Bitcoin records its third consecutive weekly loss, amid warnings from the International Monetary Fund

Bitcoin witnessed a decline during last week’s trading, as it recorded losses of 5.9% for the third week in a row, bringing the Bitcoin down from the level of $6,500 to the level of $6,200, as we find that it is difficult for the Bitcoin currency to surpass the psychological support level of $6,500. These losses come in The weak demand for buying digital currencies remained amid the acceleration of digital asset sales, in addition to the weak positive news and buying motives, especially after the warnings issued by the International Monetary Fund for digital assets and encrypted transactions.

The International Monetary Fund warned in a report issued last week of the continued growth in the use of digital assets and their widespread spread because they increase risks to the global financial system, and added that digital currencies created many important issues represented in ways to protect consumers and investors and establish safety and security protocols Markets and combating money laundering and terrorist financing.


The Fund expressed that it is not afraid of the risks of digital currencies at the present time, but in the long term it is expected that it poses a great danger to financial institutions and governments, so we must unite more and have more vigilance and monitoring, especially since the digital market is developing rapidly and significantly.

Last week, Cipher Trace, a company specialized in the field of cybersecurity intelligence, published a report stating that cryptocurrency thefts this year amounted to about $927 million, which is an estimated 3.5 times what it was in 2017, and the company expected that the value of currency theft would reach $927 million. By the end of this year, the number of digital currencies will reach about one billion dollars, and the report indicated that the thefts are based on an organized basis, as cryptocurrency hackers exploit the exposed weaknesses of this market.

On the other hand, Tiberius Technology Ventures, part of the Swiss commodity fund Tiberius Group, said it has halted sales of Tiberius coin due to unreasonable fees for credit cards that can be as high as 15%.

In the US, the US Securities and Exchange Commission said October 26 is the deadline for receiving public comments on changing the rules for listing and trading bitcoin-denominated ETFs.

Juniper Research has predicted an unoptimistic future for cryptocurrencies due to the increase in hard-line regulatory processes, crackdowns and hacking. internal.

Criticisms and warnings of the digital currency market continue. The world economist, Nouriel Roubini, who predicted the global financial crisis in 2008, warned against advertising for digital assets because they are considered a great danger to the financial system, and described digital currencies as the mother and father of all tricks and bubbles.

Mohamed Abdel Khaleq
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