Price of the most popular cryptocurrency hit a new weekly high at $43500.00 during today's session despite several bad news. Firstly, the Russian central bank announced that Russia should ban the mining and use of this cryptocurrency, and the industry itself has the features of a financial pyramid scheme and is used for illegal activities. In particular, cryptocurrency issuance and organization of its circulation in Russia must be banned. The ban should apply to exchanges, over-the-counter trading desks and peer-to-peer platforms. The regulator believes that in the future, enhancing the current banking infrastructure, as well as introducing the digital ruble, a central bank digital currency (CBDC) currently in the works by the Bank of Russia, will satisfy the need of Russians for fast and cheap digital payment options, effectively giving them advantages of crypto without crypto. However CBDCs might result in heightened levels of control central banks and governments exert. The central bank added that the mining ban had not been discussed with the Russian government.
Also news that hackers reportedly stole several million of dollars from Crypto.com users failed to shake the cryptomarket. CEO Kris Marszalek confirmed in an interview with Bloomberg TV, that about $34 million in funds was impacted by the theft and 483 accounts. The company did not provide any details how hackers were able to access its users' accounts and bypass two-factor authentication.
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Bitcoin price managed to break above the downward trendline and 50 SMA (green line), however only a decisive break beyond $40500-44000 area will determine further trend. Source: xStation5
