It’s time for the summary of the week! Didn’t you have time to follow the news about cryptocurrency and blockchain with the warm weather? Then we’ve put the main lines down on paper for you below.
At the beginning of last week the moment was finally there: bitcoin (BTC) broke through the resistance level between $10,400 and $10,500, which seemed to speed up the bitcoin exchange rate. The $10,700 was also broken and the $11,000 was even tested on Wednesday. Unfortunately, this was followed by a considerable correction, in which bitcoin even went below the psychological limit of $10,000 on Thursday. With this rapid decline, most of the altcoins dropped along with it. Friday through today, bitcoin managed to rise above $10,000 again. At the time of writing, the price is near a support line in a rising trend channel. In the next few hours it will have to be clear whether the price at the bottom of this channel will break out.
Then there is news about Facebooks Libra. Last Wednesday it was announced that the European Commission is going to take a close look at Libra. The committee wants to investigate whether Libra gives Facebook the possibility to dominate the payment sector. In addition to the fear of a monopoly, the committee has also expressed concerns about the processing of information from users. The pressure and criticism from regulators and regulators seems to have repercussions on members of the Libra Association, the consortium of companies that support Libra. At least three members of the consortium are considering withdrawing from the project.
Several cryptocurrency exchanges have experienced problems due to malfunctions at Amazon Web Services (AWS), the cloud service of e-commerce giant Amazon. Several Asian cryptocurrency exchanges had to contend for a short time with irregularities in prices and paralysed services.
Binance, one of the largest cryptocurrency exchanges in the world, will launch a loan service this week. The service, called Binance Lending, makes it possible to earn interest by making the cryptocurrency stored on the exchange available to other Binance customers. Annual interest rates range from 7% to 15%.
The price of bitcoin trades just above $10,000 and in the next few hours it will be clear whether the price will remain above this level. Next week we’ll be back with you with a brand new summary.
Price changes over the last 7 days
