Bitcoin drops below $4,000 and weak moves over the past week

Bitcoin witnessed a sharp decline with the beginning of last week’s trading, to record sudden losses and trade below the $4,000 level, after it gained momentum in the preceding week, bringing the total market value down by nearly $12 billion in a short period of time, and the bitcoin currency moved in a limited range throughout the rest of the past week To trade near $3800 amid several attempts to reach the $4,000 psychological support level, as investors remain on alert and cautious to know developments in the digital market, despite the presence of positive signs that support cryptocurrencies.

The bitcoin currency recorded during February trading, the first monthly rise since July 2018, with gains amounting to about 11%, due to the recovery of the digital market and the increasing demand for its purchase in light of the positive news of more adoption of digital currencies in the global payments and remittance systems that Attracted more liquidity to the market.

Bitcoin

Bitcoin

Among the positive news received this week, which was supportive of the digital market:

The Japanese financial giant, Mizuho, announced last week that it will launch its digital currency “J-Coin” on Friday, with the aim of making payments through it, by linking existing bank accounts to the new digital currency. The financial giant with about 60 financial partners.

From Russia, the Russian financial advisor, Rambler, said that the Russian State Duma is expected to adopt crypto systems next month, while the former Russian Energy Minister, Igor Yusufua, said that he is proposing to create a digital currency backed by oil, and this matter will confirm the legitimacy of digital currencies and give them support. strong.

At the same time, Russian President Vladimir Putin gave orders to the Russian government to implement encryption regulations starting next July, and the official website of the Russian presidency “Kremlin.ru” issued a statement specifying the details and legislation for the development of the cryptographic environment.

Turning to the Middle East, Bloomberg Agency said that Bahrain will be the first Arab country to regulate digital currencies, as the Central Bank of Bahrain said that it announced a set of rules that control the trading of digital currencies, which include licenses and measures necessary to combat money laundering and terrorist financing via Cryptocurrency way.

NASDAQ is currently listing and live data for Bitcoin (BLX) and Ethereum (ELX) Indexes based on data held by Brave New Coin cryptocurrency and brokers Q8 trade And blockchain technology, Nasdaq is supposed to provide a Global Index SM service that will provide real-time bitcoin and ethereum index data and will be updated every 30 seconds, and many analysts see this move as a broad leap for the acceptance and adoption of digital currencies.

In Europe, the head of the European Securities and Markets Authority, “Steven Major” said at the 2019 Fintech conference in Brussels that he supports the tightening of regulations for digital assets and initial coin offerings, and Major added that the absence of regulations makes investors more vulnerable to risks, and added that the scope of requirements should be expanded Anti-money laundering in Europe on crypto-currency exchanges, not only digital currencies but fiat currencies.

 

Mohamed Abdel Khaleq

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