Bitcoin’s strong rally seems to have stalled after gaining $1000 past week. Even though the buyers are in control of the market, the cryptocurrency is struggling to breakout from resistance level of $4100.
One of the reasons of current sideway trading could be the sudden decline in daily volumes. They have dipped following reports that exchanges in China will shut down by the end of this month. Although, there is a good chance Japan and South Korea will spike up the volumes once again later on.
On the other hand geopolitical tensions between the US and North Korea are on the rise – with Donald Trump threatening to ‘destroy North Korea’ in his first UN general assembly speech. These tensions could result in Bitcoin price rise as investors look for alternate assets for investments.
If Bitcoin needs any significant breakout from this level, it will have to pick up some major buy volume. It’s extremely unlikely that Bitcoin will reach new highs with strongly testing lower macro support.
Top Stories from the Crypto World
1. Swiss regulators crackdown on ‘E-coin’
The Swiss Financial Market Supervisory Authority (FINMA) has ordered the closure of three companies tied to an alleged cryptocurrency scam; Quid Pro Quo Association, Digital Trading AG and Marcelco Group AG in connection with the sales of a so-called “E-Coin” cryptocurrency.
FINMA further added that, unlike other cryptocurrencies, E-Coin didn’t function in a decentralized manner, but was instead under the complete control of those selling them.
2. Overstock CEO answers Jamie Dimon’s Bitcoin criticism
Replying to Jamie Dimon’s harsh criticism of Bitcoin last week, Patrick Byrne, CEO of Overstock, said:
“China is taking a position just like Jamie Dimon where they’ve come out and said – oh, suddenly they’re (Dimon & China) all afraid of it.”
A good thing to know: Byrne is a long time Bitcoin advocate. His company, Overstock, was the first major retail giant to accept Bitcoin as payment.
3. China’s Bitcoin ban will not extend to mining, says John McAfee
As per John McAfee, who was seen celebrating his birthday in Hong Kong with Roger Ver (aka “Bitcoin Jesus”) and Jihan Wu (aka “the guy behind Bitcoin Cash”).
One Twitter user asked the question if China will ban Bitcoin mining. To which McAfee replied, “They are not.”
Be aware: There is a phishing site circulating around that closely resembles to bitfinex.com – “bitfienex.com”. Make sure you’ve got the spelling right.