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Bitcoin Today: NASDAQ confirms futuresPrice In absence of any significant fundamentals, the price has formed a peak at the $4000 (along with the Bearish Trend Line) and retained downwards tendency, aiming for the recent low $3700. A breakthrough of the $3700 level will send BTCUSD testing the $3500 bottom. To consider any reversal/bullish patterns we need to see the price at least climbing above $4000 and holding there. For now, review stays bearish. Today forecast Trading Bounds: $3700 – $4000. Breakthrough below $3700 will send the price to the $3500. Latest Nasdaq confirmed the launch of bitcoin futures in the first half of 2019 The second largest stock exchange in the world, Nasdaq, will launch bitcoin futures in the first half of 2019. This information was confirmed by the British edition of The Daily Express, vice president of communications for Nasdaq, Joseph Christinat. “Bitcoin Futures will be listed and it should launch in the first half of next year – we’re just waiting for the go-ahead from the CFTC but there’s been enough work put into this to make that academic. We’ve seen plenty of speculation and rumors about what we might be doing, but no one has thought to come to us and ask if we can confirm it, so, here you go – we’re doing this, and it’s happening.” He also added that the current decline in the cryptocurrency market will not be an obstacle for the Nasdaq. “We got into the blockchain game five years ago, and when the technology first popped up we just leaned out of the window and shouted ‘hey come over here’ right at it. We’ve put a hell of a lot of money and energy into delivering the ability to do this and we’ve been all over it for a long time – way before the market went into turmoil, and that will not affect the timing of this in any way. No. Period. We’re doing this no matter what.” Earlier Bloomberg reported that Nasdaq is going to launch bitcoin futures on November 27, with reference to "information sources". Then the first quarter of 2019 was indicated as the estimated launch date of the product. The very next day during the Consensus Invest conference it became known that Nasdaq entered into a partnership with investment firm VanEck to launch new financial products. Called “bitcoin futures 2.0”, these products, as stated by VanEck’s digital asset strategy director Gabor Gurbach, will be futures-type regulated contracts. It is expected that they will use the SMARTS control system developed by Nasdaq, and the price will be based on the MVIS index developed by VanEck.
COINBASE:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: the mining complexityPrice Gradual descent continues, the price renewed local lows yesterday by settling at $3750 level. The turnaround into an upward impulse did not bring much, and was crushed on the $4000 level, which is supposedly turned resistive. The gradually lowering mean and inability to withstand $4000 level, hints that lowering is not over yet, and we are waiting for the testing of the overall low at $3500 in nearest days. Regaining of the upward momentum and quick march above $4000 - $4500 zone could change this overview back to the more bullish, bringing back some turnaround formation. Today forecast Trading Bounds: $3750 – $4000. High probability of downwards rally to the $3500 support. Latest The complexity of BTC mining has undergone the second largest decline in history As a result of the Bitcoin mining complexity recalculation, this figure fell by more than 15%, thus undergoing the second largest decline in the entire history of the first cryptocurrency. The complexity of mining is a parameter of the blockchain network, which shows how difficult it is to perform a mathematical calculation to find a new block and, accordingly, to receive an award for it. It is affected, among other things, by the network hashrate, that is, the total computing power of mining equipment involved in the process of cryptocurrency mining. With a decrease in the hashrate, the complexity also falls, and this is exactly what happened as a result of its next recalculation. Due to the highly unpredictable situation of the last half of 2018, this time the hashrate decline was extremely large, reaching 15.13% “The 275th Bitcoin mining period has started with block 552,384. New difficulty: 5,646,403,851,534 (-5.13%)” - @BtcBlockBot As XDEX chief analyst Fernando Ulrich noted in his twitter (@fernandoulrich), this is the second largest decrease in complexity in the entire history of Bitcoin and the largest since November 1, 2011, when this figure fell by 18%. Note that Bitcoin hash rate continues to decline - this indicator is in a downward trend since mid-October. The fall in prices only aggravated the situation, forcing many miners to turn off devices due to the unprofitability of mining. In terms of price, the break-even point is indicated differently - someone is talking about $7,000, in another opinion, this indicator is at the level of $4,500, below which Bitcoin has been trading around since November 20th.
COINBASE:BTCUSDShort
by DestinationMoonCrypto
Bitcoin Today: G20 noted the need of regulationPrice Price movement continues in a lateral pattern, finding support slightly lower than $4000 at the $ 3900 level. Last week pattern could be identified as a lateral as price yet managed to push up from the $3900 several times; though price average and local peaks gradually lowering indicating domination of sellers. Leaning downward price and weakness of the $4000 level could mean that soon we will see a passage to the $3500 support. If the price will be able to pick-up from current levels, nearest resistance levels will be $4300 and $4500. Today forecast Trading Bounds: $3900 – $4500. High probability of downwards rally to the $3500 support. Latest G20 Leaders’ declaration on cryptocurrency regulation At the end of the G-20 summit on Saturday in Buenos Aires, the heads of the participating countries signed a final declaration, which noted the need to regulate cryptocurrency and create a unified tax system for digital assets. In a signed declaration, the G20 leaders agreed on the need to reform the World Trade Organization (WTO), also confirmed their commitment to using all political means to achieve economic growth. Separately, the mention in the document of cryptocurrency and the underlying technologies is worth attention. In particular, the declaration confirmed that the regulation of digital assets is necessary for building an “open and sustainable financial system” and will be carried out in accordance with the standards of the Financial Action Task Force on Money Laundering (FATF). “We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated. We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.” – stated in paragraph 25 of the document. The declaration also speaks of the need to create a stable and time-honored international tax system, and that the G-20 countries will continue to cooperate in developing a consensus-based solution in a digitalizing economy. The development of proposals for the creation of uniform tax rules of the G20 country will be dealt with individually and will be discussed in 2019 at the next summit in Japan. It is planned to complete work in this direction by 2020. Earlier it was reported that standards for the regulation of cryptocurrency will be presented by FATF next year.
