Bitcoin achieves biggest weekly gain since last July

The cryptocurrency markets breathed a sigh of relief during last week’s trading, after the heavy losses they incurred over several consecutive weeks, as the Bitcoin currency managed to achieve the first and largest weekly gain since last July, with a rise of 23% to rise from the level of 3200 dollars to reach the level of 4000 dollars, as recorded The Ethereum currency gained about 40% to trade above the $100 level, recording the first and largest weekly gain since last July, and other digital currencies also made significant gains during the past week.

These strong gains come within the recovery from the low levels recorded by digital currencies during the past few weeks, in addition to the improvement in demand levels for buying digital currencies as a result of the entry of some investors in order to take advantage of the low prices.

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The average daily trading volume increased to reach $18 billion from $10 billion, and as for the total market value, the market added $45 billion after falling to its lowest level since August 2017 at $101 billion.

Despite the gains made by Bitcoin, it is still down by about 80% from its all-time high recorded in December 2017 at nearly $20,000.

Among the positive news that supported the cryptocurrency market during the past week was the news that Bloomberg Agency reported last Thursday, where it said that Facebook, the social media giant, intends to launch its own digital currency to be used in the WhatsApp messaging service, with the aim of using it to transfer funds that It is done within the application, and the company is targeting the country of India to start implementing its digital currency.

In Japan, the Financial Services Agency (FSA) announced that it had agreed to give the Coincheck Exchange a license to operate, after the exchange succeeded in complying with the laws of the regulatory authority and implementing them strictly, especially currency protection and anti-money laundering measures, following the acquisition of the Coincheck Exchange by Monex Group.

It is worth noting that the Coincheck Exchange was hacked and stolen in the amount of 530 million dollars last January.

فى المقابل، ذكرت تقارير أن هونج كونج ستعمل على مزيد من تشديد الاجراءات التنظيمية على العملات الرقمية، حيث ستُفرض على البورصات المحلية التى كانت لديها أكثر من %10 من الأصول للعملات الرقمية عدة اجراءات للحصول على ترخيص، من أجل السيطرة على عمليات الاحتيال وغسيل الأموال.

A report from the Blockchain Transparency Institute stated that fake trades still dominate the majority of Bitcoin trading volumes, and according to the report, fake trading amounted to about 80% of the top 25 cryptocurrency pairs by market capitalization, and this is known as “trading laundering” and it is a type of Market manipulation aimed at creating misleading activity.

 

Mohamed Abdel Khaleq

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