Bitcoin achieves the second consecutive weekly gain, supported by the influx of positive news

The Bitcoin currency managed to rise and achieve gains for the second week in a row, as the percentage rise reached about 3.4%, with the increase in purchases of digital currencies and the improvement in demand rates on the digital markets and the entry of some new liquidity to take advantage of the decline in prices, in addition to the arrival of some positive news supporting the market.

The bitcoin traded between the $6000 and $6500 ranges, as part of the recovery from its lowest level in seven weeks to drop below the $6000 level recorded in the first week of August.

The total market capitalization of cryptocurrencies also increased, reaching at the end of the week at $217 billion, approaching a one-week high of $222 billion.

Bitcoin

Bitcoin

On the other hand, the majority of other digital currencies rose, with continued recovery from low levels in several weeks, and these rises were led by the Bitcoin currency, which is still clinging to the psychological support level at $ 6000, and these rises come in light of the increasing demand for buying digital currencies to exploit opportunities Prices fell, after the US Securities and Exchange Commission announced that it would reconsider the decision to ban the listing of bitcoin in nine investment funds traded on the stock exchange, and the authority did not provide a deadline for deciding the matter.

It is worth noting that the US Securities and Exchange Commission rejected a group of requests submitted by three companies to list Bitcoin in exchange-traded funds. She assures her that the bitcoin futures market is a big market.

Among the positive news released this week that was supportive of digital currencies is the announcement of four exchanges in the United States that they are establishing a self-regulatory association for the manufacture of digital goods such as digital currencies under the name of the Association of Virtual Goods.

The association includes Gemini Exchange, Bitstamp Exchange, Bittrex Exchange and Bitflyer Exchange, and the main objective of this association is to help investors to give them a sense of security when dealing in the cryptocurrency market, as well as to formulate new standards in the crypto industry, and the first meeting of the association is scheduled to take place by September next.

In Japan, Commissioner of the Financial Services Authority of Japan, Toshihide Endo, said that the authority is striving to make the digital currency industry operate in accordance with regulations, and added that the main goal of the authority is to find a balance between consumer protection and technological innovation.

On the other hand, the Japanese company SoftBank denied that it had concluded an investment deal with the Bitcoin mining company Bitmain, especially after the news of the deal concluded between the two companies spread in the various media.

 

Mohamed Abdel Khaleq

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