COINBASE:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: 2018 - ICOs, 2019 - ?Price The movement continues in a lateral channel between $4000 and $4300 levels. The fact that the price is holding above $4000 and Bearish Trend Line adds to the possible turnaround formation. Furthermore, the lateral movement above $4000 could be the formation of the right shoulder of the reversed head and shoulders formation, with the head at $3500 and left shoulder from 20th November. In such scenario, a breakthrough above $4500 level within the next week could have a strong positive response and send the price to the next target levels at $5000 and $5500. Return to the $3500 level will dismiss the above scenario and target the price downwards to test $3000 support. Today forecast Trading Bounds: $4000 – $4500. Breakthrough below 4000 will bring back bearish scenario. Latest Barry Silbert: ICO market is dead, but growth is inevitable Even though the ICO market is currently dead, this will not be an obstacle to the inevitable growth of the cryptocurrency industry, said founder and CEO of Digital Currency Group, Barry Silbert. Speaking on CNBC, Silbert said that the hype around ICO in 2017 stimulated a rise in Bitcoin prices, but now the market has collapsed, and this has led to a massive sale. “The ICO market is dead. Now there is a lack of demand for ICO, and there are all these sponsors who have raised a bunch of bitcoins and Ethereum, which they are now starting to sell. There are also all these crypto funds that have attracted funds, and now they need to pay ” - said Barry Silbert. In his opinion, the lack of stability in the cryptocurrency market is an inevitable growing pain accompanying any new phenomenon. To see the picture in a more global perspective, it is necessary to look at past bubbles and corrections, says Silbert. “Now this is our fifth, sixth or seventh time. The first few times when you see your balance fall by 80%, it is a little difficult to digest. But by the third or fourth time you are getting used to it and can consider it as a fantastic opportunity ” - Silbert said. He also believes that at the moment there are changes that are in no way connected with the daily fluctuations of the cryptocurrency market - institutional investors are starting to participate in the industry. “What happens without much publicity is the creation of companies for building infrastructure that allows them to serve a new category of investors. These are institutional investors, and I think that everything will happen in 2019 ” - Silbert added. It’s worth noticing that criticism for the ICO projects became popular among many, earlier BitMEX CEO Arthur Hayes gave a very negative outlook regarding the prospects for the 12 largest ICO-projects, which collected more than $50 million, and their tokens after entering the secondary market.
COINBASE:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: #13Price The market has shown the first positive signs after a fall by breaking above the Bearish Trend Line. The next resistance is the $4300 – $4500 zone, overcoming of which will add more points to the bottom-reversal scenario. Otherwise, for now, this upward movement could be valued as a correction of the oversold market. For today: $4000 and Bearish Trend Line are support levels and $4300 - $4500 is a resistance zone. From the fundamental side SEC Chairman said to CoinDesk today that they still see a problem for ETFs in market manipulation, at the same time, many exchanges declare the integration of manipulation protection systems. Coincidence it or not, the market could react positively on that the problem is described and a solution is proposed. Today forecast Trading Bounds: $4000 – $4500. Breakthrough below 4000 will bring back bearish scenario. Latest New CCID rating, BTC #13 In the seventh cryptocurrency rating from the CCID analysts (Center for the Development of the Information Technology Industry of China), Bitcoin ranked 13th. Last month, the experts gave the first cryptocurrency the 19th line of the rating. Since June, the first two places are occupied by EOS and Ethereum. Bitcoin Cash, who survived the hardfork recently, dropped one rank and took the 29th place. Analysts gave Ripple the tenth place, reducing the performance of the coin by three points compared with the previous rating. By the criterion of "Creativity", Bitcoin took the first place, in the category "Basic-tech" the leading line went to EOS. The best performance on the “Applicability” criterion this month was demonstrated by Ethereum. Rating leaders: 1. EOS | 2. Ethereum | 3. BitShares | 4.Steem | 5. Nebulas | 6. GXChain | 7. NEO | 8. Lisk | 9. Ark | 10. Ripple | 11. Stellar | 12. Komodo | 13. Bitcoin
COINBASE:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: futures 2.0 in 2019 Price Movement along $3500 level continues, confirming it’s supportive nature. Still, Bearish Trend Line and $4000 level are unbroken, thus the pattern stays bearish. $4000 level and Bearish Trend Line needs to be pierced to lay the foundation of reversal. $3000 level is seen as possible bottom by many traders, so, the $3500 – $3000 zone should play as a supportive role. Today forecast Trading Bounds: $3000 – $4500. Breakthrough below $3500 will continue the falling, with the target at $3000. Latest Nasdaq and VanEck will launch Bitcoin Futures 2.0 The second largest stock exchange in the world, Nasdaq, has entered into a partnership with investment firm VanEck to launch new financial products, CoinDesk reports. The partnership of two giants in the world of finance became known during the conference Consensus: Invest organized by CoinDesk. VanEck Director of Digital Asset Strategy Gabor Gurbacs announced the creation of “regulated futures contracts version 2.0”. According to him, new financial products will appear on the market next year. “What I’d like to point out is we ran a few extra miles working with the to bring about new standards for custody and surveillance,” – Gurbacs added. According to him, the initiative should be viewed as a kind of "update" of the current regulatory standards in the bitcoin futures market. He also points out that the SMARTS control system developed by the Nasdaq will be used for new derivatives. The price will be formed on the basis of the MVIS index developed by VanEck. Such an approach, Gurbacs states, "will give confidence to regulators and organizations seeking to enter the cryptocurrency market." SMARTS is software that supports a variety of algorithms for automatically detecting suspicious market activity, including "spoofing" and "wash trading". Gurbacs calls this system the “big cop engine”. According to him, this technology will make futures trading "fair and orderly." The new futures contracts are cash-settled, meaning that at expiration no “physical” bitcoins need to be moved in order to settle accounts. In contrast, a concurrent bitcoin futures product expected to launch in January of next year operated by the Intercontinental Exchange-backed company Bakkt will be physically-settled, meaning investors holding these contracts at expiration would receive payment in bitcoin. Note that the decision of the US Securities and Exchange Commission (SEC) on the ETF provided with physical Bitcoins, developed by VanEck in partnership with the blockchain-company SolidX, should be made by February 27, 2019. “We believe that 2018 was the year of regulation and 2019 will be the year of implementation.”
