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Prices over the weekend were quite volatile, indicating a breakout soon, but Bitcoin’s start to the week looked weak. The cryptocurrency continues struggle to cross $3800 mark. Today the prices hovered below $3700 level before breaking out to reach $3800 once again.
Investors seem to be waiting on the sidelines to get some clarity from China following news that the country’s exchanges will shut down operations by October end. Traders, on the other hand, are in no mood to take big positions seeing the decline in volumes.
Two weeks ago when Bitcoin price hit a low of $2908, bears made their presence felt but couldn’t push the cryptocurrency back to $3000 level. The weak selling pressure helped BTC regain some poise, although gains are now being capped at the key downward sloping trend line hurdle.
As per analysts this correction is a blessing in disguise because he Bitcoin’s rally from $2908 to $4100 was far too overstretched. That said, China could also be blamed for current bearish pressure. If the prices break $4200 levels from here, we could see a rally going up to set new all the highs.
Top Stories from the Crypto World
1. Russia to propose cryptocurrency regulations
Russia’s lower house of the Federal Assembly is expected to put forward a bill in October regulating the trade of cryptocurrencies. As of now the regulations in Russia are in the grey area – neither permitted nor prohibited.
2. Japan’s Bitcoin exchanges under regulator surveillance starting October
According to reports, Japan’s Financial Services agency will begin monitoring cryptocurrency exchanges from next month. The increased scrutiny is aimed to ensure that the companies comply to the revised payment services law, passed in April this year, which set out operational standards for exchanges, as well as recognizing bitcoin as a form of legal tender.
3. Rumours suggest Amazon may start accepting Bitcoins
Rumours are circulating around suggesting Amazon may begin accepting Bitcoin as a payment method this October. This could be game changing for the industry if this does happen.