Bitcoin continues its decline for the second week in a row, with the difficulty of exceeding the $3,500 level

Bitcoin continued to record its losses during last week’s trading, to record the second weekly decline in a row, down by 9.5%, and Bitcoin recorded its lowest level in 15 months at $3200, in light of the difficulty of exceeding the $3500 level and the increasing fears of continuing to decline and abandoning the 3000 level. Dollars, these losses come due to the severe weakness of investment demand rates for digital currencies and the continued exit of cash from the market amid the scarcity of strong stimuli and motives supporting the digital market.

The total market value of digital currencies also declined to reach $ 104 billion, its lowest level since August 2017, amid growing fears that it will abandon the $100 billion level.

Some digital market analysts believe that the bitcoin has reached the bottom at the highest levels of 3000 dollars, on the other hand, some analysts see the dark side of the bitcoin, as they believe that it has not reached the bottom yet and expects it to reach between the ranges of 2000 dollars to 2500 dollars and this will put its future on the line .


CoinMaketCap announced its latest data for digital currencies, stating that the total market value of digital currencies has decreased to seven of its value since the beginning of this year, and bitcoin lost about 80% from its highest level ever during this year at $ 17172.3 last January, Ethereum has fallen by about 90% since the beginning of this year.

Last week saw some positive news that wasn't enough to push bitcoin higher. Gemini, which was founded in 2015 by the Winklevoss brothers, was reported to have announced that it would aggressively support bitcoin cash once it received approval from the New York Financial Services Authority.

In Venezuela, Venezuelan President Nicolas Maduro said that his country will use the “petro” digital currency to sell oil next year, with the aim of reducing dependence on the US dollar.

Some politicians in France have called on French President Emmanuel Macron to invest about 500 million euros in the blockchain industry, with the aim of making France an incubator for the blockchain industry. Jean Michel of the ruling party said that blockchain technology is ten years old and is currently moving from the experimental stage. to the implementation stage.

The Wall Street Journal reported that companies involved in cryptocurrency trading are beginning to reduce the number of their employees in order to survive long in a market that suffers from a lot of turmoil, and the newspaper reported that ConsenSys is considering cutting about 13% of its employees, and Steemit, which specializes in technology The blockchain has reduced its number of employees by 70%.

Dutch media reported that the Central Bank of the Netherlands is looking at ways to regulate digital currencies in the country, as digital currency service providers in the Netherlands will need to obtain a license by providing data on their customers and reporting unusual and suspicious transactions, and this step aims to prevent the use of Digital currencies are involved in suspicious activities such as money laundering and terrorist financing, and the bank did not specify any time details for the implementation of this decision.


Mohamed Abdel Khaleq

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