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The new talk of the crypto world was the bullish trend of bitcoin. But after the news broke that regulators had rejected a proposal for a crypto exchange-traded fund for the second time, bitcoin was trading down 1.2% at $8,068. The bitcoin rally brought a volatile price swing in the price of the cryptocurrency which affected all other major altcoins.
The price of bitcoin dropped below $8,000 for the fourth time in seven days Tuesday as the BTC’s price plunged to its lowest level since July 23.
On July 20, bitcoin was seen trading at a price of $7,467. After the rally, the price spiked up to $8500. At the press time, BTC was seen trading at $7586 on CoinMarketCap. Despite the positive predictions of the cryptoanalysts, the price of bitcoin is moving towards the bearish side.
Yesterday, the first generation cryptocurrency’s price dropped below $8,000. Crypto Analysts predicts that the price of the world’s largest cryptocurrency by market capitalization will witness a narrow price range of $7,673–$7,800.
The graph depicts the BTC price and market cap variation over the past seven days. Considering the price of bitcoin, the cryptocurrency has witnessed a roller coaster over the past seven days. At the beginning of the week, July 25, BTC was trading with a bullish trend with a price of $8,287. Later on July 27, the price dropped to $7,846. Today the price further dropped to 6.73%, trading at $7,586.
The resistance started at $7,987. The prices fell down significantly and stayed between $7,987 and $7,802 with a huge increase in the selling volume. A bearish trend was observed after it dropped below the trading range. The Moving average convergence-divergence [MACD] is extenuated. Hence there are chances of a further drop in the prices as the bearish pattern continues.
South Korea is one of the most important markets for bitcoin and cryptocurrency due to its huge trading volumes recently. The country is considering to pass a law to end tax benefits for cryptocurrency exchanges.
“cryptocurrency transaction brokerage is not effective in generating added value.” Authorities of the country claimed.
Hong Seong-ki, head of the country’s cryptocurrency response team South Services Commission said,
“While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security, we’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention and investor protection. The bill should be passed as soon as possible.”
Earlier today sources reported about the issues and problems faced by several power-hungry bitcoin miners as cities and governments try to find a way to control them.
The spokesperson for the New York State Department of Public Service told sources, “These companies are using extraordinary amounts of electricity – typically thousands of times more electricity than an average residential customer would use, The sheer amount of electricity being used is leading to higher costs for customers in small communities because of a limited supply of low-cost hydropower.”
According to sources, the first programmer to work with bitcoin’s creator Satoshi Nakamoto, Martti ‘Sirius’ Malmi, is teaming up with developers to launch a new cryptocurrency called axe.
Recently, Bank-owned currency trading utility CLS, along with enterprise software giant IBM partnered with some nine financial institutions, including international heavyweights Barclays and Citigroup to trial the blockchain-based Ledger Connect. The application provides services from various vendors. Also will facilitate financial institutions to access distributed ledger technology-based services in areas such as know-your-customer processes, sanctions screening, collateral management, derivatives post-trade processing and reconciliation and market data.
The U.S. Securities and Exchange Commission (SEC) is gauging the aspects, whether to approve a bitcoin exchange-traded fund (ETF). Right after the news broke that regulators had rejected a proposal for a crypto exchange-traded fund for the second time, bitcoin was trading down 1.2% at $8,068.
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