Bitcoin trades in a limited range in light of market data awaits

During the last week’s trading, the bitcoin currency witnessed occasional movements to trade in a limited range between the level of 6350-6450 dollars, in light of weak transactions and lack of liquidity in the digital markets, amid investors’ anticipation of developments in the market conditions and the creation of strong motives that drive and influence the movements of digital currencies in a positive and strong manner.

Trading activity in the cryptocurrency market in general has declined as investors started to avoid trading high-risk, high-return deals in this period of uncertainty.

As for the total market value of digital currencies, it remained stable between the level of 208 billion dollars to 210 billion dollars, with the marginal movements of the majority of the major digital currencies in the market.

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Many digital market analysts expect that the main event that could move the market strongly is the US Securities and Exchange Commission’s decision to list Bitcoin and trade it in exchange-traded funds, and so far there are no indications of such a decision. It will be announced next February.

It was reported last week that the FATF Working Group, an intergovernmental body formed to combat money laundering and terrorist financing for the circulation of digital currencies in the world, said in a statement that it will announce a set of preliminary legislation for the trading of digital currencies by next June, and the group said that the legislation will include Require the judiciary to properly license and regulate cryptocurrency trading, and the authority will also prepare a risk-based approach to regulating digital asset service providers.

Vertex Ventures, backed by the Singapore-based Taymask Fund, announced its intention to invest in Binance, the world's largest cryptocurrency exchange, with the aim of expanding its base in the digital market. Southeast Asia.

In a separate report, Intercontinental Exchange, the parent company of the New York Stock Exchange, said that it had filed a notification last Tuesday that it would begin trading bitcoin-denominated futures on December 12.

In Japan, it was reported that the Financial Services Authority has agreed to give the Virtual Exchange Association, a self-regulatory group to some of the largest licensed cryptocurrency exchanges in Japan, the advantage of full and direct supervision of local exchanges with the aim of achieving regulatory measures, this order comes in support of the crypto industry despite the statements The negativity of the Deputy Governor of the Bank of Japan towards digital currencies who expressed his doubts about the use of digital currencies by central banks claiming that they are not improving the existing financial systems and added that the central bank has no intention of launching a cryptocurrency.

The future outlook for Bitcoin in the short term?

Bitcoin is expected to remain trading in a narrow range between the level of $6,400 and $6,500, due to the continued weak trading volume, although if there is a strong motive that moves the market, it will raise the price to $ 6800, a level that has not been reached since last September .

Mohamed Abdel Khaleq

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