Bitcoin fails again to maintain the $4,000 level during the week's trading

Open sales were renewed again on the cryptocurrency markets during the past week, as Bitcoin lost about 13% of its value over the course of trading last week, and the Ethereum currency lost nearly 19% of its value, with the renewal of open sales in the digital markets, with the absence of Motives and catalysts that drive the markets higher.

Bitcoin fell from the level of $ 4000 to about $ 3,500, after holding on to the psychological support level of $ 4000 for a not long period. Renewed open sales.


The open sale is likely to be caused by growing fears of repeated 51% attacks on other cryptocurrencies, with some suggesting that growing calls for tougher regulatory action around the world may have contributed to this. These losses are for the digital market.

It has been reported that regulators in Europe are considering setting specific regulations for cryptocurrency trading, with the Executive Director of the Banking Authority in Europe, Adam Farkas, saying that he sent a letter to the European Commission to find out if there is a need for regulatory action aimed at achieving joint and unified cooperation in Crypto assets within the European Union, Farkas continued that the authority continues to warn investors against digital assets in light of its monitoring of market developments.

Elsewhere, in South Korea, news circulated that about 14 local cryptocurrency exchanges failed the government's security checks and measures out of 21 exchanges.

The Ministry of Economy and Finance in Korea commented that digital transactions are highly vulnerable to hacking attacks at any time, as a result of the security flaw in the insufficient establishment and management of a tight and controlling security system such as personal computers and network security.

In the same context, South Korea's Financial Supervisory Authority has backed the call for a bill to regulate crypto exchanges, which involves poor security handling that has caused hacks and theft of more than $70 million from major exchanges such as Coinreal and Bithumb.

During the past week, digital currencies received a lot of criticism and warnings from members of the European Central Bank. The Governor of the Central Bank of Estonia and member of the European Central Bank, “Adro Hanson” said that the cryptocurrency bubble has finally begun to collapse and will eventually end, and the evidence for this is what we are currently seeing from This collapse.


Mohamed Abdel Khaleq

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