Morgan Stanley analytics forecast the economy will return to pre-crisis levels by the fourth quarter. Here’s why.
Niall Ferguson, crypto skeptic, the author of "The Ascent of Money": “I was wrong. Wrong to think there was no … use for a form of currency based on blockchain technology. It is an option on digital gold. By this, I mean that bitcoin’s role in the foreseeable future is as a liquid asset that is hard to confiscate, and thus serves as a type of insurance. You might hold your private keys the same way the European wealthy used to hold gold jewelry and precious stones. However, the experiment launched by Satoshi Nakamoto in 2008 is not yet finished. To own bitcoin today is to have an option on Satoshi’s experiment succeeding.”
Let’s consider the key levels for Bitcoin. Is it too early to talk about the bullish market?
The trading of the digital asset was quite mixed at the beginning of the week. On Tuesday, Bitcoin opened at the lower level on the daily chart, but bulls managed to push it back to the resistance at $4,113. The resistance has not been broken since that day. If bulls take over the market, we may see the rise of the price for cryptocurrency to the next resistance at $4,212. The next key target for bulls lies at $4,293. On the other hand, if the price for Bitcoin weakens, it will slide towards the support at $4,035. The next support is placed at $3,921.
From the technical perspective, Bitcoin has been trading within the upward channel. Parabolic SAR also confirms that. As for ADX, it shows bears dominating the market, but their strength is weakening.
- Nasdaq, Bloomberg and Reuters will show two crypto indices from CoinmarketCap: top-200 cryptocurrencies and top-200 altcoins.
- Visa payment system gathers new team which will work with cryptocurrencies
- International finance conglomerate Citigroup researched the possibility of developing its own cryptocurrency for international operations and decided to continue working with SWIFT
- South Korean messenger KakaoTalk started to support cryptocurrencies.
- Six international banks will release stablecoins on the World Wire blockchain. The blockchain was developed by IBM and Stellar.
- The largest Swiss online retailer Digitec Galaxus now accept payments in Bitcoin and other nine cryptocurrencies.
- Japanese authorities published a low, which asks crypto exchange platforms of the country to reduce the leverage to x4;
- US SEC said that Bitcoin ETFs from VanEck and SolidX are not appreciated by the people.
- Swiss Parliament voted for a suggestion to adopt the current legislative system for cryptocurrency regulations.
Current prices (last update 15:48 MT time)
Traders are waiting for the Fed statement at 21:00 MT time. The market reaction depends on how far their expectations will meet the Jerome Powell’s speech.
Today is the big day! Investors are waiting for NFP at 15:30 MT time.
The market sentiment improved after the USA reported some decreasing in coronavirus hospitalizations. Gold dropped below $2 000 and the US dollar dipped down, while stocks surged. Let’s have a closer look.
The RBNZ will make the monetary policy statement on August 12 at 5:00 MT time!
The market has started the week with a mixed sentiment…