Cryptocurrency updates for the previous week
Here are quick cryptocurrency updates for the previous week to help keep you updated with the happenings in the sector.
Last Monday, we saw how bitcoin (BTC) went as low as $10,060. The rate recovered somewhat in the run-up to Tuesday, but the decline continued after that. On Tuesday evening the price of bitcoin fell through the psychological limit of $ 10,000.
Bitcoin traded around $ 10,000 both Wednesday and Thursday; then above, then below. On Friday, the most dominant cryptocurrency rose again. For example, the resistance was broken at $ 10,400 and it seemed that the resistance at $ 10,500 would also be broken. However, the price fell again, just below $ 10,400.
Read More: Bitcoin Circulation Hits a staggering 85 percent
On weekends bitcoin traded mainly horizontal or sideways, leading to a so-called breakout. The pattern was visible Monday. On Monday, halfway through the day, bitcoin broke down and the rate fell rapidly from $ 10,300 to $ 10,000. Support was eventually found just above $ 10,000.
Read More: Bitcoin Is A Safe Haven
The American branch of one of the best cryptocurrency exchange known as Binance will open its doors for American customers today. In the run-up to the launch of the exchange, customers will be able to register with Binance US and make deposits in Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin cash (BCH), Litecoin (LTC), and Tether (USDT).
The largest blockchain payment provider in the world for bitcoin and bitcoin cash, BitPay, will also accept ethereum. Customers of BitPay will also be able to store ethereum in their wallet.
Read More: Samsung collaborates with Klaytn to launch a special version of the Galaxy S10
Jay Clayton, the president of the American Securities and Exchange Commission (SEC), was a guest at the CNBC program known as The Exchange. There he said that they are getting closer to launching a bitcoin exchange-traded fund (ETF), but there are still issues related to the security of custody or digital currency custody.
In terms of regulations, both France and Germany are aiming their arrows at Facebook’s Libra. The French finance minister, Bruno Le Maire, discussed how no tax will be levied on cryptocurrency transactions that are not subject to approval but also used the opportunity to indicate that he cannot support the Libra. Germany would also be working on a strategy that should ban Libra. In the meantime, a meeting took place yesterday between the European Central Bank (ECB), 25 other central banks and representatives from Libra.
Read More: China to introduce Central Bank Digital Currency (CBDC)
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