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6K support loosing strength

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$6000 support level for Bitcoin is holding pretty well since Feb 2018, but every time price bounces off from 6K level it marks a lower top

Bitcoin support level is losing its strength day by day, traders expect a nice bounce from this level and strength in the rally to breach the $10000 mark but its not happening and now price is making lower tops every time there is a small rally.

Take a Look at the one week chart of Bitcoin at Bitfinex

According to many Technical analysts, weekly chart is looking scary and they are expecting as massive crash in prices if price breaks below the $6000 level and stays there.

Low volumes 

Another alarming situation for Bitcoin is low volumes, Bitcoin ‘s trading volume has dropped significantly in the last few months , in fact this month has been the lowest in more than 1 year and that shows investors are taking a back seat in this market, institutions are not yet ready to jump into the market and without money from big investors, it is not possible for Bitcoin  to rebound or reach All-Time-High levels in near future.

$6000 support history 

$6K support for Bitcoin started in Feb 2018, when Bitcoin crashed from $12000 to $6000 within few days after a wild crash. But price rebounded once it touched the $6K level and then after that it started making lowers highs (lower tops) and price rejected from $10K level then $9K and then $8K , made it ever so difficult for Bitcoin to rebound, but one thing was there all the way through, $6000 support level, although price broke below this level 1 or 2 times but not for long, price stayed above $6000, but now as the time is passing by it is getting more and more difficult for Bitcoin to keep this level of support as there is massive pressure from the bears and they can take the price down anytime in near future and if that happens, there will be panic in the market and selling pressure can take price down to  $5000 or even $4000 as well, on the other side Bulls must be hoping that $6000 support is protected once again.

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Barclays, a British financial service stops working on Crypto project

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According to some sources, Barclays, a British multinational service company has stopped doing work on a cryptocurrency trading project, in the latest twist for banks hoping to tap into the rapidly growing sector. There was speculation in April 2018 that Barclays Bank Plc. was considering introducing a cryptocurrency trading desk to join Goldman Sachs Group in the initiative. It may appear that it will not be happening, at least for now.

Not too long ago, the financial institution was interested in doing positive development in the crypto world. Earlier this year, the investment bank in this regard put together a senior team to look at how it could incorporate the trading of digital assets into its markets business. The initiative, however, has been put “on ice”, in other words, it has been delayed, one of the people said.

Read Also: IMF says the rapid growth of Crypto market will impact global financial system

 Tyrer worked alongside Marvin Barth, head of FX and emerging markets macro strategy at Barclays, on the project. Lee Braine, a senior technologist at an investment bank, and consultant Matthieu Jobbe Duval also worked on the venture.

The sources informed, the four were exploring whether cryptocurrencies could be a viable long-term asset class, whether Barclays’ clients are interested in the project and what IT infrastructure would be required.

Barclays’ chief executive Jes Staley told the bank’s annual general meeting in May that Barclays remained careful of the regulatory and compliance issues surrounding the asset class. “There is the possibility of cryptocurrencies being used for activities that the bank wants to have no part of,” he said.

The decision to shelve the project will be of interest to the UK’s lender’s rivals, many of which have been exploring ways to profit from the explosion of interest in cryptocurrencies.

JPMorgan transferred Oliver Harris into the newly-created position of head of crypto-strategy in May, while Goldman Sachs said it is looking into opening a desk for trading cryptocurrencies.

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Zambia’s Central Bank says Bitcoin is not legal in the country

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Zambia’s central bank has said that cryptocurrencies like bitcoin are not legal tender in the country.

As you know that many nations are introducing friendlier policies for blockchain technology and there’s a positive development overall in the Blockchain industry but Zambia has a different point of view when it comes to cryptocurrency. The Bank of Zambia (BoZ), responsible for creating and implementing monetary policies for the world’s 105th largest economy, explained their stance against the use of cryptocurrencies in contrast to the growing public interests in the field.

