The bitcoin currency jumped strongly during the trading week last week, recording a gain of 22%, recording the second weekly rise in a row, and the largest since the beginning of last April, and the bitcoin currency recorded its highest levels since July 2018, exceeding the $8000 level.
In the recent period, the dominance of the bitcoin currency has increased in the digital market trading Q8 Trade To become at 60.1%, which is the highest since October 2017, from 50% recorded at the beginning of last April, and this reflects the continued control of the bull market on the transactions of the largest digital currency in the world.
Many experts and analysts believe that the strong rise in the bitcoin currency that it witnessed is due to the continuous succession of positive news from the crypto and digital currencies industry.
Although there is no real and main reason for the sudden and strong rise in the bitcoin currency, some analysts believe that this coincided with the escalation of the trade war between the United States and China, which led to increasing fears in the global markets.
Bitcoin has risen during this year by about twice its value after the extensive losses it suffered in 2018, which witnessed huge losses in its value by about three quarters, with the increase in regulatory operations around the world.
Despite these gains, Bitcoin needs more positive momentum to trade strongly above the $8000 psychological support level.
The optimism of many in the digital market has increased from the broad rises of the bitcoin, as they see it as the beginning of a new bullish race, after losses that exceeded 73% during the past year, and despite the current recovery, prices are still far from its all-time high of $20,000 which It was registered in December 2017, and since the beginning of this year until now the prices have increased by about 110%.
Among the news circulated last week:
It was reported that Germany will allow the introduction of blockchain bond regulations through which bonds will be issued as crypto tokens, and a German government official said that we consider it important to bring blockchain technology to Germany, especially in 2019.
– The Binance cryptocurrency exchange announced that it will resume deposits and withdrawals after it was hacked and robbed last week, losing about 7,000 bitcoins, equivalent to more than $40 million.
Bloomberg reported that capital outflows from major cryptocurrency exchanges exceeded the exchanges’ inflows by about $622, and some reports attributed the sale to a huge sell order from Bitstamp.
The President of the French Central Bank, “Francois Villeroy de Galhau,” stated that the Bank of France will be greatly interested in the contributions of the private sector aimed at developing networks through which stablecoins can be used in transactions containing digital securities, goods or services.
- 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
