The bitcoin currency witnessed limited movements during last week’s trading, with volatility controlling its performance between a limited rise and a decline amid weak trading volumes, but it is still clinging to the psychological support level of $3600, under pressure from the continued slowdown in the demand for digital currencies and the need for strong stimuli that Attracting ample liquidity to support prices.
Digital assets are witnessing widespread adoption globally and fundamentals are improving in the digital market, however, the market needs strong drivers to support prices to rise.
Reports published last week showed positive signs in Latin American countries about the crypto industry, noting that the government public transport card in Argentina SUBE supports bitcoin and users can use digital currencies through it, and in Brazil, a court in the Brazilian capital, Rio de Janeiro, will not be allowed By closing the bank account of cryptocurrency exchanges, a judge said that the Central Bank of Brazil had not prohibited the purchase or sale of digital assets within the country.
In the United States, “Morgan Creek Digital” announced the launch of a new fund with an investment capital of about $40 million in cryptocurrency, and this fund will be backed by two pension funds in Fairfax County, Virginia.
Many investors have been interested in brokerage firms such as Q8trade And others with this news, which surprised everyone, as pension funds include the most conservative investors in investing, especially since digital assets are seen by some as volatile and unregulated and received many warnings.
The head of the county pension fund, Catherine Molnar, commented that blockchain technology is an emerging and attractive investment opportunity.
Last Tuesday, Nasdaq announced the launch of two new indicators to track cryptocurrency prices, the Bitcoin BLX Index and the Ethereum ELX Index, with the aim of giving the real price in real time and knowing the reference price of Bitcoin and Ethereum in US dollars. These two indicators will be provided to customers who use the index data service. Global, the data is supposed to be refreshed every thirty seconds.
Reports were published that JPMorgan will launch its own digital currency called the JPM currency, with the aim of facilitating the process of settling payments between customers using blockchain technology instead of the old technology that was used in electronic transfers, and this currency will be denominated in US dollars, which can be converted into dollars .
The bold move by JPMorgan comes in contrast to the statements made by the bank's CEO, Jamie Dimon, in 2017, where he said that Bitcoin is subject to fraud.
The bank commented on the launch of its new currency, saying that it would support properly regulated and supervised cryptocurrency trading.
In other news, the US Commodity Futures Commission (CFTC) announced that it will monitor the cryptocurrency market in the coming period, and the authority assigned the DMO to do this.
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