According to a local news report. The central bank admitted that it was receiving a lot of inquiries related to Bitcoin’s legal status in Zambia, and they had to “safeguard the interests of members of the public and to maintain the integrity of the financial system” with its official stance on the digital currency.

BoZ believes there are certain clauses in their financial constitutions, naming Section 30 which do not allow giving Bitcoin a legal status in Zambia. BoZ stated that clauses and said they are the barrier in the way of Bitcoin and similar digital assets from having a legal tender status. Also, the bank agreed that they had no constitutional power to disfigure or ban the local crypto market under the existing legal framework.

“Firstly, Section 30 of the Bank of Zambia Act vests the right to issue notes and coins exclusively in the BoZ. To date, BoZ has not issued any form of cryptocurrency. Cryptocurrencies are not legal tender in the Republic of Zambia; Secondly, BoZ does not oversee, supervise nor regulate the cryptocurrency landscape. Consequently, any and all activities related to the buying, trading or usage of cryptocurrencies are performed at owner’s risk.”

BoZ also issued a warning regarding the investment in cryptocurrency. The bank said that the investors should be aware of the risks associated with the use of cryptocurrencies. It added money laundering, consumer protection (related to hacking and fraud), and terrorism financing to its statement, reminding that they will not be able to offer any legal recourse to crypto users if they get subjected to any of such online crimes.

As of now, the Zambian crypto community does not constitute any significant trading activity to the global crypto volume. The country does not have an active local exchange, and the local crypto traders mostly rely on either foreign crypto exchanges or peer-to-peer desks to conduct their transactions. It might be due to the lack of crypto education in a country where only 11.6 percent of people have an internet connection, according to a World Bank report.

What do you think Will Zambia ever give a legal status to cryptocurrency or not? Let us know in the comment section or email at aqsa9990@gmail.com

 

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IMF says rapid growth of Crypto market will impact global financial system

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The International Monetary Fund (IMF) has stated in a recently released report that the rapid growth of Bitcoin and crypto could impact the international finance system.

The report entitled “World Economic Outlook: Challenges to Steady Growth” published by the IMF read:

“Cybersecurity breaches and cyberattacks on critical financial infrastructure represent an additional source of risk because they could undermine cross-border payment systems and disrupt the flow of goods and services. Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”

Despite the 80 percent decline in the valuation of the crypto market, the industry has seen some of the most positive developments regarding the institutionalization, regulation, and development of cryptocurrencies as an emerging asset class in the past nine months.

Led by existing companies like Coinbase and Gemini, major financial institutions in the likes of NYSE, Cboe, and Goldman Sachs have started to strengthen the infrastructure of the cryptocurrency market, allowing both high profile retail traders and institutional investors to allocate large amounts of money in the asset class.

As the cryptocurrency sector continues to grow at an exponential rate, the IMF emphasized that it could create vulnerabilities in the financial system. Because cryptocurrencies are considered alternative currencies with value, a growing number of hackers have started to target digital asset trading platforms with sophisticated tools and hacking methods.

Jeon Ha-jin, the chairman of South Korea Blockchain Association said,

“Stealing cryptocurrencies is similar to stealing cash, and exchanges will continue to be targeted by hacking attacks in the long-term. It is as important to establish systems to deal with the aftermath of hacking attacks as integrating various methods to prevent hacking attacks.”

In South Korea, the third largest cryptocurrency exchange market behind the US and Japan, exchanges have begun to insure their funds through trusted insurance providers like Samsung to add an additional layer of security and investor protection.

Gemini, a leading cryptocurrency exchange in the US alongside Coinbase, also recently obtained insurance services from Aon to ensure that in an unlikely event of a security breach, the exchange is able to cover user funds and holdings fully.

Emin Gun Sirer, a professor at the prestigious Cornell University and a highly regarded expert in the space of cryptocurrency and blockchain, stated that the acknowledgment of cryptocurrencies as an asset class by the IMF is optimistic for the industry.

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