country flagالعربية

Bitcoin and cryptocurrency mixed during Friday trading

2019-08-09 12:04 pm | Resource: News | No Views : 17

Bitcoin and cryptocurrency mixed during Friday trading
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.

Other analysis

More analysis

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.