It’s time for another cryptocurrency summary of the week! Have you had little or no time last week to keep an eye on the news about bitcoin (BTC) and other crypto-currencies? Then we have again put the main lines on paper for you. Let’s start!
The price of bitcoin showed considerable increases at the beginning of last week. On Tuesday morning the most dominant cryptocurrency traded above $12,000. According to some analysts, the bullish price movements were due to the economic tensions between the United States and China. The Chinese yuan would face possible devaluation and this would lead to an outflow of fiat money, which would benefit the bitcoin.
On Wednesday, the price of bitcoin began to consolidate and traded around $11,600 in the morning. The rest of the cryptocurrency market showed similar price movements with mostly red figures. After bitcoin found support on the $11,200, BTC began an upward movement. For example, BTC broke through the $11,500 and $11,800, after which the price remained just below the $12,000. The bitcoin failed to break through the $12,000 and the price broke down at the bottom of a symmetrical triangle. This brought the price back to around $11,400 on Sunday morning. The altcoins seemed to benefit from this drop in bitcoin. Both on Monday and this morning the bitcoin price remained more or less the same.
The large price increase of litecoin (LTC), which was expected after the halving, did not occur. One day after the event, LTC dropped largely in line with the other altcoins. In the run-up to the halving, litecoin did manage to increase, but that increase did not continue. Analyst Matti Greenspan still claims that a reduced supply, and thus the halving, will support higher prices in the long run.
Cryptocurrency exchange Binance, which announced in mid-June that it would close its doors in America and open a US-focused exchange, has published a list of 30 cryptocurrencies that will be offered on the new exchange. This list of cryptocurrencies that comply with U.S. law includes at least bitcoin, ethereum (ETH) and litecoin (LTC).
The Financial Action Task Force (FATF), an intergovernmental financial regulator that focuses primarily on the fight against money laundering and terrorist financing, intends to develop a system that monitors cryptocurrency transactions. The initiative, which should go live by 2020, will be developed in cooperation with 15 countries, including the G7 Member States.
Price changes over the last 7 days
