Bitcoin continues its consolidation movement to trade around $6,300 over the past week

The bitcoin currency continued its sideways movements between a slight rise and a decrease during last week’s trading, to trade between the $6,300 and $6,400 ranges, with continued weak transactions and investment demand rates for buying digital currencies, as the average daily trading is currently less than $ 10 billion, in addition to To the absence of incentives and motives that support the digital market and attract investments.

The bitcoin currency recorded during the month of October the third monthly loss, with losses amounting to about 4.5%. These losses come in light of the decline in investment demand rates for digital assets, amid fear and warning from investors against investing in the digital market in light of the continued absence of motives supporting the market and the succession of news The negativity that reduced the risk appetite in the markets and increased the exits from the market.

As for the total market capitalization, it is still hovering between the level of 206-209 billion dollars, with slight movements in most of the prices of the major currencies in the digital market.

Bitcoin

Bitcoin

A report was published this week that ten digital currencies, led by Bitcoin, are the main reason for the large losses of digital currencies. dollar.

Among the news released this week, the Telegraph reported that the British government plans to put in place regulatory measures for cryptocurrency trading that are primarily aimed at protecting customers and combating illegal operations. No organization at all.

In Japan, the Coincheck stock exchange released its quarterly earnings reports for the third quarter of this year, and it recorded a decline in revenue by 66%, as the exchange was previously exposed to a hack and hack in January.

The MapleChange exchange in Canada has announced a hack and theft of approximately 913 bitcoins, which has raised concerns about frequent hacks and security flaws in cryptocurrencies negatively impacting investment in the digital market.

It was reported that the giant Goldman Sachs is planning to offer futures contracts denominated in bitcoin to its customers, and the bank said that contracts are available and their number is limited, and added that the bank does not plan to offer contracts denominated in Ethereum or any other digital currencies.

Last Thursday, Morgan Stanley published a report on Bitcoin and cryptocurrencies, describing cryptocurrencies as a new investment category, and adding that institutional investors are still investing in cryptocurrencies despite the market's downturn so far.

In Taiwan, Taiwanese legislator Jason Hsu announced a proposed list of recommendations aimed at supporting emerging digital currency companies, and called for new guidelines for initial coin offerings to protect consumers.

CNN said that Russia has asked the Financial Action Task Force (FATF), a global financial regulator to regulate digital currencies, to create an intergovernmental initiative that controls the supply and flow of cryptocurrency trades.

In Australia, the country's government agency in charge of information technology said that blockchain technology is interesting but still early in its development.

Mohamed Abdel Khaleq

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