Weekly Cryptonews

Weekly Cryptonews

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.

Regulations:

·        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.

New developments:

·        Siemens plans to use blockchain in car-sharing service.

Current prices (last update  17:03 MT time):

Bitcoin $10,419

DASH: $112.62

Ethereum: $218.46

Litecoin: $97.21

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Weekly Cryptonews
Weekly Cryptonews

Finally, it happened! Both the Fed Chair and US president commented about cryptocurrencies yesterday. However, in a different way (such a surprise).

Weekly Cryptonews
Weekly Cryptonews

The overheated market has started to calm down since the beginning of the week. What are the levels?

Latest news

FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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