Bitcoin News and Price Overview: Bitcoin Yet to Break A Key Resistance Point. Wednesday, July 11
Important Bitcoin News
Binance CEO Says Bitcoin Still In Good Position
The CEO of the Binance, the largest cryptocurrency exchange, Changpeng Zhao said Bitcoin has not performed badly in comparison to last year. According to Zhao, the coin which has lost 70 percent of its December value still has great outlook.
In an interview with Bianca Chen, a Zug based cryptocurrency research institute, Zhao said that the cryptocurrency space is better positioned in terms of infrastructure, volume, price and the interest people have in the sector. He said, “Just checked, btc price was $2500 a year ago, today $6800. Trading volume for btc was 780m a year ago, today is 3.4b. There you go,”
Peoples Bank of China Says Yuan-Bitcoin Trade Now Less Than 1 percent
The ban placed on cryptocurrencies by the Chinese government has had the desired effect. The People’s bank of China released a report saying that the Chinese yuan now accounts for less than 1 percent of global bitcoin trade. The report showed that the yuan which once was the dominant currency of the cryptocurrency trade has whittled down its position due to the ban.
Guo Dazghi, who is the research director, spoke with Asia Times saying, “The new figures indicate that the policy has been very successful. It is within expectations that the yuan’s share in global Bitcoin transactions would drop after China announced the ban.”
Before the ban in 2017, the yuan-bitcoin trading constituted 90 percent of all bitcoin trades at the exchanges.
Bitcoin Yet to Break A Key Resistance Point
Bitcoin is still trading at less than $6,800, which most analysts have predicted is a key resistance needed to surmount for the coin to hit the much awaited $7000 mark. The coin has failed in three attempts in the past 7 days to make gains above $6,754.
BTC/USD Price Chart, Wednesday July 11th:
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