COINBASE:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: bottom at $3000?Price One more testing of the $3500 support level, the level withstood and pushed the price above for now. Still, reduce in the downwards momentum and lateral movement along $3500 level doesn’t mean much, to consider an end of the fall we need to see the price above Bearish Trend Line, crossing of the $4500 level would be confirming the turnaround. In the case of the breakthrough of the $3500 – next psychological support will be $3000, which was noticed by many traders as a possible bottom. Today forecast Trading Bounds: $3000 – $4500. Breakthrough below 3500 will continue the falling, with the target at $3000. Opinions Bitcoin will find the "bottom" 85% below the historical maximum Anthony Pompliano, founder and managing partner of Morgan Creek venture capital firm, believes that the first cryptocurrency can reach a “bottom” of 85% below the historical maximum. He said this on Monday in the Squawk Box program on CNBC. “Everything will end up somewhere 85% below the historical maximum, that is, somewhere around $ 3,000. We approached this at the weekend, but we will probably have to lower a little more, ” – Pompliano said, adding that he bases his forecast on his own experience in the cryptocurrency space. During the transfer, the presenter noted that many investors lost confidence, suggesting that the likelihood of their return to Bitcoin after the losses incurred this year may turn out to be low. In response, Pompliano said that Bitcoin was overvalued when he reached the historical maximum and that a healthy correction is now being observed. “Bitcoin was overvalued in December 2017. This year, there were more sellers than buyers, so the price drops. But there are three things to keep in mind. First, Bitcoin is a transaction platform. It is the safest platform in the world, and it must have some value. It can not cost nothing. Secondly, it is the most profitable asset class in the last 10 years. During the longest bull rally, he walked around the S & P, Dow Jones, and Nasdaq, etc. During this time, it has fallen twice by 80%, but over the past two years, it has grown by 400%. Third, all this was achieved by retail investors, ”. Answering the question of one of the participants of the discussion on whether Bitcoin can repeat the scenario of tulipmania, the head of Morgan Creek noted that if in 2017 buyers were mostly retail, now financial institutions are starting to connect. “This is not often said, but most of them do not buy on the stock exchanges. They buy in the OTC market, which is not transparent. Thus, we are now witnessing the erosion of retail investors, ” – he added. He also assured that Morgan Creek is not going to refuse to invest in Bitcoin, but on the contrary, will buy during the price cuts, since “it has a very deep faith in Bitcoin”. Earlier, Anthony Pompliano said that many cryptocurrency hedge funds will soon be forced to announce the closure, while ICO projects will have penalties and bankruptcy ahead. According to him, this is a natural process of cleansing the industry from "tourists".
COINBASE:BTCUSDShort
by DestinationMoonCrypto
Bitcoin Today: Miners are shutting downPrice The fall continues, BTCUSD did not manage to hold on above the $4000 and the price broke the support during the weekend. Despite that the price showed a rebound from $3500 level, as long as we stay below $4000 the pattern is 100% bearish. On the way down we have support level $3500 and psychological level at $3000. Bearish Trend Line and $4000-$4500 zone needs to be crossed to consider any turnaround patterns. Today forecast Trading Bounds: $3000 – $4500. Breakthrough below 3500 will continue the falling, with the target at $3000. Latest Bitcoin Miners are shutting down From mid-November, in the context of falling prices and declining hashrate, 600,000 to 800,000 Bitcoin miners have been disabled. Such figures were cited in an interview with CoinDesk by the founder of the F2pool mining pool, Mao Xixing. According to him, most of the miners who stopped work are likely to use outdated device models, such as Antminer T9 + from Bitmain or AvalonMiner 741 from Canaan Creative. The production capacity of these devices is about 10 TH/s, and according to F2pool calculations, in the current situation, their work is unprofitable. F2pool itself has lost more than 10% of the hashrate in recent weeks. Currently, F2pool accounts for less than 12% of the total bitcoin hash rate, Mao admitted. “It’s hard to calculate a precise number of miners connected to us that had unplugged. But we saw over tens of thousands of them in the past several days based on conversations we had with larger farms that we are in regular contact with… This is what’s happening among miners in China.” Last week the Mao published a video in which a huge number of mining devices are simply dumped onto each other near an unknown building. Also from his WeChat-account, he shared a photo of a person who allegedly sells or buys miners by weight. According to him, when he wrote that the devices sell in kilograms, he was, of course, half joking. “Those miners being sold by the kilos are even older and obsolete models that aren’t usable anymore. So people are selling to recycle like copper instead of for further mining purposes.” Speaking about the reasons forcing miners to disconnect devices, Mao calls the recent sharp drop in the market after hard fork of Bitcoin Cash on November 15, rising electricity prices in China, and the fact that Chinese asic manufacturers are in a tough competition, releasing new devices and making old models uncompetitive. As winter approaches, Chinese hydroelectric power plants suffer from water shortages, which leads to a twofold increase in electricity prices compared to summer. According to Mao, if in the summer prices in the mountainous southwestern region of the country, where there is a large number of farms, could fall to 0.2 yuan ($ 0.029) per 1 KW/h, now they are at around 0.3 yuan ($ 0.043). At the same time, fossil fuel power plants, such as in Xinjiang Province, can produce electricity at more stable prices. As a result, the average cost of 1KW/h in China is at least 0.28 yuan ($ 0.04). And as Mao says, at current prices for Bitcoin, devices made in 2016 or 2017, no longer bring profit. At the same time, he notes that turning off devices does not mean that they are out of the game forever. “The change of bitcoin’s mining difficulty normally has a lag of about 14 days . After this wave of shutdowns, those players who opted to stay in may have a better life.” The latest data shows that over the past few days, the complexity of mining has dropped by about 5%. Head of Genesis sees the bottom at $3000 The head of Genesis Trading, Michael Moro, in a conversation with CNBC, expressed the opinion that the fall in the price of the first cryptocurrency would stop at around $ 3,000. "You really won't find until you kind of hit the 3K-flat level," He argues his arguments that the price has already tested the $4000 mark almost unchecked several times in the last few days. According to him, there will be no serious obstacles and on the way to $3000. Also, the analyst advised being cautious to those who are going to increase their positions “on the bottoms”. At the same time, he is sure, long-term investors are set to hold their current positions and are counting on price recovery. "This is about the fifth or sixth 75 percent-plus drawdown that we've seen in the 10-year history of bitcoin," he said. "And so if you have that lens, I don't believe institutional investors really ultimately care where the price of bitcoin ends in 2018 simply because they're looking at things three to five years out."
