Bitcoin Spikes Down Below $30,000 mark, Markets Eye Further Statement by the U.S. on Issuing Stablecoins; July 20, 2021

Bitcoin sinks below $30,000 mark and touches $29,500 mark in early Asian hours. One of the affecting factor of the current movement of the bitcoin is announcement made by U.S. Treasury Secretary Janet Yellen. She announced plans to gather the nation’s top regulators for a meeting to discuss a stablecoins. Stablecoins are a type of digital currency that attempts to maintain a peg to the U.S. dollar. She added, “In light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for new authorities.”

U.S. Federal Reserve Chairman Jerome Powell, Securities and Exchange Commission Chairman Gary Gensler, and Commodity Futures Trade Commission Acting Chairman Rostin Behnam will also attend the meeting.

Top 5 Headlines on Digital Currency:

• America’s largest bank, JPMorgan, has gone on a hiring spree for top blockchain talents for its blockchain division Onyx – Investing.
• A new museum dedicated to the history of bitcoin mining opened its doors in Venezuela last weekend. The institution will allow visitors to learn about the history of cryptocurrency mining, going from its roots to the current state of the mining industry – Investing.
• A global stocks selloff continues as concerns about COVID-19 outbreaks involving the Delta strain and the impact on the global economic recovery linger and boost safe-haven assets – Investing.
• Seven in 10 institutional investors expect to invest in or buy digital assets in the future, although price volatility is the main barrier for new entrants, a study by Fidelity’s cryptocurrency business found – Investing.
• According to Cambridge research, it seems that China had started losing its mining power way before the scrutiny on energy consumption by mining activities. The research revealed that China lost 40% of its BTC mining power even before the imminent crackdown – Investing.

Technical View:

• Today bitcoin turns lower on Tuesday and hovers around $29,800 mark.
• The pair made intraday high at $31,068 and low at $29,500 mark.
• Today a day chart and H1 chart with triple EMA confirms further bearish trend in short run.
• A sustained close above $30,200 on H1 chart requires for the upside rally.
• Alternatively, a consistent close below $29,602 will check further supports.

Take a look and do trade wisely!
Good Luck