Crypto news update: week 33 2019

Have you been too busy last week to keep up with the cryptocurrency news? Then, just like last week, we put the course of bitcoin (BTC) and the main lines from the news back on paper. Let’s start!

After a short rebound above $11,500 the bitcoin price dropped early last week and support was found just above $11,400. On Thursday the price of bitcoin dropped even further away. Two important support levels failed, causing bitcoin to fall below $10,000. The altcoins were also pulled along with this drop. Until yesterday bitcoin tried to break the resistance at $11.400, but success did not materialize. After each attempt bitcoin fell back to or below $10,000. Yesterday bitcoin broke both the $11,400 and the $11,500. Today, early in the morning, BTC also managed to break through the $10,700, but then dropped back again. At the time of writing, bitcoin on Coinmarketcap is worth $10,668.

The US Securities and Exchange Commission (SEC) has again postponed three applications for bitcoin exchange-traded funds (ETFs). The ETF of VanEck and SolidX applied for on the Chicago Board Options Exchange (CBOE) has been postponed until 18 October. The assessment of Bitwise’s application for the New York Stock Exchange (NYSE) has been postponed to 13 October, and that of Wilshire Phoenix – also for the NYSE – to 29 September. For VanEck and Bitwise this will be the final deadline. Both applications were submitted in February, which means that the maximum period of 240 days will expire. Whilshire’s application can be postponed for another 150 days.

The trading platform Bakkt has received approval from the US regulators to offer physically settled bitcoin future contracts. Bakkt has announced that the trading platform will go live with the contracts on 23 September. This means that investors will be paid out in bitcoins instead of fiat money when a contract expires. Many analysts expect that the launch of the contracts will have a positive effect on the bitcoin market.

Changpeng Zhao, the CEO of cryptocurrency exchange Binance, announced last week that Binance US is likely to be launched sometime in the coming months. Previously, the exchange closed its doors in the United States because of its regulations, but now Binance US should see the light of day “in a month or two”. No other exact date was announced.

Price changes over the last 7 days

2019-08-20T19:00:22+00:00

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