Risk aversion dominates in the financial markets as the resurgent of coronavirus cases may slow global growth. Thus, safe-haven currencies are rising such as the CHF, the JPY, the USD, and riskier assets and commodity-linked currencies (the CAD and the AUD) are weakening.
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)
Cathie Wood’s Ark Invest filed for the creation of a Bitcoin ETF. Apple and Amazon jumped and airlines and cruise operators dropped as the reflation trade waned.
Elon Musk, Tesla’s founder and CEO, said the company wouldn’t accept Bitcoin as payment any longer. As a result, BTC/USD dropped to $45,300, the low unseen since March.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!