COINBASE:BTCUSDShort
by DestinationMoonCrypto
Bitcoin Today: is this a bottom?Price Yesterday passed without major fall-downs, in restoration from the $4300 to $4500 level. Today, for now, is undergoing a low volatility and the price seems to be reacting on the $4500 level as a support, though it needs to be confirmed. Bearish Trend Line, the crossing of which should show the end of the sharp-fall pattern, is in two days of the lateral movement so we can't confirm that the price has already found a bottom yet. Main levels for today are $4300 and $4000 as a supports and Bearish Trend Line as a resistance. Today forecast Trading Bounds: $4300 – $5000. Breakthrough below 4000 will continue the falling, with the target at $3000. Latest Opinion: the price of Bitcoin has already pushed off from the bottom In the next few days, a bitcoin corrective price rally may develop, which, apparently, felt the bottom near the $4,000 mark - CoinDesk analyst Omkar Godbole shared his opinion. The main theses of his analyze: “Bitcoin could rise above $5,000 in the next few days, as per the oversold RSI on the 3-day chart. The overall bearish outlook would be invalidated if the corrective bounce ends up pushing prices well above the 10-day EMA of $5,242. The sell-off would resume if BTC finds acceptance below the 200-week EMA of $4,182, opening the doors for a drop below the psychological level of $4,000.” One more alternative stablecoin (USDC) successfully passed an audit Stable USD Coin (USDC) coins from a Bitcoin startup Circle are fully secured with a fiat dollar, CoinDesk reports. The financial review was conducted by Grant Thornton LLP, a US subsidiary of the international organization Grant Thornton International. The latter provides audit, tax and consulting services to private and public companies in 130 countries. As of October 31, $127,412,240.89 was in the Circle vaults. This somewhat exceeds the number of tokens in circulation at that time (127,408,827 USDC). Thus, if necessary, the company was able to simultaneously redeem all the tokens released to the market at the end of last month. According to Grant Thornton, Circle’s financial audit was conducted in accordance with the certification standards set by the American Institute of Certified Public Accountants (AICPA). Currently, according to CoinMarketCap, there are 162.9 million USDC tokens in circulation. Earlier, auditors' reports were published by Gemini and Paxos, which are Circle's competitors in this segment of the cryptocurrency market.
COINBASE:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: the fall is short-term?Price One more dive renewed lowest point to the 4000 level. The zone below 4300 (78,6% Fibo) level played as a support and pushed the price above. At the moment the price reached above 4500. Nonetheless, to consider any reversal patterns we need to see the price above the closest Bearish Trend Line until then the pattern stays bearish. The main supportive level, for now, is 4000, breakthrough below this level will open the way to the next psychological level 3000. Today forecast Trading Bounds: 4000 – 5000. Breakthrough below 4000 will lead the price to the 3000 support. Opinions Tom Lee: the fall is short-term Tom Lee, analyst, and co-founder of Fundstrat Global Advisors, in a regular conversation with CNBC, expressed the view that the collapse of markets is happening in the context of the global trend, and the continuing rapid fall of Bitcoin prices is only of short-term nature. “Markets around the world are fragile, and panic and sentiment are playing a disproportionate role right now... Does this mean bitcoin is broken? No. The use case is still there, but in the short term, panics are panics,” Also during the conversation, the analyst mentioned the US Securities and Exchange Commission (SEC), which studies the activities of many projects related to digital tokens. This, he said, also puts significant pressure on the market, creating the negative sentiment. Also, many experts are convinced that in addition to legal uncertainty and stricter regulation, the recent hardfork of Bitcoin Cash which caused the emergence of two competing chains, had a negative impact on the market. “The 'Hash War' between Bitcoin Cash ABC SV continues to impact the market," said Brian Kelly, CEO of the founder of BKCM. "Both sides appear to be selling bitcoin to fund mining operations to win the battle.”
COINBASE:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: bottom now?Price The great bitcoin fall continues. After a month in a lateral consolidation the first cryptocurrency went down, crashing all support levels on its way. At the moment, BTCUSD price on Coinbase pierced the $4500 level, and now is testing $4300, the next alleged stop on the way down could be the psychological level 4000. It is worth noticing, that the growth of the 2017 year, which brought BTC to the unbelievable now $20,000 mark, started somewhere on the $4000 point. Also, $4000 – $4300 zone coincides with the last Fibo level of the whole-chart, the 78,6% retreat from the $20,000 peak. So, what to wait now – the stop on one of the support levels and transition into a lateral movement, the closest support is $4000. Today forecast Trading Bounds: $4000 – $5000. Breakthrough below $4000 will lead the price to the $3000 support. Latest opinions “1) $4800 was not a bottom by any means - my arbitrary line in the sand was the wrong arbitrary line. 2) Judging by volume, we are still quite far from a bottom. So far this sell off has been relatively weak (volume wise).” - @CryptoDog “People have panicked. But there's no fucking need. We're in a bear market. They suck, yes, and not like a hooker with no teeth. But I'm 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It's always followed by a glorious Spring. Fucking relax.” - John McAfee “The price of Bitcoin crashing below $5k doesn't invalidate the need for a secure, decentralized medium of exchange that is digital in nature. It simply demonstrates that speculators and gamblers severely over-estimated how ready the technology currently is.” - Jackson Palmer (@ummjackson) “Today for the first time in this bear market I saw people capitulate, throw in the towel, ridicule this movement and the technology and vow never to touch Crypto again. Even the bravest went quiet...” - Ran NeuNer (@cryptomanran) “Historically, bitcoin’s previous parabolic run-ups and declines have typically found support around their 78% retracement values. In our case, this coincides at approximately the $4,400 range… Given the capitulative nature of this move, it seems likely that the $4,400 zone will hold up nicely as it welcomes a fresh round of buyers. From there, we will have to re-evaluate the market and see how it reacts to the support level.” - @BTC_Schmitcoin
COINBASE:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Bitcoin Cash and Nvidia Price Quiet weekends along the 5500 level and quick dive to the 5200 at the Monday opening. 5200 level shows supportive power again, and, for now, stops the falling, but the turnaround pattern is delayed now. The best scenario for near days is come-back above 5500 and further lateral movement. The longer the price will stay in the 5200-5500 zone, the more the probability of further break-downs. Current market picture – downtrend, only strong upward movements with fundamental support could change the it. A breakthrough of the 5200 will lead the price to the next support level at 4800. Today forecast Trading Bounds: 5200 – 5500. Breakthrough below 5200 will lead the price to the 4800 support. Latest opinions Bloomberg: Bitcoin price may continue to fall to $ 1,500 Bloomberg Intelligence believes that the cryptocurrency market may continue its downward trend, and the fall could reach $ 1,500. “Analysts suggest Bitcoin could gravitate toward $1,500 level” - @crypto (Bloomberg Crypto) McGlone, Bloomberg Intelligence analyst, stressed that the Bitcoin Cash pump, which preceded the hard forks, destabilized the market situation and was one of the reasons for the collapse last week. The slump “was sparked by the pump for the Bitcoin Cash hard fork," said McGlone. "That pump that began a few weeks ago, got the market a bit too offsides with speculative longs playing for the good-old days. But this is an enduring bear market." Negative reports from Nvidia did not go unnoticed either. “The drop in the stock price of Nvidia is reflective of a future where cryptocurrency fueled demand has cratered,” said Peter Mallouk, president and co-chief investment officer of Creative Planning, in an email. “While this is, of course, bad news for Nvidia, it is really the canary in the coal mine for Bitcoin and other cryptocurrencies.”
