The end of August was not the best period for cryptocurrency. So what are we waiting for in the new season, will Bitcoin grow?
I welcome you, crypto enthusiasts and crypto-hamsters, and a week has passed since our last review. So what has changed in the market? The remarkable $ 9800/10500 platform, to which many people paid attention, was pierced in the downward direction by a massive red candle, of course, and there was a foundation of information here. So, theories appeared that this platform and the subsequent descent were provoked by large players on the eve of the closing of futures on the CME exchange on August 30. The following theory, in principle, follows from the first, and it is associated with the celebration of Labor Day in the United States and Canada, September 2, where, according to this version, trading volumes could be reduced and operations began to close in advance. The extreme theory does not follow from the first two, here the idea is a little different, and so, it is called "Summer 2018".
Digest of bygone days:
For several days in a row, the media actively looted the topic of the national cryptocurrency of the PRC, that it was supposedly already ready and the People's Bank of China would present it on November 11th. The crypto-yuan will be distributed by large banks of the country, as well as Alibaba and Union Pay. The news is actually shocking, although information about the upcoming token has been around for quite some time. So, by the end of last week a rebuttal appeared, the financial regulator called all the rumors "inaccurate and speculative" regarding an early launch. BUT the fact that the work is ongoing and there is already a high degree of readiness of the cryptocurrency, confirms its representative Mu Changun. In any outcome, this news is sent to the crypto industry. The head of the US Securities and Exchange Commission (SEC), Jay Clayton, said that his agency is not going to amend the securities law for the blockchain industry, but it does not intend to impede its development. The ECB has published a new report on the crypto industry, in particular, there is an analysis of cryptocurrencies, the so-called stablecoin. In the report, the ECB divided stablecoins into four main groups and concluded that stablecoins need a more advanced management system so that they can become more popular. The report can be found here . In the United States, they are preparing to consider the proposal of the financial Integrity Network (FIN) consulting company regarding the regulation of cryptocurrencies in accordance with the bank secrecy law.The material has been provided by InstaForex Company - www.instaforex.com