Bitcoin achieves its second weekly gain, surpassing the $6,500 level

Bitcoin and other digital currencies continued to achieve gains for the second week in a row to rise in a narrow range, continuing to recover from the level of $ 6,200 to the level of $ 6,500, as the Ethereum currency rose and the Ripple currency jumped by 30%, this comes with continued investment demand rates for buying currencies The digital currency, especially the Ethereum currency and the Ripple currency, after several positive news supporting them.

Bitcoin recorded a two-week high last week and achieved a rise of 3.1%, as demand increased strongly on the digital market, especially in Argentina, where investors decided to hedge cryptocurrencies from the large losses in the local currency, the peso.

Although Bitcoin has risen over the past two weeks, gains are limited, and this reflects that investors remain cautious about digital markets as they assess recent developments in the markets.



Since the beginning of trading this September, Bitcoin has lost more than 10%, after Goldman Sachs, the world's largest financial institution, announced its decline to open a digital currency trading desk, in addition to the increasing regulatory measures imposed by the US Securities and Exchange Commission.

Binance, the world's largest cryptocurrency exchange, said it will launch a beta test of a cryptocurrency exchange in Singapore in September. The exchange did not specify any details on this matter.

Over the past week, many countries issued several reports that showed their objection to the trading of digital currencies. In the United States, a report issued by the Public Prosecution Office in New York showed that digital currency transactions are more vulnerable to many risks of manipulation and fraud, and in China, the Chinese Central Bank issued a new warning to investors about The risks associated with initial coin offerings and cryptocurrency trading The statement also highlighted how Chinese citizens bypass the regulations of cryptocurrency exchanges. In Britain, the BBC indicated that the British Parliament’s Treasury Committee is calling for regulation of digital currency trading in order to protect investors from risks related to digital currency trading from fraud, hacking attacks and money laundering.

Among the negative news that affected the digital markets during the past week was the announcement of the “Zaif” exchange in Japan that it had been hacked and nearly $60 million in digital currencies were stolen, and as a result of this, the Financial Services Commission in Japan decided that it would conduct an emergency inspection of the “Zaif” platform. And about 16 other stock exchanges.

On the other hand, the Ripple currency was strongly positively affected after Ripple announced the launch of a new product “xRapid”, which helps speed up banking operations through the use of the Ripple currency, and the product is scheduled to be launched during the next month.

Mohamed Abdel Khaleq

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