COINBASE:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Reasons for the fall? BCH?Price More than 15% fall brought the bitcoin price below the 2018 lows, for now, the price fall has stopped at the 5300 level, showing some rebound to the 5500 level. For now, the zone 5300-5500 shows a supportive character, if the support zone will be pierced – the next support on the way down is psychological level 5000. Today forecast Trading Bounds: 5300 – 5600. A breakthrough below 5300 will lead the price down, to the 5000 support. Latest opinions Brian Kelly (CEO of digital asset investment firm BKCM LLC) Brian Kelly quote from the yesterday CNBC's show "Fast Money" Kelly connects the fall with panic about the upcoming BCH fork. "Now, when you do a software upgrade, everybody usually agrees, but in this particular case, everybody is not agreeing about what that software upgrade should be. So, we've got ourselves a Crypto Civil War... and that has people in the market concerned. So, what happened today? People are concerned that both Bitcoin and Bitcoin Cash networks might slow down, they might not work as well, that software upgrade might not go through, or if it does go through, we'll end up with some chaos. People started selling. That triggered stops. Everybody got concerned. And that's what happened today." However, Kelly himself sees this fall as a short-time event, and believes that prices will come back soon: "In my view, very short term type of event. I think it's probably an opportunity. In fact, we did some buying at my fund today." Meltem Demirors (Chief Strategy Officer at CoinShares) Demirors talks about possible growth catalysts on yesterday CNBC's show "Fast Money". "Absolutely... We had six months of Bitcoin and a lot of other assets trading sideways, and I think there were just a number of events that piled up that led to this mass release, the sell-off... My view is that it's probably some institutions, some funds, deleveraging, taking some money off the table. Any time there are forks, things tend to trade weird and strange. So, I think people are trying to take some risk off the table. There are a number of exciting events coming up. In December, ICE's new subsidiary, Bakkt, is going to launch... And then, in January, we'll see Fidelity new crypto custody arm starting to operate."
COINBASE:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: 150 lower than BTCUSDTPrice The BTCUSD price fell below 6300 level, which turned into a resistance during Tuesday. Remarkably, that Bitcoin/Tether price holds above 6400 level, makes a significant difference between the most popular stablecoin and real USD value. Locally, BTCUSD follows the weekly downtrend line and already reaching the main 2018 support zone, which showed its supportive nature earlier in October. If the price will manage to bounce-off from the 6200 support, a breakthrough above 6300 will be needed to confirm the turnaround tendency. Dive below 6200 will open the main supportive zone, with 6000 psychological support and yearly low at 5750. Today forecast Trading Bounds: 6200 – 6300. Latest opinions Number of transactions in the Bitcoin network reached a 10-month maximum On November 12, the daily number of confirmed transactions in the main Bitcoin network exceeded 300,000. The last time, according to blockchain.com, indicators were at this level at the end of January. Note that the maximum Bitcoin values were reached in December 2017, when a daily number of transactions in the network was over 490,000. The decline continued until April of this year when the figure reached a minimum of 135,129, and then a gradual recovery began. At the same time, the network hash rate showed a steady growth since December, but the last two months were characterized as a flat between 45 TH / s and 60 TH / s. Despite the growth of transactions, the price of Bitcoin is still showing sideways movement in the region of $ 6,200 - $ 6,500.
COINBASE:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: end of the wedgePrice Yesterday went in a lateral movement along 6450. Today morning BTCUSD showed one more testing of the 6400 level and returned back to the 6450. The movement is coming to the peak of the lateral wedge, which was formed in September, so during next days the price could shift its hold-on positions. For now, support – 6400, and resistance located at 6500. Today forecast Trading Bounds: 6400 – 6500. Latest opinions Erik Voorhees: US National Debt Will Be a Powerful Bitcoin Growth Driver The United States may face financial problems due to growing government debt, which has already reached $ 21.7 trillion. However, the possible inflation and the devaluation of the dollar against this background will open opportunities for the cryptocurrency market. Such an opinion was expressed in Twitter by the ShapeShift cryptocurrency exchange platform CEO Erik Voorhees. “When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can't possibly ever pay it back, and thus must print it instead, and thus fiat is doomed... watch what happens to crypto.” BlackRock CEO Larry Fink and crypto skeptic Nouriel Roubini expressed a similar opinion in the CCN interview, saying that the interest rate is growing too fast, holding back economic growth. “The US economy is now overheated, with inflation above target figures. Consequently, the US Federal Reserve will continue to raise federal funds rates from the current 2% to about 3.5% by 2020. It is very likely to push up short-term and long-term interest rates, strengthening the dollar” Note that experts predict the next major financial crisis until 2020. During this period, investors are likely to switch their attention from the dollar to alternative types of assets, including cryptocurrency. So, according to Vinny Lingham, the founder of Civic and partner of Multicoin Capital, more capital will be generated in the crypto-branch over the next ten years than in the previous decade, even despite the current deep decline in this market.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Binance CEO is satisfied with marketPrice Two-weeks of growth ended at the 6600 level, changing to the lateral pattern. The lateral movement continues along the 6400 level, which has been tested several times but manages to hold the price. Nothing really changed on the fundamental side throughout weekends, so expectations stay the same – lateral movement in 6400 – 6500 zone. Today forecast Trading Bounds: 6400 – 6500. Latest opinions Binance CEO is positive about bitcoin future According to the Binance CEO Changpeng Zhao, “sooner or later” the market will experience rally, and institutional investors can push it to that. Currently, many cryptocurrency investors are concerned about the downturn in the market, which also leads to low trading volumes. However, the CEO of the world's largest cryptocurrency exchange, Binance, does not worry about current market trends. Changpeng Zhao believes that “sooner or later” something should provoke a rally. Speaking at CNBC Crypto Trader, Changpeng Zhao expressed his positive attitude towards the current market situation. When presenter Ren Neuener asked which catalysts would be the forerunners of the rally, Changpeng Zhao said: "This is a difficult question, I really do not know how to predict which of the catalysts will become a trigger." In addition, Zhao said that the actual trading volume of cryptocurrency remains unknown: “I heard that the volume of trades on the over-the-counter market is approximately equal to the exchange one. That is, it is at least 50% of the volume, which is not reported by CoinMarketCap. We do not deal with OTC, so we do not know the real volumes. ” CEO Binance explained that the current state of the ICO market is not a bad sign, as this market is still emerging. According to him, many projects so far are focused on current products, services and tokens in order to attract investors. Zhao says that the emergence of institutional investors could be a “strong trigger”. Earlier, in September, when Vitalik Buterin tweeted that “a 1000-fold increase in cryptocurrency prices is hardly possible,” Zhao replied in opposite way, that such an increase in cryptocurrency, when their capitalization will overtake the US dollar, is just possible. It should be noted that over the past 11 months, the cryptocurrency market has lost more than 70% of its capitalization, and at the same time, the Binance exchange has lost almost 90% of its trade. However, the number of active users and Bitcoin deposits on Binance is steadily growing, and recently the exchange has surpassed such giants such as OKEx and Huobi in terms of trading volume and number of active users. Zhao said: “Compared to with a year or two ago, we still trade in huge volumes. Business is still in order, and it makes a profit. "
