Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Market picture
Crypto market capitalisation has fallen 0.9% to $1.176 trillion in the past 24 hours, staying away from the lows at the start of the week but sticking to the downtrend since mid-July.
Bitcoin tried to gain height from its 50-day moving average on Wednesday, but pulled back to just above $29.1K on Thursday. That's where the 61.8% Fibonacci line from the momentum from the June lows is located.
A drop below current support opens a direct route to $27K to the 200-week moving average or even lower, $26.4K to the 200-day average.
News Background
The third quarter will be a disappointing one for bitcoin, according to an analyst at Fieru Trading. Historically, the cryptocurrency has experienced declines, sometimes exceeding 20%, during this period of time before halving. Fieru Trading does not rule out a decline in BTC to $25,000.
Tim Draper, a well-known venture capitalist, suggested that in the future bitcoin will become a strong competitor to traditional banking systems and government-controlled fiat currencies. He compared BTC to the emergence of the Internet, which is now used everywhere.
Spain has launched its first crypto fund. A&G, a Spanish banking organisation, has launched a hedge fund that will be available to professional investors.
The Securitize platform has issued security tokens for shares in Spanish property fund Mancipi Partners on the Avalanche blockchain. This is Securitize's first issuance of instruments in Europe. It has previously worked with companies in the US and Japan.
Meta's meta-universe-focused division lost $3.7bn in the second quarter. Meta CEO Mark Zuckerberg said the company has no intention of abandoning the development of meta-universes, despite the losses and the public's focus shifting to artificial intelligence (AI).
South Korean authorities have introduced measures to combat crimes involving cryptocurrencies. Regulators will introduce monitoring of crypto exchanges and a joint initiative with the US against North Korean hackers.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.