Bitcoin trading surges in the South American countries according to the data from the monitoring company Coin Dance which shows the movement across decentralized P2P platforms. In the latest cryptocurrency news today we take a closer look at the analysis. The data shows that there is a new all-time high record this weekend. For the past seven days, the Venezuelan LocalBitcoins users traded about 49.24 billion sovereign bolivars. Regarding the bitcoin, the trading did not produce records since the 49 billion VES equated to only 512 Bitcoin according to the Coin Dance reports which underscore the economic fragility that is still ongoing in the country. The neighboring countries saw an increase in trading themselves despite the massive impact of US President Doland Trump saying that he did not believe or appreciate Bitcoin’s value. Chile recorded a 194 million pesos’ worth of transactions just last week on bitcoin exchange LocalBitcoins which is about 50 million off its all-time high. In Colombia for example, the figure was about 9.1 billion Colombian pesos which are about 1.5 billion off the best weekly performance which happened at the beginning of May. Bitcoin trading surges in Brazil as well according to the local exchange BitValor whereas only in June there was a 23% surge in the number of BTC trades against the Brazilian real in total with a volume passing more than 1 billion. The executives noted:

 “Despite the increase, the monthly closing was 15% below the daily maximum of the BRXBT Index in the month of June.’’

Over the past few days, the BTC/USD pair declined sharply and hit a new low as $9912 compared with more than $13,000 just a week ago. The most recent data shows there are about $27 billion changing hands on many exchanges worldwide. Within the P2P, Bisq which is a decentralized platform tracked by Coin Dance produced many new records of its own in different jurisdictions in the recent weeks. The success as noted in the coming altcoin news coincided with LocalBitcoins withdrawing the option to arrange cash meetings for the number one cryptocurrency- bitcoin. The data is changing rapidly so it’s better to keep a close eye on the market.

A new crash of $35 billion is in the latest cryptocurrency news, leading the market to a downward trend. The crash shows that Bitcoin lost thousands and was forced to visit the $9,000 regions. The weekend has been a long and painful one for BTC and crypto assets as the markets continue to bleed out - and a whopping $35 billion has been dumped from the total crypto market capitalization, erasing the growth of BTC and altcoins from last week. In the new crash, Bitcoin slid by 10% but its dominance remained high at over 65%. The altcoin news show that a lot of cryptocurrencies are bleeding out. The BTC dominance levels definitely paint a sad picture for altcoins this morning. During the Sunday trading session, BTC could not manage to hold ground above $11,000 and fell back into the tens. However, the major selloff was not there until Bitcoin finally fell back into four figures, trading below $9,900. The good thing now is that Bitcoin managed to correct a bit and is now above $10,000 and at five figures again. Still, the new crash made the market lose $35 billion which is more than 10% of the entire market cap - overnight. Since BTC is up by 175 this year, analysts are not that pessimistic about the coin. However, the popular trader and analyst Josh Rager was featured by many best cryptocurrency news sites for his stance in which he says that Bitcoin often makes moves like these and yesterday was no different.

“And there’s the dump right before the daily close. Typical price action for $BTC near important levels is a pump or dump right before or after the daily/weekly close. This certainly sets up the daily and weekly to close bearish. And will likely focus on shorting any rally,” he said in a tweet.

The weekly candle closed heavy and ignited the new crash further. As BTC tested the 50 day moving average which is currently serving as a level of support, all signals are indicating a continuation of this correction. So, Bitcoin visiting the $8,000 region is definitely a possibility - but Rager added that even like this, four figure BTC is a gift.

“Said it once and will say it again, 4 digit Bitcoin is a gift, whether it hits $9ks or even $8ks," he concluded.

In the coming altcoin news, we can see that the new crash and Bitcoin retreat has hurt the altcoins even more, with some of them losing as much as 20% of their value.

