Bitcoin records its fourth consecutive weekly rise, despite weak trading

Bitcoin witnessed a limited rise over the course of trading last week, as it achieved 1.7% gains, recording the fourth consecutive weekly rise, to trade near the $4,000 psychological support level, with the relative improvement in demand for digital currencies in light of the continued positive atmosphere in the markets. Despite this, the digital market needs strong catalysts to support the Bitcoin breach of the $4,000 level.

The total market value of digital currencies was declining between $ 131 billion and $ 135 billion during the past week, to reflect the current weak trading in the markets, especially with the anticipation of investors and trading companies. IQOption For more new developments in the crypto market.

Among the most prominent news circulating during the past week:

The giant Fidelity financial services company stated that it had launched the Fidelity service for digital assets, through which it can access the deposit services for the currency of bitcoin, and the company’s president, “Tom Jessup,” said that the decline in cryptocurrency prices will not have an impact on the company’s work, and added that we We are seeing more institutional interest in cryptocurrencies despite the bearish crypto market.

Bitcoin

Bitcoin

In Brazil, a Brazilian court ordered the return of nearly $350,000 from a bank Banco Santander To the Brazil-based Mercado Bitcoin exchange, it was reported that the bank shut down the exchange and froze its funds, arguing that its activities are against the bank’s policies, and a court judge commented that cryptocurrency trading is a risky activity. Despite this, the Central Bank of Brazil Cryptocurrency trading is not prohibited.

Last week, it was reported that the US Securities and Exchange Commission said Ethereum is not a financial security under US law, and SEC Chairman Jay Clayton said that based on an analysis done by SEC employees, it was found that Ethereum and other digital currencies are not securities.

In another conversation with Jay Clayton last Friday while talking about bitcoin-denominated ETFs, he said that while the authority is looking into granting approval for bitcoin-denominated investment funds, he remains concerned about investor protection from cryptocurrency risks. .

The Basel Committee (BCBS), an international banking regulator backed by the Bank for International Settlements, has warned of the threat posed by digital assets to banks and global financial stability. The commission provided another caveat that digital currencies do not provide a system of security as reliable as traditional banknotes, and are not secure for use as a medium of exchange or a store of value.

Markets focused on Russia, which embraces the crypto industry strongly, as Russia adopted new legislation ensuring the exercise and transmission of digital rights and the formulation of digital transactions.

 

Mohamed Abdel Khaleq
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