US dollar turned up after closing in red yesterday
The market sentiment is mixed, but there are still interesting movements on the market.
WeeklyCryptoNews
Michael Novogratz, investor, billionaire: think how institutional investors work. It’s difficult to come to the boss and say that money is in the place that he doesn’t know about. It will require a reliable and well-known trustee - a Japanese bank, or an organization such as Goldman Sachs, HSBC, or ICE. Only then the institutional investor will feel comfortable.
- On Tuesday, Bitcoin tested highs of the beginning of August near $7,390. Yesterday Bitcoin slid to levels below $6300.
There was news on Wednesday that Goldman Sachs decided to hold back its plans to set up a crypto trading desk. In addition, one of the oldest trading platforms ShapeShift AG said it will begin asking users for personal information. Although this may turn out to be good in future, it currently hurts the sentiment.
Up to now, the cryptocurrency has been trying to recover. However, the trading isn’t extensive. The resistance lies at $6,550. If it’s able to break above this level, the next resistance will lie at $6,780 (100-day MA). If bulls are weak, Bitcoin will fall to $6,300. The next support is at $5,875.
- One of the leading stock exchanges Deutsche Börse announced an opening of the cryptocurrency and blockchain department.
- The leading Japanese bank Mitsubishi UFJ Financial Group has started testing its own cryptocurrency MUFG Coin on the employees. The shop where the employees can pay with MUFG Coin was opened in the main office in Tokyo.
- Abra bitcoin application started cooperating with the European banks. As a result, all residents of the single euro payments area can buy Bitcoin for fiat.
- Financial Services Agency of Japan lifted criteria of the cryptocurrency exchange license. It may be due to the big number of applications for the opening of cryptocurrency exchanges.
- The Colombian President Ivan Duque invited cryptocurrency companies to open representative offices in the country and promised to support the industry.
- The local crypto boom happened in Iran. After the government legalized the mining industry, the price of bitcoin surged to $24,000 on local platforms.
- The Belgian research center Bruegel urged the European Union to create a single standard сryptocurrency regulation. It made a report that is supposed to become a basis for the regulation within the EU. The report will be presented at the meeting of ministers of Economic and Financial Affairs at the end of the week.
Bitcoin $6,483.6 (+0.97%)
DASH $178.91 (+6.52%)
Ethereum $224.91 (-1.47%)
Litecoin $56.779 (+3.53%)
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The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
Uncertainty underpinned USD
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
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