The weekend in Cryptocurrencies

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Sunday is closing a quiet weekend for all major cryptocurrencies with low volatility as most of the cryptos trade close to weekly lows.

A huge explosion at the Crimea bridge caused severe damage and fatalities. Kerch Bridge connecting mainland Russia to the Crimea peninsula and was built a few years ago making Vladimir Putin very proud. Many officials from Ukraine cheered the Crimea Bridge news but President Vladimir Putin accused Ukraine army of the Kerch bridge explosion, saying that it was a terror act against the infrastructure of Russia. Analysts now expect retaliation from the Russian army.

Cryptocurrencies didn’t react much to the Saturday Crimea morning news probably waiting for the stocks and bonds markets to open in a few hours. Crude oil and gas are expected to open higher on Monday morning.

Bitcoin (BTC) is trading 0.54% higher today at $19,525, the weekly low for the biggest cryptocurrency was at $18,975 and the weekly high was at $20,469. Ethereum (ETH) is trading today 0.63% higher at $1,323, the weekly top was at $1,383 while the weekly low was at $1,263. ADA is trading 0.10% higher at $0.4225 while XRP continues the rally to monthly highs adding 4.53% at $0.5397.

Visa and FTX to Launch Cryptocurrencies Cards

Visa announced earlier this week that will expand its services to the cryptocurrency space in collaboration with the FTX crypto exchange. FTX will launch cryptocurrency debit cards in 40 countries and the users can spend their cryptocurrencies at shops that accept Visa cards. The partnership will focus on Latin America, Europe and Asia.

Brazilian Tax Authority announced that 12,000 companies declared they owned cryptocurrencies on their balance sheet, up from the 11,360 entities that declared holding cryptos in July. There are also 1.3 million individuals who hold cryptocurrencies in Brazil.

The Week Ahead

This week investors will focus on the UK jobs report, and IMF‘s world economic outlook on Tuesday. Thursday it’s a CPI day; the German final CPI and USA CPI for the month of September, and retail sales data will be announced on Friday.

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