In the last 24 hours, the Bitcoin price has slightly recovered from $ 3,451 to $ 3,526 following the announcement of Fidelity to launch Bitcoin custody by the end of the first quarter. The valuation of the crypto market has increased by $ 2 billion overnight as Bitcoin (BTC), EOS (EOS), and Ethereum (ETH) rebounded in the range of one to three percent against the U.S. dollar. Why Bitcoin is Still Vulnerable While the recovery of Bitcoin prevented a further decline in price to the low $ 3,000 region, traders generally agree that the dominant cryptocurrency still remains vulnerable. DonAlt, a cryptocurrency technical analyst,
A lot has changed since our last markets update as digital asset prices have been consolidating after the cryptoconomy’s last big drop in value. The entire ecosystem’s market valuation has lost about $ 10 billion over the last week, but stronger global trade volumes have managed to keep values afloat at current prices as traders await the next big wave of movement.
Since our last markets update, cryptocurrency markets consolidated within a tight range and have been less volatile over the last few days. The market capitalization of the entire cryptocurrency economy has gained about $ 5.7 billion and a few of the top coins have seen some price jumps this week.
Mike Novogratz, Jim Breyer, and Tim Draper are some of many billionaire investors in the traditional financial market who remain optimistic towards the long-term trend of crypto. How are these investors able to maintain their positive stance in regards to the growth of the cryptocurrency sector following an 85 percent decline in valuation across the
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Nicolas Maduro’s move to increase the price of the petro, the country’s oil-backed cryptocurrency designed to counter inflation, has sparked intense debate. Experts and tech-savvy Venezuelans alike are less than enthusiastic about the Venezuelan president’s decision.
Venezuelans Unimpressed by President’s Latest Proclamation
Venezuelans have blasted President Nicolas Maduro and his new cryptocurrency after the leader of Venezuela upped the petro’s price last week. A number of Venezuelans and experts told news.Bitcoin.com that the idea of a petroleum-backed cryptocurrency was a bad idea from the start and that the government never truly had any idea what it was doing – with one even saying that it was just a trick to launder the government’s dirty money.
Bitcoin futures launched to a huge fanfare in late 2017. But while uptake has been admittedly lackluster so far, the future of BTC futures looks promising.
The Future’s Bright
Bitcoin futures launched in December 2017, just before the peak of last year’s price bubble. Ten months later, the uptake has been, well, somewhat disappointing. Despite recent quarterly gains in volume, however, futures have never come close to seeing the tens of thousands of daily contracts expected.
So what went wrong? The buzz building prior to the December launch was immense as enthusiasts believed that this was a step towards the mainstream. The Chicago Board Options Exchange (Cboe) announced its plans in early August 2017, spurring a 600 percent surge in BTC price 00.
At press time, the price of bitcoin is unchanged and still lying within the $ 6,200 range where it’s remained for roughly 72 hours.
Many analysts had predicted that bitcoin’s sudden “stability” would in turn lead to bullish behavior. After all, the coin was remaining at $ 6,500 for several days, and it appeared things weren’t likely to change in the immediate future. At the same time, volatility was down, and the currency was showing strength and maturity in the face of an ever-changing market.
David Drake – founder and chairman of LDJ Capital – commented in a recent interview:
Over the past few days, officials at PricewaterhouseCoopers have extolled the popularity and utility of blockchain technology.
Big Four auditor PricewaterhouseCoopers (PwC) has played a heavy role in the world of blockchain.
Earlier in the month, Bitcoinist reported on a PwC company survey that cited issues like scaling, compatibility, and regulatory uncertainty as barriers which still serve as a roadblock to industry growth.
Many of these same sentiments were echoed by PwC Blockchain head Grainne McNamara in a Bloomberg interview on September 18th.
Bitcoin (BTC) has given us some signs of hope the last few days but we have seen comparatively more energy in altcoins. This is because as historical cycles indicate, we are at the brink of an altcoin rally. The daily chart above for BTC/USD shows that Bitcoin (BTC) is all set for a break out but temporarily faces a 21 Day EMA resistance. It is unlikely to be broken over the weekend as volume will be low and market makers might want to have one last go at accumulation before letting Bitcoin (BTC) loose to begin a new trend.
