Here is what you need to know on Thursday 6, August.
BTC/USD has awakened and it’s trading at $11,667 after a 4% breakout above the previous resistance levels on August 4 and 3. The next resistance level to beat is $12,000 psychological and $12,123, the high of 2020.
ETH/USD is on the verge of climbing above $400, however, bulls already got rejected once but ETH saw no bearish continuation.
XRP/USD is fighting to stay above $0.30 after creating a clear daily bull flag. Daily EMAs are still far behind the current price.
Travala.com is the biggest winner today after getting listed on Binance. The digital asset had a massive 50% price boost with increasing trading volume. Akropolis is also a huge gainer today with a 53% increase in value hitting $0.033. BORA, Aurora, and Bancor are other winners.
Chart of the day: AVA/USD 4-hour chart
Market
What first started as a rumor, it is now basically real. Indian courts lifted a ban on crypto recently, however, the government of India has been considering another law. According to a news article from MoneyControl, the government is planning to bring in a new law to ban the trade of cryptocurrencies.
There was a view in the government that banning it through a law would be more binding. It will clearly define the illegality of the trade. We have forwarded a note to related ministries for inter-ministerial discussions, a government official told Moneycontrol on condition of anonymity.
Industry
The cryptocurrency exchange INX is trying to launch an Initial Public Offering (IPO) in the U.S. The platform has already filed an F-1 Form, a securities registration for non-U.S. issuers. The offering is expected to launch before the end of 2020 with a price of $0.90 per token valuing the entire company at $117 million. If the sale is successful, INX would become the largest IPO of digital assets.
Investors will be able to buy the tokens using cryptocurrencies but also U.S. dollars. Either way, customers interested in the purchase of the token will need an Ethereum wallet address to participate.
Quote of the day
The long-standing arguments on whether to, or not to, enforce a crypto taxation laws or capital gains tax on cryptocurrency trading and transactions is glaringly coming to an end. It is believed that in order to legalize cryptocurrency as a legal tender, there would be need for documented cryptocurrency taxation by the government.
― Olawale Daniel
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin consolidates after a new all-time high of $99,500
Bitcoin remains strong above $97,700 after reaching a record high of $99,588. At the same time, Ethereum (ETH) edges closer to breaking its weekly resistance, signaling potential gains. Ripple holds steady at a critical support level, hinting at continued upward momentum.
Sandbox hits fresh yearly high as on-chain metrics reach record highs
The Sandbox continued its rally and hit a fresh yearly high of $0.8680 in the early Asian session on Monday after surging over 121% last week. However, at the time of writing, SAND retraces and stabilizes around $0.7600.
Why is Dogecoin price down today?
Dogecoin (DOGE $0.4243) is retreating after reaching its highest levels since May 2021, suggesting a growing profit-taking sentiment among traders following Donald Trump’s win.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.