Bitcoin price continues to comfortably fluctuate between $4300 and $4400. If it breaks out from this level, it may rally towards $4630 levels. The next psychological target for Bitcoin is $5000, which should act as a strong resistance.
The whole week was relatively quiet for Bitcoin. Although, private cryptocurrencies like Monero, DASH and ZCash rallied throughout the week reaching new highs. Monero (XMR) for instance went up 150% in the last 7 days. The cryptocurrency market cap also looks relatively stable at $156 billion.
At this point investors should book their partial profits, and continue to hold their remaining positions with close stop losses, because there is always resistance at the previous lifetime highs.
Bitcoin Cash on the other hand has remained range bound around $650. BCH price could retest support level of $550 due to not having any reliable buys setup. It will also be interesting to see whether Jackson Hole Symposium, which is starting today, has any effect to the cryptocurrency market.
Top Stories from the Crypto World
1. BTC-e promises daily updates
BTC-e has been working on recovering users’ funds that were lost after the exchange was raided by the FBI for laundering of billions of dollars via Bitcoin. During which one of the alleged operators was arrested in Greece.
Soon after BTC-e pledged to relaunch the exchange, promising to return funds to those who were held accounts at the time of the shutdown.
According to a new update posted on BitcoinTalk forum, BTC-e is in the process of “transferring digital resources to an investment company” that will support the planned exchange relaunch.
2. Vietnam to Authorize Bitcoin as a form of Payment
Vietnam’s prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by 2018.
According to the local news, Prime Minister Nguyen Xuan Phuc has tasked Vietnam’s central bank as well as the Ministry of Finance and the Ministry of Public Safety, to draw up a legal framework around cryptocurrencies.
An assessment for how the government should approach this process is due to be completed by August of next year.
3. After US, China eyes ICO crackdown
The Chinese government could use the new regulations being developed against illegal financing to investigate initial coin offerings (ICO) in the digital currency market.
The proposed regulation was introduced amidst the public indignation against the proliferation of pyramid selling schemes across the country. The proposed law mandates that the government should create an interdepartmental committee to fight unlawful fundraising efforts.
The draft rule also clarifies that the parties involved in illegal fundraising activities will be responsible for their own losses. The crime of fund fraud, meanwhile, carries a maximum sentence of life imprisonment.