We have gone through an incredible week for Bitcoin and cryptocurrencies. It all started with all-time highs above $60k on Sunday. BTC benefited from the $1.9 trillion Covid relief bill signed by US president Joe Biden.
Despite the hopes of many bulls breaking the important resistance didn’t lead to a further surge in cryptocurrency prices. BTCUSD went as low as $53,254 on Tuesday. News about India likely to introduce a bill making owning of cryptocurrency illegal stirred the market. India is a huge economy and customer market. On the other hand, it would be interesting to see how a possible ban on such a scale on cryptocurrencies would work in practice, as bitcoin maximalists hang on to the idea that it is virtually impossible to control ownership of decentralized digital assets. Nevertheless, making it illegal to spend nor exchange cryptocurrencies would make the adoption very difficult.
At the moment BTCUSD is back trading around $58,300. Cryptocurrencies benefited from the Fed’s declaration that despite the stimulus the USD interest rates are not going up. Fed Reserve Chari Jerome Powell said on Wednesday that: “The strong bulk of the committee is not showing a rate increase during this forecast period.”
On Friday ETHUSD is trading above $1,800 and LTCUSD above $200 on PrimeBit. Make sure you are trading peer-to-peer cryptocurrency contracts with us over the next week. The upcoming weekend is going to be especially interesting.
We have introduced Binance Smart Chain (BEP-20) payments for PrimeBit USDT accounts. Give them a try now as they are much faster and cost just a fraction of the Ethereum transactions. Read where to find them on PrimeBit.