Bitcoin records second consecutive monthly decline as fears of regulatory restrictions grow

Over the past week, Bitcoin witnessed a fluctuation between high and low to trade between the $6,600 and $6,700 ranges, ending last week's trading with a loss of 1.6% to record the first weekly decline in the last three weeks.

Over the course of last September’s trading, the bitcoin currency recorded the second consecutive monthly decline, with a loss of 5.9%. These successive losses come in light of the weak investment demand for the purchase of digital currencies in light of the increasing fears of measures and regulatory restrictions taken by the United States, along with The major financial institutions on Wall Street are backing away from their plans to set up a desk to trade cryptocurrency and invest in the digital world.


Despite some positive news last week, it did not succeed in supporting the Bitcoin currency strongly. An official statement was issued by the tech giant, Google, last Tuesday, which showed that the company will lift a partial ban on advertisements related to digital currencies and the crypto industry in the United States and Japan. Starting from October.

It is worth noting that the company announced last March that it would ban crypto-related ads, which included initial coin offerings, wallets, and crypto trading advice, and the company attributed its decision to protecting consumers.

Soon, Facebook did something similar to Google's decision, unblocking ads linked to cryptocurrencies.

Over the past few months, bitcoin trading volumes have seen an increase in Argentina, as many investors have resorted to hedging digital currencies in light of the deteriorating economic conditions and the sharp decline in the peso, and the Central Bank of Argentina has announced that it is considering putting part of its reserves in bitcoin.

On the other hand, concerns have increased in the markets in the recent period about the decisions of the US Securities and Exchange Commission, as it postponed its decision to include the bitcoin currency within the exchange-traded funds more than once, and it recently suspended the trading of some digital products.

Among the positive news circulated by news sites, Gemini, one of the major digital currency trading platforms in the United States, is planning to expand in Britain and Europe, as the company sees that there are prospects for growth expected in the European market, which differs from the United States, Japan and South Korea in terms of infrastructure and regulation. and safe.

Dubai has boosted confidence in cryptocurrencies by launching a new payment system powered by blockchain technology, and this system will go towards government entities including Dubai Police, Roads and Transport Authority and Dubai Health Authority.

Bitamine, the world's largest technology company specialized in making digital currency mining equipment, confirmed its plan to list the company on the Hong Kong Stock Exchange, and the company announced that it achieved profits during the first half of this year, a nine-fold increase from last year.

Mohamed Abdel Khaleq

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