- The US further tightens its grip over the Cryptos by proposing a ban to tech companies entering any such initiatives.
- Break of 5-week old support-line drags the quote towards 50-day EMA.
Cryptos continue portraying a sea of red after the news broke that the US is preparing to restrict top-tier technology companies from working as financial institutions or issuing digital currencies. The BTC/USD pair drops to the fresh 13-day low as it trades near 10,385 during early Monday.
As per the Reuters’ report, the US Democratic lawmakers are considering a proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies. The news exerts additional downside pressure on the Cryptocurrencies as the US Republicans, led by the President Donald Trump, are also against the digital currency.
Recently, the President Trump criticized digital currencies and the Facebook’s effort to promote it via Libra. The news couldn’t hold markets by back as it offered additional publicity to the Cryptos.
Limiting the downside is the US Dollar (USD) weakness on the back of speculations that the US Federal Reserve is on its run towards monetary policy easing after holding tightly for a long period.
Technical Analysis
Having successfully breached a 5-week old ascending support-line, 50-day exponential moving average (EMA) level of 10,025 seems immediate support to watch ahead of concentrating on the 10,000 psychological magnet. Meanwhile, July 09 low surrounding 12,100 can limit the pair’s nearby advances ahead of highlighting recent highs close to 13,200 and 13,860.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.