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On Monday, July 6, 2020, 8:01 PM, Crypto News in 1 min <drop@Cointelegraph.com> wrote:
Bitcoin Tests $9,000 as China Leads a Stock Market Boom Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead... Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead. | | | Bitcoin changes from day to day, hour to hour — no two weeks are the same, and everything can change from one week's trading to the next. | | | This Monday, influential stock markets are booming, despite the ongoing spread of the coronavirus reaching unprecedented levels. | | | At the same time, Bitcoin looks uncertain — support at $9,000 is increasingly weak, and analysts are concerned that even lower levels may fail to hold. | | | Continue reading to discover the issues at stake this week for Bitcoin traders and investors. | | Stocks are surging higher | | | China is leading a resurgence in stock markets that took hold late last week on encouraging U.S. employment data. | | | The FTSE A50 index hit all-time highs on Monday, capping a huge run that saw it beat even its previous bullish phase in 2015. | | Futures in markets yet to open were also on the up at press time, fuelling a curious schism between economic performance and the risk of the coronavirus spreading more than ever. | | China's bad debt crisis fuels transaction snooping | | | Chinese banking clients are waking up to the start of a scheme that could ultimately require them to declare in advance any transaction over 500,000 yuan ($71,000). | | | The latest plans from the People's Bank of China aim to stamp out bad debt, which has accumulated since the coronavirus took hold. | | | At the same time, Hong Kong remains firmly on the radar, as China's highly unpopular security law sees fresh clashes and sparks financial uncertainty. | | Bitcoin fundamentals are on the up | | | Bitcoin looks set to end its consolidation phase in terms of difficulty, with its next adjustment set for 6%. | | | After stagnating, shifts in miner activity are once again apparent in estimates, with the hash rate likewise having increased over the past seven days. | | Both fundamentals provide an insight into mining conditions, having previously shown similarities to how Bitcoin was after the pit of its 2018 bear market. | | | CME Bitcoin futures remain stable to the point that over the weekend, the gap between trading sessions reached just $20. | | | This gives no room for market sway — previously, BTC/USD rose or fell to fill gaps left by the weekend break in futures trading. | | | At the same time, derivatives are more broadly fuelling Bitcoin volume, having set various records in recent weeks. | | | Cointelegraph Markets analysts are keenly eyeing Bitcoin's next move, and volume should play a major role, they say. | | | Specifically, a breakdown below $8,600 would fuel more serious losses, while the potential for a surprise move upward above $10,500 is also there. | | | Volume has been dwindling, but regardless of direction, Bitcoin is due for a big shift, the latest market summary forecasts. | | | |
