Bitcoin price fell over the past week but is still above the $5000 level

Volatility dominated the bitcoin price over the course of last week’s trading, as it started the week high, recording its highest level in five months, and then gave up most of its gains due to the activity of correction and profit-taking operations, and despite the fluctuation in which the bitcoin currency is exposed, it is still clinging to the support level. Psychological $5,000.

The digital market is dominated by a state of optimism, especially with the bitcoin remaining above the $5,000 level, amid expectations that the bullish market will continue for a while, and the bitcoin will set new records.

Over the course of yesterday's trading, the bitcoin lost about 2.5%, with the activity of corrections and profit taking, after hitting its highest level in five months at $ 5627.

Since the beginning of this April, the price of Bitcoin has achieved gains by more than 26% Q8 Trade To record its highest level since last November, with the increasing rates of demand for digital currencies, especially the bitcoin currency, in light of the control of the positive atmosphere on the digital market.

Bitcoin Price - May 1

The following is the news that was circulated during the past week:

– It was reported that the government in Chile in South America submitted a project to Congress to regulate digital currencies, but the government did not provide any details of the project, and Finance Minister “Felipe Larrain” said that the country is facing an increasing number of unregulated cryptocurrency exchanges, This law would mitigate the risks arising from the proliferation of digital currencies.

– A report published by the Wall Street Journal stated that the founder of the Japanese telecommunications giant SoftBank Masayoshi Son lost about $130 million from his investment in bitcoin, as he bought the digital currency at the end of 2017 at an all-time high of about $20,000, and after the currency price collapsed dramatically in 2018, he sold it.

– An analyst at StrongMarket said that Nasdaq is testing a new digital currency under the name CXERX, which is listed on the Nasdaq stock exchange, but the company has not issued any comment on this matter so far. It is reported that Nasdaq said that it will launch future contracts denominated in Bitcoin in the first half of this year. During the month of February, the company listed two crypto indices, the Bitcoin Liquid Index and the Ethereum Liquid Index.

Increasing regulatory measures in Japan

In Japan, a report indicated that the Financial Services Agency carried out surprise inspections of the Huobi and Fisco cryptocurrency exchanges, and the regulators said that the aim of this type of measures is to find out whether the exchanges are protecting their customers in addition to verifying legal compliance with anti-money laundering requirements.

The report added that the regulators had questioned the ability of the two exchanges to protect their clients well, and this might lead to the suspension of their licenses, and despite this news, the two exchanges did not issue any statement regarding this talk.

The South Korean tech giant, “Samsung,” said it had invested about $2.9 million in cryptocurrencies, and earlier the company unveiled the upcoming Galaxy S10 smartphone, which will be powered by cryptocurrency trading technology and a crypto wallet.

In India, local media said the government is considering a complete ban on cryptocurrencies and the launch of a crypto-regulatory law of 2019, and an official said that the final law will be proposed to the new government after the general elections in May.

Mohamed Abdel Khaleq

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