Bitcoin rate grew by another 4% in the global trend

FXOpen

Bitcoin continues to rise

On Monday, Bitcoin continued to grow against the US Dollar, rising above $11,800 following a wider risk appetite among crypto traders, although without a precise driving force for its upward move. Bitcoin cost rocketed by 4.2% to $11,900 on Monday afternoon and is currently trading just below this level.

Recently, a volatile period has begun for Bitcoin, reaching a high of $13,929.8 in mid-June, compared to $7,888, as the Fed’s signal of a possible new cycle of interest rate cuts undermined the attractiveness of interest-rate fiat currencies.

The mood for cryptocurrency was positive due to Deutsche Bank’s announcement saying that it would reduce its work force and balance by more than 20% in order to increase profitability.

Other cryptos also showed some gains: Ethereum rose by 4.5% to $307.07, Ripple – by 1.1% to $0.40154, while Litecoin rose by 1% to $119.87.

India has joined the Libra pushback

Meanwhile, India has become the last country to criticize the Facebook stablecoin project Libra.

The country has already restricted virtual currencies, banning banks from working with them, and the government is developing a law that will impose fines for using cryptocurrencies. India Economy Minister Subhash Garg claims that Facebook’s currency functionality does not have a full explanation. The government of India believes that this is a private cryptocurrency, unsuitable for interstate payments.

Libra is a stablecoin, a digital currency pegged to a basket of state-supported currencies. Regulators and analysts argue that it will require much tighter regulation than Facebook, which social networks are used to.

In other Asian countries, the attitude towards digital currencies is much better. Singapore has developed a plan to exempt the cryptocurrency tax on goods and services if they function as a means of exchange. This news will remove barriers to using Bitcoin in one of the world’s leading financial centers.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Shares

Coca-Cola Company (KO) Shares Trade Near All-Time High

Stock market charts indicate that from the start of last week’s trading through to its close:

→ The S&P 500 Index (US SPX 500 mini on FXOpen) declined by approximately 3%;
→ Pepsico (PEP) shares dropped by more than

Cryptocurrencies

BTC/USD Analysis: Bulls on the Offensive

In our previous analysis of Bitcoin’s price (14 April), we:

→ constructed a long-term ascending channel (marked with blue lines);

→ highlighted resistance level R, suggesting that the bulls were seizing the initiative in an attempt to pave the way for

Commodities

Market Analysis: Gold Extends Record Run, WTI Crude Oil Rebound in Tandem

Gold price started a fresh surge above the $3,250 resistance level. WTI Crude oil prices climbed higher above $60.00 and might extend gains.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price started a

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.