A regulatory platform operated by the Bank of Russia has concluded an initial coin offering (ICO) pilot, a central bank official has revealed. Speaking at the Eastern Economic Forum in Vladivostok – a port city near the Chinese border –Ivan Semagin, deputy director of financial markets development at the Bank of Russia revealed the authority’s
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Terrorist groups such as Al-Qaeda, the Islamic State and others have unsuccessfully tried to raise money through cryptocurrencies such as Bitcoin, a former CIA analyst told Congress on Friday per Forbes. “By preparing now for terrorists’ increasing usage of cryptocurrencies, the U.S. can limit the ability to turn digital currency markets into a sanctuary for illicit finance,” said Yaya Fanusie in prepared testimony to House Financial Services Committee.
According to Fanusie, cryptocurrencies have thus far been a poor form of money because they purchase goods and weapons with hard cash in places that have unreliable technology infrastructure.
Ripple (XRP) is currently trading within a tight range against Bitcoin (BTC). The price broke the resistance at 45,860 satoshis earlier this month but soon afterwards, it retraced. Initially, the 45,860 satoshis resistance turned into support as the 4H chart above for XRP/BTC shows that Ripple (XRP) formed two red candles after the resistance break. However, both of these candles managed to remain above the resistance turned support line. However, the third candle broke below the 45,860 satoshis resistance turned support and entered a range bound zone once again.
Bitcoin exchange-traded funds will “remain rejected” despite US regulators ordering a review into why it rejected one of them, a market analyst forecast August 27.
9 ETFs ‘Will Remain Rejected’
In weekly comments on cryptocurrency and traditional markets, Mati Greenspan, CEO of UK-based hybrid trading platform eToro, described the decision to look into the US Securities and Exchange Commission’s (SEC) rejection of the Winklevoss ETF “largely a procedural protest.”
This week, the US Securities and Exchange Commission (SEC) has said it will review nine Bitcoin exchange-traded funds (ETFs) it disapproved on August 24. The letter sent to NYSE Group senior counsel David De Gregorio by SEC secretary Brent Fields read: “This letter is to notify you that, pursuant to Rule 43 I of the
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Cardano lost ground against the US dollar on Friday morning before making a moderate afternoon recovery, trading around $ 0.0935 and going up by 2% compared to the previous session. Over the last week, the sellers have been getting less active, and the investors lost less than before. Dmitriy Gurkovskiy, Chief Analyst at RoboForex, says the
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With the day almost coming to a close, it would appear there may be some positive short-term momentum for all cryptocurrencies. A few coins have gone in the green, whereas the others have recovered from the most recent setback. The Monero price continues to impress, as it has gained another 2.47%.
Monero Price Hold its own Quite Well
Monero has always been one of those “oddball” cryptocurrencies when compared to other top coins. Not because it doesn’t have any potential, but rather because it is so often overlooked, for some unknown reason. The recent ban by Japanese exchanges against Monero and similar coins isn’t helping matters much either.
Today is shaping up to be another terrible day for the cryptocurrency industry. All of the top currencies are in the deep red right now, with some of them suffering bigger setbacks compared to others. The Bitcoin Cash price, for example, has dropped below $ 1,200 once again, yet it remains to be seen how long this negative trend will remain in place.
With all cryptocurrencies suffering from a temporary setback as of right now, it will be interesting to see where the industry will go next. Although the Bitcoin price is on the decline as we speak, it seems things will only improve from here on out. As is usually the case with any temporary dip, the price action needs to be taken in stride first and foremost. Remaining above $ 9,000 will be the top priority for the Bitcoin price, but doing so may be challenging.
In what one senior analyst calls a struggle “to remain relevant,” Bitcoin Cash (BCH) has been burning $ 12 worth of its own supply every day — hoping the increased scarcity will help in its fight against its dominant competitor, Bitcoin (BTC).
‘Purely a PR game’
Bitcoin Cash (BCH), a hard-forked cryptocurrency meant to solve Bitcoin’s (BTC) scalability issues, is up 100 percent against the USD in the last seven days. Trading against rival BTC, BCH is up 75 percent — while remaining 50 percent up against Ethereum (ETH) and 45 percent up against Ripple (XRP).