The bitcoin currency continued to incur more losses during last week's trading, recording the second consecutive weekly loss, with the expansion of the intense selling of the bitcoin and other digital currencies amid growing fears of continued tightening of regulatory measures in the United States and Japan.
Bitcoin lost about 10.2% of its value during the past week to trade at the level of $6,300, targeting the $7,000 psychological support level, amid growing fears of a slide below the $6000 level in light of the continued selling and the severe weakness of the financial liquidity of the cryptocurrency market.
Bitcoin recorded a one-month low of $6,121 on Wednesday, with continued open selling in the cryptocurrency markets. As for the total market value, it fell to its lowest level since November 17 last week, reaching $219 billion.
These huge losses come after the US Securities and Exchange Commission issued last Tuesday an official document in which it indicated that it had postponed the decision to list bitcoin in exchange-traded funds until the end of September. The authority rejected a similar proposal earlier in July. For the exchange-traded fund, and currently nine other proposals are being considered by the authority.
InterContinental Exchange, the principal operator of nearly two dozen major global exchanges, including the New York Stock Exchange, said it is planning to create a new cloud-based solution for digital assets that covers a wide range of federally regulated markets and stores for the needs of trading and consumers.
The company also announced its intention to launch physical-delivery bitcoin futures contracts starting in November, but this will require CFTC approval.
Also this week, Starbucks announced that it refuses to accept Bitcoin or other digital currencies as a method of payment, following the spread of some misleading reports that Starbucks, which is evaluating a partnership with Intercontinental Exchange in building a new digital currency system, has agreed to accept Bitcoin payments.
Moving elsewhere in Japan, there have been reports that the local crypto regulator will introduce some new plans in order to compel its partners to place more stringent restrictions on cryptocurrency trading, but so far no details have been announced about these new restrictions. This new policy in Japan is to protect small cryptocurrency investors from incurring large losses.
Many analysts believe that the cryptocurrency markets are expected to continue their turmoil as technical indicators point to more significant losses on the horizon.
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