Bitcoin remains in $30-$40k price range for 7th straight week
Bitcoin traded lower on Tuesday, falling by 2.97 percent to $32,519.49. Ether, the second most traded cryptocurrency, traded at $1,975.41, down by 5.92 percent, according to data from Coindesk.
Below is the main cryptocurrency news:
Bitcoin and most cryptocurrencies declined on Monday. The largest cryptocurrency by market capitalization, Bitcoin, was holding above price support at $32,000, with $36,400 seen as the upside target.
For the past seven weeks, Bitcoin has mostly stayed in a range between $30,000 and $40,000 as traders awaited a key US inflation report due on
Tuesday. Investors see Bitcoin as a potential hedge against inflation, so the release of the June consumer price index reading by the US Department of Labor’s Bureau of Labor Statistics should provide a key data point. Analysts also described the muted activity in spot, derivative and on-chain metrics as the “calm before the storm,” according to the website CoinDesk.
According to a press release on Monday, the Australian government is doling out millions in grants for two blockchain-based pilot projects to investigate the capability of blockchain in supply chain solutions.
The government said that the research will help ease the burden of regulatory compliance and help increase the productivity and competitiveness of Australia’s metals and food and beverage sectors, according to CoinDesk. Australia has also invested almost
$4.1 million into blockchain provenance startup Everledger and tech consultancy.
Woori Financial Group, one of the biggest banks in South Korea, will soon offer cryptocurrency custody services. According to reports from the Korea Economic Daily, Woori will establish a joint venture with Coinplug, a blockchain solutions developing company with more than 300 blockchain patents.
While South Koreans have traditionally been attracted to cryptocurrency, their regulatory framework forbids them from relying on exchanges for custody. This has spurred interest from banks in stepping up and including cryptocurrency custody in their services.
A Woori official said that in overseas markets, digital asset custody has become a successful, established practice among the new services offered by banks, according to Bitcoin News.