Finally, it happened! Both the Fed Chair and US president commented about cryptocurrencies yesterday. However, in a different way (such a surprise).
Patrick McHenry, North Carolina Congressional Representative:
“I think there’s no capacity to kill Bitcoin. Even the Chinese, with their firewall and their extreme intervention in their society, could not kill Bitcoin.”
Bitcoin could not resist the $10,924 level and fell below the 50-day SMA on Tuesday. After that, the digital currency managed to recover and rise above the “neckline” of the double top pattern at $10,020 on Thursday, which is also the 38.2 Fibo level. At the moment of writing, the oldest crypto has been targeting the $10,020 level. The next support levels will lie at $9,488 and $8,927 (50% Fibo). In case of recovery, $10,924, $12,030, and $12,770 levels will be in focus.
· A bill which restricts technological companies to issue their own cryptocurrencies was introduced in the US Congress. Does it mean problems for Facebook?
· US finance Minister Steven Mnuchin expressed cautiousness concerning Facebook’s cryptocurrency Libra, Bitcoin, and other digital assets.
· France’s authorities are ready to approve the first group of crypto companies according to the recently submitted law.
· The hearing on Facebook’s Libra at the US Senate happened this week. Policymakers did not understand how money can be issued without banks.
· China acknowledged Bitcoin as a digital property.
· Siemens plans to use blockchain in car-sharing service.
Current prices (last update 17:03 MT time):
The overheated market has started to calm down since the beginning of the week. What are the levels?
On Monday, on the Investing…
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.