Bitcoin and cryptocurrency mixed during Friday trading
2019-08-09 12:04 pm | Resource: News | No Views : 17
The cryptocurrencywere mixed as Bitcoin struggled to overcome the major resistance of $ 12,000 against the US dollar. However, the price of Bitcoin may rise as long as the price is higher than the $ 11,500 support.
The market value of the Bitcoin market was $ 210.32894 billion, or 69.12% of the total cryptocurrency market cap, while the total market value of Ethereum was $ 22.72960 billion, or 7.47% of the total value of the cryptocurrency market.
Bitcoin price analysis
Recently, there has been a slight downward correction in the price of bitcoin from the resistance level of $ 12000 against the US dollar. Bitcoin traded against the dollar below the $ 11800 support level. Moreover, there was a break below $ 11,650 which represents the average simple movement per 100 hours. However, the price found a strong buying interest near the $ 11500 support area. The swing low has been formed near $ 11495 and the price has recently risen to the upside.
- At the time of writing, Bitcoin traded at $ 11,949.1, down 0.03% on the day.
- Ethereum was trading at $ 210.40, a loss of 6.39%.
G7 countries plan to monitor encrypted transactions
In other news, some 15 governments, including those of the G7 countries, are reportedly planning to offer a program to exchange personal data to cryptocurrency traders with the aim of controlling and supervising encrypted transactions, Nikkei said Friday. This institution will be designed by the Financial Task Force (FATF) by 2020, and is said to operate within a few years.
The project aims to prevent money laundering and terrorist financing. This task is almost impossible at the moment, because the common international framework for controlling the exchange of cryptocurrencies does not currently exist.
Once the system is in place, it will be managed by the private sector as they look to find a mechanism to overcome the overriding goal of relying on cryptocurrencies - hiding the identity of dealers.
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