Here we are again, with a new summary of last week’s cryptocurrency news. For all those who prefer to enjoy the sunshine and therefore have not been able to follow the developments. What has bitcoin done and what other news items should you be aware of?
At the beginning of last week bitcoin (BTC) traded around $10,500 and found the most dominant cryptocurrency resistance to the 50-moving average (MA): a technical indicator that was about $10,600 at that time. As expected, bitcoin could not break this resistance and the price dropped to $10,000 on Tuesday. Almost the entire top 10 market-capitalised cryptocurrencies turned red. By the middle of last week, the bitcoin decline continued and we were below the psychological limit of $10,000. Thursday through Sunday the price of bitcoin hovered around $10,000. As a result, the price rose above $10,000 on Thursday, but fell below the same value again this Friday. Saturday and Sunday we actually saw the same price development. Both yesterday and today bitcoin is trading below $10,000 again. At the time of writing bitcoin is worth just under $9,600.
Despite the corrective rate, well-known analysts are of the opinion that bitcoin with a value below $10,000 is a bargain. Analyst Josh Rager, for example, claims that the bottom may not have been reached yet, but that this is a positive fact because of the favourable investment opportunities offered by a lower price.
The flood of criticism on Libra, the cryptocurrency of Facebook, does not seem to be over yet. Consumer confidence in both the United States and the United Kingdom appears to be low and the president of the European Central Bank (ECB) announced during a press conference on the 25th of July that the ECB is very concerned about Libra. Today it was announced that Facebook, in its most recent quarterly report to the Securities and Exchange Commission (SEC), has warned investors that Libra may not be launched. The social media giant mentions laws and regulations regarding cryptocurrencies and the criticism from financial regulators as the main stumbling blocks for the launch of Libra.
The U.S. Congress is today holding a hearing on cryptocurrency and blockchain. During the hearing, a number of leading figures from the sector will be present who will inform the committee about the technology and the latest developments within the industry. The committee hopes that the hearing will provide a better picture of how the industry should be regulated.
Price changes over the last 7 days