One economist is featured in the latest cryptocurrency news because of a recent statement on Trump banning Bitcoin - something that is only a rumor right now but could be a possibility in the future. According to the economist and trader Alex Krueger and his statement on Twitter on July 15, the US president Donald Trump would cause a Bitcoin (BTC) price crash if he banned it - but the law would likely prevent him. Trump, who announced his distaste for cryptocurrency last week, initially failed to impact the market sentiment. A subsequent breakdown over the weekend has resulted in Bitcoin going below $10,000. By publishing a dedicated thread on the chances of Trump banning Bitcoin, the economist said that this could theoretically have some success. https://twitter.com/krugermacro/status/1150638163293036545 By targeting the entry and exit points for retail and institutional investors, the president would turn Bitcoin in an isolated, more illiquid asset as it is used by lay consumers, Krueger said. In the coming altcoin news, he also summarized:

“Trump could also go after fiat onramps, by simply forbidding banks to service crypto exchanges, or by requiring banks to not service exchanges unless conditions XYZ are fulfilled (and make that practically impossible).”

In reality, however, Trump would need to convince the Congress of the need to ban Bitcoin and lawmakers could overturn his demands - even if they occurred via an executive order or similar emergency measures. So, Trump banning Bitcoin is feasible at this point - but the probability of it becoming law is extremely low, Krueger concluded. https://twitter.com/krugermacro/status/1150638173837516800 Krueger's comments went viral on many best cryptocurrency news sites several days after the mainstream media suggested that Trump had inadvertently made Bitcoin a campaign issue for the upcoming 2020 presidential elections. https://twitter.com/krugermacro/status/1150638180800090112 As Forbes also noted, some of the competing hopefuls (among which Andrew Yang) have long held an opposing view which shows that Bitcoin is in fact something to embraced at national policy levels. Krueger's comments on Trump banning Bitcoin showed thaT US regulators could arguably determine that crypto assets are too volatile to be sold to retail (non-accredited) investors. In the last tweet, Krueger noted that Trump could issue an executive order banning US people from dealing in Bitcoin - and that he has already done so with the Petro cryptocurrency.

Wells Fargo, the giant traditional bank that was founded in 1852 recently stated that it won’t allow the customers to purchase bitcoin with their own funds so we are finding more about it in the altcoin news below. The decision of the banking giant diverges from some of the other major financial institutions who are becoming more involved into crypto and blockchain technology. For example, the CEO of Nasdaq Adena Friedman believes in the cryptocurrency value and predicts that bitcoin could be the next global digital currency of the future. The CME group also saw Bitcoin promise when they started exchanging bitcoin futures contracts back in 2017 in December. After bashing bitcoin in the past, now even JPMorgan CEO Jamie Dimon changed his mind and now the banking giant is also looking into releasing their own cryptocurrency. During the second day of the testimony in the United States Senate, Jerome Powell also legitimized Bitcoin as a store of value. In contrast, Wells Fargo takes the totally opposite direction. The company has a major anti-bitcoins stance by not allowing its customers to perform transactions that involve cryptocurrencies. The prohibition goes contrary to the bank’s vision which states:

 “Customers can be better served when they have a relationship with a trusted provider that knows them well, provides reliable guidance, and can serve their full range of financial needs.”

As noted in the best cryptocurrency news sites, Wells Fargo banned the purchase of Bitcoin and other crypto assets by using the bank’s credit cards. The company’s spokesperson stated:

 “Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency […] We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”

When Wells Fargo claimed that Bitcoin is risky and volatile, they didn’t look back to the 2008 financial crisis when all of the markets collapsed. As a result, millions lost their homes and jobs and an economic disaster started around the world. The bank was the contributor to one of the world’s largest financial crises but it did receive about 25 billion USD of Emergency Economic Stabilization Act funds and as CBS put it:

 “Wells Fargo hit the jackpot. It was one of the first banks to get bailout funds – the biggest amount awarded in a single shot: $25 billion tax dollars.”