Bitcoin achieves its first weekly gain to consolidate above the $6,500 level

Bitcoin managed to achieve its first weekly gain over the course of last week’s trading, rising by 3.5%, to witness a rise from the $6,100 level, surpassing the $6,500 level, to record its highest level in three weeks at $67,056, and this support comes in light of the halt in sales of the reserve currency. Digital, in addition to the continuation of recovery operations from the lowest level in two months, which was recorded in the previous week’s trading.

The Chicago Mercantile Exchange, one of the world's largest, announced that the average daily volume of bitcoin-denominated contracts increased by 41% during the third quarter compared to the second quarter.

The rise of the bitcoin over the past week is due to the increased purchases of the bitcoin after the massive sell-off in Tether on the Bitfinex platform, which later spread to other platforms. Increased concerns about the future of this currency in the digital market.




Bitcoin has received some boost following the launch of the Fidelity Asset Services cryptocurrency exchange earlier this week.

Among the positive news that supported bitcoin and the digital market, the report issued by Coinbase, one of the largest crypto exchanges in the world, which indicated that its newly opened office in Dublin was allowed to continue to sell services to the European Union even after Brexit. .

Despite this rise, caution and anticipation dominate the digital markets, especially with the influx of some negative news that affects the market sentiment. A report last week stated that Barclays Bank, a British multinational bank, decided to postpone its decision regarding opening an office for cryptocurrency trading. In London, the decision was blamed on weak demand from its clients for digital assets, as well as growing concerns about regulatory action.

The President of the Central Bank of the Russian Federation, Elvira Nabiullina, stated during the FINOPOLIS Innovative FinTech Forum that the digital market has become less enthusiastic and attractive for many investors, especially at the present time, and attributed this belief to the failure of most blockchain projects and initial coin offerings.

Zebpay, the largest cryptocurrency exchange in India, said that it will move to Malta to leave India, after the Reserve Bank of India issued strict measures towards trading cryptocurrencies and companies dealing in digital assets, and the exchange said on its website that it will provide its services to about 20 countries. European countries, including Malta.

In South Korea, the government is supposed to announce its final decision on initial coin offerings by next November, and this decision will depend on the survey conducted by the country's Financial Supervision Department.


Mohamed Abdel Khaleq

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