What’s new in crypto- 18th July
- Bitcoin has recently surpassed $7000 with large volume behind it. Nothing to get excited about as of yet as we know from the recent rejection at 10k. Trend change looks likely for short term at least. Alts should see a run, but all depends on how bitcoin proceeds. $7800 would be next resistance to keep an eye on.
- IBM are attempting to make a currency tied to a government backed currency, but it would be interesting to see how this turns out as Tether was also meant to be stable but has a lot of controversy surrounding it. In a sense it’s still good news as it shows that there is still bullishness surrounding blockchain, especially in comparison to a couple of years ago when big institutions were calling crypto a scam.
- Japan has altered their financial regulatory agency to adapt to issues in FinTech and crypto. They originally sent punishment notices to seven crypto exchanges and stopped trading of two more after investigating further. Realistically, you can’t blame financial agencies wanting to protect customer’s money even though a lot of traders will say it’s a political move to create FUD in crypto. Crypto is still the wild west so people need to stay vigilant about their funds.