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Banks are waiting for InvestorsPrice Retreat from the 6600 resistance continues, Bullish Trend Line and 6500 level are broken, which shows the end of the two-weeks uptrend tendency. Leaving the 6500 – 6600 zone adds to it resistance power. To get over this zone BTCUSD will need to collect volumes on lower levels, preferably not lower than 6400. Movement below 6400 will skew the market bias into the bearish pattern. Today forecast Trading Bounds: 6400 – 6500. Latest news Opinion: banks wait for institutional investors, which does not come for now At the moment, big investors are not interested in investing in digital assets, states Nikolay Storonsky, a former trader of Credit Suisse Group AG. “Unless these big institutional investors and hedge funds move heavily into the crypto world I just don’t think banks will move because they simply try to make money from their clients,’’ said Storonsky. “There is no interest from big institutional investors so far.’’ This makes life difficult for a number of large banks that are developing various derivatives tied to digital assets and are trying to establish trade and storage of Bitcoin and other cryptocurrencies. Thus, Morgan Stanley is preparing to launch bitcoin swaps, Goldman Sachs is considering providing custodial services for cryptocurrency funds, and Citigroup has developed receipts for digital assets. However, in the opinion of Storonsky, banks will not be able to withstand competition with fintech projects. “Fintech will be very big in crypto for the foreseeable future,’’ he said. ‘’I just don’t think banks will catch up.’’ After leaving the Swiss bank, Storonsky founded the Revolut project. In April of this year, the startup attracted $ 250 million from leading venture capital funds and increased its capitalization to $ 1.7 billion. By June 2018, the number of service users exceeded 2 million. The Revolut project issues cards with several currency accounts, allows you to exchange currencies without bank fees and use cryptocurrency. Recall that earlier the head of the largest investment company BlackRock Larry Fink expressed a similar idea and said that his clients are not interested in investing in cryptocurrency. Crypto-exchanges security-of-funds rating Information security company Group-IB, together with CryptoIns IT-platform, has published a rating of the leading Bitcoin exchanges on the security of funds stored on them, reports The Next Web. All exchanges were divided into four groups depending on the risk. The first group includes the most reliable, while the fourth - the least reliable. Criteria for determining the degree of insurance risk include the level of technical security of the exchange, the reliability of storing keys, passwords and personal data of users. The quality of individual risk management systems and the platforms' compliance with anti-money laundering (AML) and customer verification (KYC) procedures were also taken into account. The Group-IB experts gave first place to Kraken with an insurance premium of 1.25%. This means that insurance of 1 BTC for a 90-day period will cost 0.0125 BTC. Bittrex and Coinbase follow with 1.5%. The third group included Binance, Bitfinex, Bithumb, BitMEX, Localbitcoins, MyEtherWallet and Poloniex - the insurance premium of these exchanges is 1.9%. It is noteworthy that OKex, the second in the world in daily trading volume, along with Huobi and Coincheck is included in the list of unreliable assets in terms of insurance. The least reliable is the Yobit exchange. Also, the list did not include such exchanges as Zaif, Bitstamp, TopBTC and Bit-Z. As the statement notes, representatives of Group-IB and CryptoIns refused to disclose the criteria by which certain exchanges were included in the list of the least reliable relying on confidentiality of information.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Tether at risk againPrice The roll-back after an upward rally to the 6600 went further down and reached its starting point at 6500, hence 6500 appeared supportive and pushed bitcoin price upwards. Despite the roll-down, fluctuations stay in the weekly uptrend pattern, above the Bullish Trend Line. For today, Bullish Trend Line and 6500 should play a support role for the bulls. From the upside – 6600 is the main target, it has to be pierced in the nearest days to consider further uptrend. Today forecast Trading Bounds: 6500 – 6600. Breakthrough above 6600 – bullish signal with target on 6800. Latest news Latest trading statistics; Record low volatility of bitcoin futures The number of short Bitcoin positions on the Bitfinex exchange reached a two-month minimum, having decreased by 33% in the last eight days. The number of long positions increased by 10%, reports CoinDesk. At the same time, in October, the average weekly volatility of bitcoin futures, according to MarketWatch, reached a historic low of 6.6%. Specialist at the Chicago Options Exchange (CBOE), Kevin Devitt, stressed that previously this figure was about 15.65%. Add that at the end of October, the average daily volatility of Bitcoin fell to the levels of March 2017 and amounted to only 0.86%. Meanwhile, the cryptocurrency market is showing moderate growth. Thus, over the past two days, total capitalization has increased from $ 210 billion to $ 220 billion, and daily trading volume - $ 14.2 billion to $ 16.3 billion. Tether’s new banking partner may be involved in money laundering in the Odebrecht scheme Brazilian law enforcement agencies have appealed to the authorities of the Bahamas to assist in the investigation of suspicious transactions of Deltec Bank & Trust, the new partner of the Tether Limited reports the O Globo. The Federal Prosecutor's Office of the State of São Paulo deals with the case of Paulo Vieira de Souza, the former director of the DERSA road construction company. De Souza is charged with taking bribes from the concern Odebrecht. It is assumed that the head of DERSA transferred about $ 25 million to the accounts of the Panamanian offshore company Nantes Group, which was serviced by a private Swiss bank Bordier & Cie. According to law enforcement, de Souza was the direct beneficiary of these accounts. However, investigators are convinced that the Panamanian company was not the last link in money laundering. In February 2017, these funds allegedly migrated to accounts in the Bahamian Deltec Bank & Trust. At the moment, the Brazilian prosecutor’s office is awaiting an official response from the Bahamas about whether de Souza’s money really lies in Deltec Bank & Trust accounts. It is also reported that countries already have experience in dealing with money laundering. Earlier, the chairman of the board of Deltec Bank & Trust, Jean Chalopin, confirmed the authenticity of the letter dated November 1 stating that at the end of the business day, October 31, Tether Limited had $ 1,831,322,828 in the bank account.