Price
7600 level stays a cornerstone for the price. Today volume distribution peak stays above the 7600.0 level, though the price dips below it and now hanging on the passed recently Bearish Trend Line. It worth saying that some traders consider a breakthrough pattern of the angle lines (Bearish Trend Line) this way: breakthrough -> come back to the line -> take-off. Near-term resistance, the crossing of which can free the price from the 7600 level attraction is 7750 level. From the below, 7400 – 7600 zone stays a buying zone, dive below the 7400 level could cause a panic and sell-off till the 7000 psychological support.
Today forecast
Trading in the 7500.0 – 7750.0 zone.
Latest news
7600 level stays a cornerstone for the price. Today volume distribution peak stays above the 7600.0 level, though the price dips below it and now hanging on the passed recently Bearish Trend Line. It worth saying that some traders consider a breakthrough pattern of the angle lines (Bearish Trend Line) this way: breakthrough -> come back to the line -> take-off. Near-term resistance, the crossing of which can free the price from the 7600 level attraction is 7750 level. From the below, 7400 – 7600 zone stays a buying zone, dive below the 7400 level could cause a panic and sell-off till the 7000 psychological support.
Today forecast
Trading in the 7500.0 – 7750.0 zone.
Latest news
- Regulations Round-Up: CFTC Rejects FOIA Request, SEC Not Modifying Securities Laws
In recent regulatory news, the United States Commodity Futures Trading Commission (CFTC) has rejected a Freedom of Information Act (FOIA) request regarding the subpoenas recently received by Bitfinex and Tether; the United States Securities and Exchanges (SEC) Chairman, Jay Clayton, has indicated that the regulator will not alter existing securities legislation to cater to cryptocurrencies. Maria Vullo, the Superintendent of Financial Services for the State of New York, has praised the regulatory efforts made by the CFTC and SEC in the arena of initial coin offerings, and the SEC has announced Valerie Szczepanik as the commission’s new Senior Advisor for Digital Assets and Innovation.
The FOIA request, dated June 5th, requested “subpoenas issued to Ifinex inc. also known as Bitfinex and its subsidiary companies, as well as subpoenas issued Tether Limited and its subsidiary companies.”
- Chinese Bitcoin Mining Chip Maker Bitmain Considers IPO
Beijing-based Bitcoin miner and mining chip designer Bitmain Technologies Ltd. is considering an initial public offering in Hong Kong or in an overseas market with U.S. dollar-denominated shares, Bitcoin’s co-founder Jihan Wu told Bloomberg in an interview.
Wu did not disclose the size of its IPO but Bloomberg estimates the valuation of the firm to be about US$8.8 billion by applying a multiple similar to that of publicly listed chipmakers such as Nvidia Corp. and MediaTek Inc, even though it does not have the operational track record of either company.
Founded in 2013, Bitmain develops and sells Bitcoin miners using its application-specific integrated circuit (ASIC) chip technology. It has offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, Shanghai and Shenzhen.
The firm controls as much as 80% of the market for crypto mining gear, according to Sanford C. Bernstein & Co. Wu told Bloomberg that his company booked revenue of US$2.5 billion last year.
In 2017, Bitmain raised US$50 million from several ventures firms including Sequoia Capital and IDG Capital. Bitmain’s planned IPO will give these investors an opportunity to cash out.
