Bitcoin rises in a limited range amid fears of tightening regulations

Bitcoin witnessed a marginal rise during last week’s trading, as it recorded losses of 0.4% for the second week in a row, to trade between the $6,500 and $6,600 ranges, amid increasing fears of a drop below the $6,500 psychological support level, especially with the continued weak demand for buying digital currencies in light of investors’ anticipation. On the other hand, he warned them about the developments of digital markets, and on the other hand, the lack of positive incentives and motives that support the market, with no new liquidity entering.

Since the beginning of this month, the daily trading volume in the digital market has fallen to its lowest level since July 2017, in light of investors' fears of trading in the digital markets and the lack of purchasing motives.

Bitcoin

Bitcoin

The Japan Times reported last week that the JVCEA Group, a self-regulatory group of major cryptocurrency and bitcoin exchanges licensed in Japan that launched in April, will make plans for more regulation of cryptocurrency trading, by capping the amount of cryptocurrency that can be traded. It can be managed online through any trading platform.

Among the positive news in the digital market is the speech of the Prime Minister of Malta, “Joseph Muscat” at the United Nations General Assembly on blockchain technology, where he said that blockchain technology and digital currencies can be the money of the future as it can solve many problems.

In the United States, the giant brokerage company TD Ameritrade, which serves about 11 million clients, published a statement on its website that it will enter the world of the digital market by investing in the new cryptocurrency exchange “ErisX”, and the company did not specify any details about that. The deal, and its business plan is expected to be announced at a later time, and the new exchange is expected to start direct selling digital currencies in addition to futures contracts at the beginning of 2019.

On the other hand, digital markets received a heavy blow in the third largest digital market in the world in South Korea, where the government adhered to its legislative proposal to join crypto-trading startups with entertainment, gambling and bars industries.

Morningstar analyst Christopher Eaton said that the broad momentum witnessed in the cryptocurrency market gave some to the idea that cryptocurrencies could at some point be an alternative to gold as one of the most accepted investment assets in the world. Its security and safety, and it was concluded that cryptocurrencies will one day not be a substitute for gold as a class of safe assets.

 

 

Mohamed Abdel Khaleq

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