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Bitcoin Price Falls to $7,700 After Printing Weekly Close Below Key Support Level

  • Alex Dovbnya
    ๐Ÿ“ฐ News

    The Bitcoin price registers a weekly close below a critical support level, causing a plunge to $7,700

Bitcoin Price Falls to $7,700 After Printing Weekly Close Below Key Support Level
Cover image via www.123rf.com

The Bitcoin price has recently dropped to $7,710 on the Binance cryptocurrency exchange after failing to stand its ground above a critical support level. As expected, registering a weekly close below $8,000 played right into the hands of the bears who decided to take advantage of this shorting opportunity.

BTC/USDT price chart
Image by binance.com

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For a couple of days, Bitcoin had been above its 200-day moving average at $8,332, but its price action during the weekend turned out to be very underwhelming. Eventually, the bulls ran out of steam and stopped defending this level.

At the time of writing, Bitcoin remains the worst-performing coin inside the top 10, but all top altcoins (without a single exception) remain in the red.

binance.com
Image by Coinstats

The total market capitalization has dwindled to $208.7 bln, its lowest level since May.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry โ€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. Heโ€™s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
    ๐Ÿ“ฐ News

    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fedโ€™s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fedโ€™s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

โ€œIt is inevitable. I think it is better for us to start getting our hands around it.โ€

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of โ€‹โ€‹creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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