[ad_1]
Investing.com – Cryptocurrency appears to be going through a major turning point in recent sessions, amid the rise of the world’s number one cryptocurrency. It managed to record the third consecutive daily close above the $ 40,000 levels, as the world’s largest currency trades at its highest level in more than two months.
The momentum of trading in the ‘Bitcoin’ currency continued to reach its highest level since May, as the cryptocurrency made gains for the eleventh day in a row. On Saturday, Bitcoin recorded its highest level since May 20, after reaching 42,390 levels.
Important levels
Market watchers had pointed out the 40,000 important turning points in the march of the largest cryptocurrency.
“A move like this certainly indicates some support for financial flows,” said Jonathan Cheesman, director of sales and corporate sales at FTX, in a note. Cheesman added that Bitcoin must now stabilize at that level, and above the May 20 level would be further confirmation.
Bitcoin is trading during trading today, Sunday, between levels of $ 42.54 thousand and a low of $ 41.1 thousand, while increasing by around 1% to levels of 41, 7 thousand dollars. Bitcoin has seen a market gain of around 21% over the past week, while its market value has jumped to around $ 783.3 billion. Bitcoin’s gains rose in July to around 27%, while its gains were around 42% since the start of this year, but it still registers losses of around 28% within 90 days.
walk now
- The crypto aggregator’s market cap has risen in the past few hours by over $ 80 billion to around $ 1.66 trillion after altcoins surged amid the bitcoin euphoria.
- Ethereum, the largest altcoin, rose by around 7% to reach levels of $ 2.6k, while it rose by around 20% in one week, and its market value reached $ 304 billion. dollars.
- Binance Coin, the third largest cryptocurrency by market cap, rose about 7.1% to $ 342.7, while it rose 13.5% in one week.
- Cardano rose about 5% to levels of $ 1.37, while it rose 11% in one week, and its market value reached $ 44.1 billion.
- It rose more than 3% to reach levels of $ 0.7686, while the value of the fifth largest cryptocurrency reached around $ 36 billion and increased by around 27% in one week.
Catalysts
Bloomberg said that a German law will come into effect on August 2 this year, according to the law, institutions can hold digital currencies up to 20% of the total assets held by the institution.
The law marks a change in German regulation of the cryptocurrency market, as the German financial authority continues to warn against investing in digital assets.
Tim Kreutzman, who works for the Association of Mutual Funds, BVI, told Bloomberg:
“Fund ownership will remain below 20% to begin with. On the one hand, institutional investors such as fund issuers follow strict regulatory requirements for investment strategies, and on the other hand they like to invest in crypto. -coins. ”
The article does not express a recommendation or appointment, but simply a monitoring of market fluctuations, as digital currency trading involves high risks, including the risk of losing all or part of the investment amount, knowing that ‘it is not fully submitted to the financial authorities. and markets.
Fusion media or anyone involved with Fusion Media will accept no responsibility for any loss or damage resulting from reliance on any information, including data, quotes, graphics and buy / sell signals contained in this website. Please be fully informed about the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investing possible.
[ad_2]
Source link
