With the beginning of June trading, the digital currency markets witnessed a recovery, as the majority of digital currencies rose to record the total market value, its highest level since May 23 at $355 billion, on Sunday, and the bitcoin currency reached its highest level in two weeks at the weekend. As it crossed the level of $ 7,500, as part of the recovery process that the currency is witnessing from its lowest level in seven weeks, and after four days of rising, the Bitcoin currency fell relatively due to correction and profit taking.
And the Bitcoin currency recorded during the month of May, the second consecutive monthly loss in the last three months, as it lost approximately 18.5%. from the markets.
Whereas, the Financial Supervisory Authority in Japan with the Financial Services Agency put more restrictions and procedures for cryptocurrency trading in order to reduce hacking and piracy on cryptocurrency exchanges, especially after the incident of hacking the Japanese Coincheck Exchange, which led to the theft of more than 500 million dollars.
And not just Japan, South Korea’s Financial Supervisory Authority, in cooperation with the Financial Services Agency, has expanded investigations against cryptocurrency exchanges to ensure they meet anti-money laundering and fraud standards.
In the United States, the Department of Justice issued a statement in which it indicated that it had begun to open criminal investigations, to find out whether traders manipulated the prices of Bitcoin and other digital currencies, as part of its regulatory plan to protect consumers against fraud and prevent illegal methods in the cryptocurrency trading market.
But after two consecutive months of frustration, cryptocurrency prices are heading to an upward path as markets tend to be optimistic and positive movements, and the majority of expectations indicate that cryptocurrency prices will continue to grow, and Bitcoin is expected to continue rising to target the $8000 level, and despite these positive expectations. However, Bitcoin may be at risk of the biggest downturn in the market.
So far there is no uncertainty about the immediate future of Bitcoin, but if the markets continue to be positive again we may see Bitcoin targeting the $10,000 levels.
- US Dollar largely erases 2024 gains amid expectation of federal rate cuts. - 17 September, 2024
- Rare currency pairs in the Forex market - May 26, 2023
- Key tips for traders in Forex Market - April 20, 2023