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: upward impulse and no news from SECPrice After the breaking above 6500 price found support and went upwards with rising volume. At the next resistance level (6600) BTCUSD took a rest but did not rollback far only reaching the wedge formation boundary. Now the price gaining momentum and probably will test 6600 level once again. A breakthrough of 6600 will let the price in the main resistive zone of the autumn pattern 6600 – 6800. The fundamental picture stays indecisive, so there is no support for the bullish rally, and still the fact that the price climbs close to main resistance levels gives the chance that in case of any positive news there are more chances to reach above 7000. Today forecast Trading Bounds: 6500 – 6800. Breakthrough above 6800 – bullish signal with target on 7000. Latest news [* ]No statement from SEC on November 5 A large part of the crypto-community was hoping to hear a decision from the US Securities and Exchange Commission (SEC) regarding nine Bitcoin (BTC) exchange-traded funds (ETFs) on November 5, 2018. No statement came, however, as November 5 was, in fact, the deadline for the public to submit their comments to the SEC to help the agency review the case. Initial statement about November 5 was released on October 4, the regulator issued a corrected order scheduling filing on the initially rejected nine crypto ETFs, where it clarified that “by November 5, 2018, any party or other person may file a statement in support of, or in opposition to, the action made pursuant to delegated authority.” SEC already have a practice of asking the public opinion — for instance, the regulator had received more than 1,300 comments on the proposed rule change to list and trade shares of the VanEck SolidX ETF, did not change its' decision, and then requested more comments. Nevertheless, some community members were confused by a rumor that November 5 was the deadline for the SEC decision per se and expected the agency to publish a statement. Decisions on ETFs are important for the community because it could open a way for institutional money to enter the crypto-market. For now, the probability of ETFs approval looks low, still, there is always a chance. The agency has been declining all crypto-related ETFs since March 2017, when it rejected the first one submitted by Winklevoss twins. The decision was based on concerns bitcoin markets are unregulated and extremely volatile. One of the most promising ETFs is the one powered by investment firm VanEck and financial service company SolidX with an additional emphasis on insurance: the VanEck SolidX Bitcoin ETF is derivative-backed, according to its press release, implying that the firms will actually hold BTC. This will allegedly protect against the loss or theft of the cryptocurrency, which might be an important factor for the SEC. Whilst there is no definite deadline for the nine Bitcoin ETFs in question, the VanEck SolidX Bitcoin ETF will reportedly be reviewed until February 2019. By that time, the industry might be more prepared for the SEC scrutiny. Thus, CNBC crypto analyst Brian Kelly previously argued that, according to statistics from Chicago Mercantile Exchange (CME) derivatives marketplace, the futures market is evolving quickly and that we will likely “have a much better shot” at Bitcoin ETF approval by next year: “Here’s CME Futures open interest of large holders. April, you’re starting to see a big increase about an 85 percent growth rate. If you extrapolate that out, by February 2019, you’re going to have a very robust market here.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Bithumb volumes adds positivityPrice During the weekends the price confirmed a newly-formed uptrend tendency and managed to get back inside the October lateral wedge, above 6400 level. Given the lack of news, this behavior adds positivity to the price pattern. Nonetheless, a crucial level for the overall pattern is 6800, until we reach it the overview stays bearish. Today bounds: 6500 from above, and 6400 as a support. Today forecast Trading Channel 6400 – 6500. Latest news Large volumes on Bithumb While, in terms of technical analysis, nothing interesting is happening in the European and US markets, Asian exchange draws attention since interesting processes are taking place there. Bithumb exchange has become the leader in terms of Bitcoin trading volume lately, getting close to the Bitmex (although, unlike Bitmex, Bithumb does not provide credit shoulder). This suggests that someone is buying serious volumes on Bithumb. The price at the same time is almost in place - a large investor wants to skimp cheaper. Another interesting fact is that less than a month ago a large investor, who has no relation to cryptocurrencies, bought out a controlling stake in Bithumb. This was preceded by an exchange statement about plans to open new offices in Japan and Thailand. The new owner of Bithumb is the Singapore group of companies VK Global, specializing in plastic surgery. Many traders consider, that this is how the stock market comes to a crypt world, without any buzz. The rise in volumes since the Bithumb acquisition become significantly bigger and can’t be unnoticed anymore. Maybe this process advocates for the slow change to positive signs in latest price patterns.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: #19 in ChinaPrice BTCUSD step-by-step restores past positions after a two-steps drop to the 6250 support. By rising above 6400 price leaves oversell zone, still, overall pattern stays bearish according to Bearish Trend Line and lateral wedge formation. To consider reversion of the two-week downward tendency we need to see rise above the 6800 level and 100-days EMA, until then the most positive outlook would be fixation above 6400 and lateral movement. Today forecast Trading Channel 6300 – 6500. Latest Bakkt and Faith of the VanEck-SolidX ETF Bakkt is a strictly regulated cryptocurrency trading platform developed by ICE, the parent company of the New York Stock Exchange (NYSE). Currently, the company establishing an ecosystem for retail traders and institutional investors to invest in the cryptocurrency market through products that are compliant with local regulations in the US. Bakkt announces the launch of a cryptocurrency futures market in December, the launch is supposed to increase the liquidity of Bitcoin market. Recall, earlier the US Securities and Exchange Commission (SEC) rejected nine Bitcoin ETFs on the premise that the Bitcoin futures market is not of sufficient size to handle an ETF. The entrance of Bakkt into the cryptocurrency exchange market, the involvement of Bitcoin futures market operator CBOE in the VanEck ETF, and the track record of VanEck in filing over 200 successful ETFs with the SEC have led to an increase in anticipation towards the VanEck-SolidX ETF. Technical analyst Alex Krüger gave his comments on the situation to CCN, emphasized that renewed enthusiasm towards the market initiated by Bakkt and the VanEck ETF will allow the price of Bitcoin to climb back to major resistance levels. For now BTC market trades on lowest levels in 2018, hence, as of now, the market needs a major catalyst to engage a proper short-term rally and upside movement, and the two financial institutions could be a major factor that may trigger the price of Bitcoin to increase. However, speaking to CCN, Krüger firmly stated that the probability of the VanEck-SolidX Bitcoin ETF being approved remains extremely low given the concerns of the SEC towards the state of the cryptocurrency exchange market. If Bakkt can begin to demonstrate a level of volume that comfortably trumps the volume of cryptocurrency exchanges that offer derivatives or margin trading such as Bitmex and Bitfinex, the SEC could consider approving an ETF. The issue with that is, the probability of Bakkt surpassing the volume of existing cryptocurrency exchanges until