Crypto news update: week 41 2019

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Haven’t found the time to keep an eye on the crypto news last week? We have summarized the main stories for you!

Last Monday the bitcoin (BTC) price set a monthly low of $7,776, but after that the price started to rise again. Both the $7,900, the $8,000 and the hourly 100- and 200 moving average (MA) were broken, bringing the price just below $8,300 on Tuesday morning. Later that day, the price consolidated and the most dominant cryptocurrency traded just below $8,200 on Wednesday morning. That same afternoon, BTC started to rise again, but then found resistance at $8,700. On Friday morning, the trend continued upwards, setting a monthly high at $8,826. However, it turned out to be a so-called fake out and the price dropped back to the $8,400 level. During the weekend, bitcoin traded mainly sideways with virtually no major fluctuations. Yesterday the $8,400, where the 100 MA was at that time, turned out not to hold up and the price dropped back to support to the $8,150, but managed to recover to about $8,300. This morning, the bitcoin price formed a breakout pattern with a resistance line about $8,350. At the time of writing, bitcoin is worth $8,286.60 after having fallen 0.21% in the last 24 hours.

The US Securities and Exchange Commission (SEC) has rejected Bitwise and the New York Stock Exchange (NYSE)’s application for a bitcoin exchange-traded fund (ETF). The government body announced this on Wednesday 9 October. According to the SEC, the application does not meet the requirements regarding the prevention of fraud and market manipulation. The cryptocurrency market did not seem to respond to the news.

On the same Wednesday 9 October Bakkt, the trading platform of the Intercontinental Exchange (ICE) for physical bitcoin futures, set a record trading volume. With an increase of almost 800% compared to the previous day, the trading volume reached 224 contracts.

Following the withdrawal of PayPal from the Libra Association last week, Visa, eBay, Stripe and Mastercard have now also announced that they are leaving the organisation. The most obvious reason is the headwind from regulators, which not only complicates the progress of the Libra project, but may also not benefit the relationships between the companies and regulators.

UNICEF, the United Nations (UN) Children’s Fund, has launched a cryptocurrency fund through which the organisation accepts donations in bitcoin and ethereum (ETH). UNICEF announced this in a press release last Tuesday. This makes UNICEF the first UN organisation to work with cryptocurrencies.

Price changes over the last 7 days

2019-10-16T18:39:04+00:00

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