Bitcoin recovers from three-week low to trade around $6,500

The bitcoin and other digital currencies witnessed a rise during last week’s trading, as part of the recovery operations after the sharp losses incurred during the previous week’s trading, following the news that Goldman Sachs, the major financial institution, backed down from its plans to open an office for cryptocurrency trading.

During the past week, the bitcoin was able to rise from its lowest level in three weeks at $ 6094, to achieve a rise by 4.2%, to reach near the psychological support level of $ 6,500, as part of the recovery processes in light of some positive news that supported the markets in relative terms, in addition to calming fears. Towards regulatory procedures and investors' evaluation of new market news and developments in the market.

Bitcoin

Bitcoin

Despite the huge losses that the digital market has witnessed in the recent period, the bitcoin currency has achieved a slight increase during the past month, which makes it a safe haven among all digital currencies.

As for the total market value of cryptocurrencies, it ended last week’s trading with a high of 204 billion dollars, to continue recovering from its lowest level since November 2, 2017, at 186 billion dollars, which it recorded earlier in trading.

At the beginning of last week, the Coinbase Stock Exchange revealed its establishment of an exchange-traded currency fund with the help of BlackRock, with the aim of reversing the tendency of some market investors to enter into this type of investment. On the contrary, we find a decline in the interest of many individual investors in digital currencies, especially with the sharp decline in price levels.

A Bloomberg report said that Morgan Stanley is considering trading in derivatives linked to the bitcoin currency. This news comes after Goldman Sachs Group abandoned its plans to open a cryptocurrency trading desk and blamed this refusal on the lack of clarity on regulatory procedures.

The Winklevoss brothers, the founder of the Gemini cryptocurrency exchange, were able to obtain approvals from the New York regulator to launch a cryptocurrency called “Gemini Dollars.” This currency is denominated in the US dollar. An exchange-traded fund backed by Bitcoin, but the request was rejected in July.

The Washington Post reported last week that a group of companies working in the field of blockchain and cryptocurrency trading operating in the United States announced the formation of an association called the Blockchain Association, which aims to be the representative of the blockchain industry in Washington.

On the other hand, the US Securities and Exchange Commission announced its decision to stop trading both CXBTF and Ethereum CXBTF products, which were issued by the Swedish company XBT Provider AB after entering the US market last month.

Mohamed Abdel Khaleq

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