require a person receiving cryptocurrencies as payment to first “verify the identity of the person sending payment.”
- 70% of the crypto owners almost never used cryptocurrencies for payments in 2018.
- If Facebook launches its stablecoin, the social network will earn from $3 to $19 billion.
Current prices (last update 14:42 MT time)
The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.