Bitcoin continues to make gains, rising by more than 11% over the past week

The bitcoin currency continued to rise during the past week, as it rose by more than 11% for the second week in a row, in light of the increasing demand for buying digital currencies, especially bitcoin, the largest digital currency in the world, and last week witnessed a group of strong positive news that pushed the market to rise.

The bitcoin currency rose sharply during the week, recording its highest level in two months, as it managed to surpass the psychological support level of $8000, in the process of reaching the level of $8,500, based on the continued strong investment demand for digital currencies in light of the influx of positive news that supports and motivates the market.

The total market value of digital currencies also rose, exceeding the level of 300 billion dollars, to reach the level of 304 billion dollars, the highest since June 10.



Some reports said that cryptocurrency trading volumes rose in the Japanese and South Korean markets, and reports indicated that the average Bitcoin transactions exceeded about 2.5 times per second for the first time since last February.

The Chicago Mercantile Exchange also announced that the average daily trading volume of bitcoin futures contracts increased by 93% during the second quarter of this year from the total volume of transactions recorded in the first quarter.

Bitcoin is still under the positive influence of the news that BlackRock, the largest financial asset management company in the world, is beginning to develop its plans to invest in digital currencies and the crypto industry. This news comes as a surprise to everyone as the company's CEO had earlier criticized bitcoin and cryptocurrencies as fraudulent and used in money laundering operations.

During the past week, the G20 finance ministers met with the heads of the group’s central banks, and digital currencies were among the main files for discussion, and the meeting ended with a cautious optimism about digital currencies as the group waits positively for the technology behind digital currencies and the crypto industry, but with more caution.

In China, Nanjing announced the launch of a blockchain investment fund worth about $1.48 billion, and this fund aims to support the digital currency industry, and the three largest telecom companies in China announced their intention to establish a team to research blockchain technology.

In the United States, the head of the US Commodity and Futures Commission, Christopher Giancarlo, said that the United States needs to cope with the existing situation as it needs to enter to learn more about blockchain technology, adding that they have a strong need to take appropriate measures to enable the committee to examine innovative blockchain technology.

Mohamed Abdel Khaleq
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