Bitcoin rises regardless of terrible news

The price of the most popular cryptocurrency hit a fresh weekly high of $43,500.00 during today's session despite several bad news stories. First of all, the Central Bank of Russia announced that Russia should ban the mining and use of this cryptocurrency, and the industry itself has the characteristics of a Ponzi scheme and is being used for illegal activities. In particular, the issuance of cryptocurrencies and the organization of their circulation in Russia should be banned. The ban should apply to stock exchanges, over-the-counter trading venues, and peer-to-peer platforms. The regulator believes that improving the current banking infrastructure, as well as the launch of the digital ruble, a central bank digital currency (CBDC) currently operated by the Bank of Russia, will satisfy Russians' need for payment options in the future...quickly and cheap digital, effectively giving them the benefits of crypto without crypto. However, CBDCs could lead to central banks and governments exerting a greater degree of control. The central bank added that the mining ban had not been discussed with the Russian government.

News that hackers allegedly stole millions of dollars from Crypto.com users also failed to shake the crypto market. CEO Kris Marszalek confirmed in an interview with Bloomberg TV that around $34 million in funds and 483 accounts were affected by the theft. The company did not provide details on how hackers managed to access its users' accounts and bypass two-factor authentication.

Bitcoin price managed to break above the downtrend line and 50 SMA (green line), however, only a decisive break above the $4050044000 area will dictate a further trend.