Bitcoin falls, posting the sixth consecutive monthly loss in January

Open selling dominated the transactions of Bitcoin and other major digital currencies during the past week, recording the second consecutive weekly decline and the sixth monthly loss in January within the longest wave of monthly losses in the history of the largest digital currency. This broad decline is attributed to continued weakness The demand for buying digital currencies in light of the anticipation and caution of investors to know the future of this digital market, in addition to the increasing regulatory processes on digital currency trading.

Bitcoin has fallen on the exchanges FP Markets With the beginning of last week, recording its lowest level in six weeks at $ 3,357, amid increasing fears of abandoning the psychological support levels of $ 3000, to end last week with losses of about 3.3%, due to the intensification of open selling of digital currencies.


Throughout January trading, Bitcoin lost about 7.5% for the sixth consecutive month in the longest series of monthly losses in the history of the largest digital currency, with the increase in regulatory measures for digital currency trading.

In Britain, the Financial Conduct Authority revealed an advisory paper explaining the regulatory procedure on how to classify encrypted assets, and the paper indicates that digital tokens are classified as “specific investments” subject to regulation, and they are “financial instruments” or “electronic money” under the regulations of electronic money and services. paying off.

The Russian news agency “TASS” reported that the Eurasian Economic Union, a political and economic union established in 2014 by Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, wants to build a strong crypto system, and the union is currently studying plans for cryptographic systems and how to regulate them.

Elsewhere, in the United States, news said that the House of Representatives approved a bill to consider the role played by digital currencies to facilitate illegal business and money laundering, and this law falls under the name of combating illegal networks and detecting human trafficking for 2019, with the aim of finding solutions Effective organizational and legislative action to combat transnational criminal organizations.

It was reported that the Central Bank of Iran is studying the opinions of experts before they finalize the regulation of digital currencies. The report indicated that Iran recognizes and allows digital currencies to be traded based on a license, but they have not yet allowed them to be used as a means of payment in the country.

The Chicago Stock Exchange (CBOE) announced last Thursday that it was resubmitting its file again to the US Securities and Exchange Commission for the inclusion of the bitcoin currency within the exchange-traded funds. partially.

Some analysts are of the opinion that the approval of the inclusion of bitcoin in exchange-traded funds will give it great legitimacy, and will affect the prices of cryptocurrencies.

Mohamed Abdel Khaleq

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