the end of 2018 is fairly low. Bitcoin is #19 in China ratings The Center for the Development of the Information Technology Industry of China (CCID) published the October rating of 33 cryptocurrencies. EOS continues to occupy the leading position, and Bitcoin is down three lines, taking 19th place. The second and third place belongs to Ethereum and Bitshares. Nebulas and NEO are closing the top 5. The sixth place in the new ranking analysts gave to Ripple - this is the highest figure for the coin in the CCID rating so far. According to the “Basic-tech” criterion, the first places received the same cryptocurrencies as last month: EOS, Bitshares, Steem, Ethereum, and Gxchain. Ethereum, Neo, Nebulas, Qtum, and Dash were the best in the “Applicability” category. It is reported that in compiling this list, analysts "improved the methods for evaluating developers' tools and fully studied the API, SDK, RPC, smart contracts, and other factors." Despite the fact that Bitcoin went down in the rankings, the main cryptocurrency, in a company with Ethereum, EOS, Nuls, and Cardano, became the leader in the “Creativity” category. First 15 positions of CCID rating: #1 EOS, #2 Ethereum, #3 BitShares, #4 Nebulas, #5 NEO, #6 Steem, #7 Ripple, #8 GXChain, #9 NULS, #10 Komodo, #11 Lisk, #12 Stellar, #13 Ark, #14 IOTA, #15 Waves.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: BitMex says correction for 1.5 years morePrice One more dip brought the price to the support level 6250, this time the movement triggered buyers and price was brought back up to 6400 level. Still, the hike only shows that 6250 level still has a lot of supportive power, there is no turnaround pattern seen yet. So, for now, we have a channel 6250 – 6400, which probably will be traded-through in nearest days; Breakthrough above 6600 and then 6800 should be considered as an upward signal; 5750 – 6250 remains a strong support. Today forecast Trading Channel 6250 – 6400. Latest opinions Head of BitMex: Bitcoin stagnation could last for 1.5 years more The price of bitcoin and trading volumes may continue to fall for another one and a half years. Arthur Hayes, head of the BitMEX cryptocurrency derivatives trading platform, expressed this opinion in an interview with Yahoo Finance. “My view is the volatility environment that exists right now could persist for another 12 to 18 months, the flatness. I’m just basing it off my previous experience. I started in bitcoin in 2013 when the price went from $250 to $1,300 and then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed — very, very difficult to make money.” He also added that trading volumes may be even lower than now. While the head of BitMex sees a bearish mood in the market, other representatives of the industry are still more optimistic. Will Warren, the co-founder of 0x, told Yahoo Finance UK in a phone interview: “Having followed this space since 2011, we’ve seen a number of different cycles where a large number of people start to get interested in the technology and it kind of winds up and then winds downs again.” “The market is blowing off some steam right now,” he added. “I think the market is probably going through some healthy consolidation but I do believe the long-term trend will be greater adoption of bitcoin and similar technologies.” Jonathan Levi, a former Barclays and Goldman banker who now helps banks implement blockchain as CEO of startup HACERA, told Yahoo Finance UK: “I think when the bear market is put in context it gives you more clarity – you’re looking at a bear-sized drop but from an astonishing height. The price of bitcoin is undoubtedly in a bear market but in the application of bitcoin and other blockchain projects we are in fact in a bull market. Most of the EU banks are actively investing in blockchain and that all originally stems from bitcoin.” Despite the decline in trading volumes and volatility, derivatives worth more than $ 1 billion are traded on BitMEX daily. Earlier this year, the overall price of traded contracts on the platform exceeded $ 8.5 billion per day.
BITFINEX:BTCUSD
by DestinationMoonCrypto
2
Bitcoin Today: Happy Birth Day to Bitcoin!Price After a drop-down from the correctional wedge formation BTCUSD went into an inclined channel, gradually lowering, looking for a bottom. The nearest support on the way down is 6250, the beginning of the lower point and main support zone of 2018 (5750 – 6250). Today news background is quiet, so we do not expect any strong moves from the market, the most probable scenario is lateral movement, possible gradual lowering closer to the 6250. Today forecast Correction/Downtrend. Support zone: 6250 – 5750. Latest news Venezuela officially launched sales of Petro for fiat and cryptocurrency The state digital currency of Venezuela, Petro is now available for purchase for fiat money and cryptocurrency. This was announced on October 29 in Twitter by Economic Department of Venezuela. According to the infographic presented in the tweet, Petro can be purchased directly in the Venezuelan treasury through the official website of the coin or through six cryptocurrency exchanges authorized by the government. The state coin can be bought for both yuan, euro and US dollars, and for certain cryptocurrencies, by legal entities and individuals who are registered and have passed the verification process on the site. As stated on Petro's official Twitter account, the coin can be bought for BTC, LTC, ETH, and Dash. However, the National Cryptocurrency Association reports that Petro is currently sold only for bitcoins and litecoins. The government has appointed Joselit Ramirez as a manager for the cryptocurrency assets, who is said to be responsible for servicing Petro investors. The six cryptocurrency exchanges that were authorized by the Venezuelan government are Bancar, Afx Trade, Cave Blockchain, Amberes Coin, Cryptia and Criptolago. None of them is in the top 100 according to CoinMarketCap. Earlier, Venezuelan President Nicolas Maduro announced that the official start of public sales of Petro was scheduled for November 5, but then it was rescheduled on a week earlier to October 29. For the first time, Caracas hinted at the creation of a national cryptocurrency 11 months ago. It should be noted that the wallet for Petro appeared for a while on Google Play but has since been removed from this service. Comments from Andreessen Horowitz partner on the fraudulent ICO’s problem According to venture fund Andreessen Horowitz partner, investor Benedict Evans, the cryptocurrency market is in many ways similar to the global Internet revolution that started in 1993. From the very beginning of the era of mass Internet distribution, the network has been filled with fraudsters and dubious projects of various kinds. World Wide Web users have become accustomed to the dominance of Internet intruders, and most of them have learned to be vigilant. A similar situation is observed in the cryptocurrency market: since its appearance, numerous scammers have been trying to cash in on investors, the CCN portal quoted Evans saying. “Crypto today has a lot in common with both the internet in 1993 and the internet in 1999. Huge potential with few of the use cases invented yet, combined with froth, scams, and delusion. This makes it easier to dismiss (“useless AND a scam!”).” - @benedictevans Criminals often use new technologies for their own selfish purposes. People tend to lose money because of excessive naivete and thirst for profit. Investors seek to maximize their income and invest all their savings in dubious ICO projects, becoming victims of scam artists. However, the spread of fraud in the crypto sphere accelerates the process of maturation of this industry, says Evans. More and more market players prefer to invest in proven assets and not buy fake tokens in order not to fall prey to the next financial pyramid.
BITFINEX:BTCUSD
by DestinationMoonCrypto