Bitcoin below phycological $10,000 mark

Andrew Masters FIBO Group

Bitcoin has now lost more than 20 percent of its value over the last 5 trading sessions, trading today back below the $10,000 mark and one analyst believes the developments in the trade negotiations between China and the US may a major reason behind the fall.

In the first 10 days of August, bitcoin racked up solid gains as tensions between the world’s 2 biggest economies grew with US President Donald Trump threatening to impose more tariffs on all other goods from China starting September 1st entering the US which saw investors direct their money towards bitcoin as some sort of safe haven.

Trump has now agreed to delay the new tariffs until December so talks can resume, and this has given some hope that a compromise can be reached which saw traders exiting bitcoin and also gold.

"Now that trade tension with China has eased, the pressure on the yuan is off," Schiff said. "Those who bought bitcoin to speculate on Chinese safe haven buying, which never happened, are taking their chips off the table." Noted investor and chief executive of Euro Pacific Capital Group, Peter Schiff.

Another reason behind the fall may be the actions of regulators, and especially the SEC in the US who are stepping up plans to enforce current and introduce new laws surrounding bitcoin in light of the new market players about to enter the market and this is making investors nervous because nobody knows what will come next.

“It is without doubt that with the announcement of Facebook's libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital assets,” said Dave Chapman, executive director at BC Technology Group.

“The likes of libra and Walmart's digital currency could dramatically disrupt finance and payments” he added.

Author

Andrew Masters

FIBO Group

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.