Data from Coin360 showed BTC/USD staging a modest recovery on Friday, reaching daily highs of $9,590.
Markets had slid dramatically a day previously, dropping from $10,200 to hit a local low of just $9,350 hours later.
At press time, moderate volatility remained, Bitcoin circling $9,550 against a considerable sell wall on major exchanges.
Bitcoin remains on track to test $9,000 after falling off a narrowing range earlier this week. The granddaddy of cryptocurrencies is on its way to post a third monthly loss in 2019 following a considerable drop throughout August. Bitcoin is teetering around $9,587 at the time of writing. BTC opened the trading on August 1 around $ 10,077.44 representing a 4.8% loss.
Trading veteran Jim Wyckoff, who has more than 30 years of working with traditional markets, believes bulls could feel more pain in the short-term.
Wyckoff points out, that bears have managed to establish a price downtrend on the 1-day price chart. At this point, sideways trading remains the most plausible scenario when both camps don’t move the needle.
The Chicago Mercantile Exchange (CME) is currently registering an average daily trading volume of $370 million in Bitcoin futures. This is according to the Managing Director of the CME Group, Tim McCourt. This represents an increase of 132% compared to the same period last year.
Still, BTC is up against ETH-adding 6.76 percent in the last week, but has been pummeled by the strong green back. Losing 5.54 percent in the last week, the path of least resistance is southwards. As prices oscillate inside a descending triangle, traders can find loading opportunities if prices arrest bears and print higher today or over the weekend.
Major economic oppression and manipulation by governments and central banks is what drove a band of cypherpunks to create Bitcoin a decade ago. That financial storm is worsening which has generated an even greater need for a decentralized form of money. As ex-congressman Ron Paul points out, the FED should not exist.
Following this major price plunge, analysts are now predicting that BTC might be on its way to a major 20%-30% price dip which can cause the price to perambulate around $7.5k region in the next few days. However, this drastic price fall, according to popular BTC traders, is healthy and would initiate the next bull season.
When crypto markets fall hard in a few hours panic usually sets in. A torrent of sell orders usually floods the market until Bitcoin price finds support. This is exactly what happened yesterday, but zooming out will provide an opportunity to breathe as not all is as bad as it seems.
Popular cryptocurrency commentator and veteran entrepreneur John McAfee tweeted that people shouldn’t panic over the price of Bitcoin dropping below $9,500. The serial entrepreneur is a well-known Bitcoin proponent and has expressed optimism about the cryptocurrency in the long term multiple times. However, his exile continues as he has admitted to not filing tax returns for at least the past 7 years.
The Dow strung together its third straight triple-digit advance on Friday, seeking to end the week with a bang after President Trump teased a new tax cut that supporters say would grow the economy, extending the longest expansion in US history.
Wall Street’s three most closely watched indices rose in tandem during the week’s final trading session. As of 10:36 am ET, the Dow Jones Industrial Average had gained 103.12 points, lifting the DJIA 0.39% to 26,465.37.
The following weekly newsletter is republished with permission from Global Coin Research, a global research firm with a focus on Asia blockchain and related technologies. You can find more resources on Asia Cryptocurrency and Blockchain at GlobalCoinResearch.com and on Twitter at @globalcoinrsrch
Binance has come up with a detailed research report about the new People’s Bank of China (PBoC) Central Bank Digital Currency (CBDC). The research reveals that the new currency will be a two-tiered system and is aimed at replacing cash.
Alan Howard, who is a British billionaire hedge fund manager, now wants to launch a $1 billion venture that would invest in different cryptocurrency hedge funds. The goal is to be able to profit from the current bull market the cryptocurrency industry is experiencing. This is according to a recent report released by the Financial Times.
Additionally, Samsung Galaxy S10 now reportedly supports Basic Attention Token (BAT), a native token by blockchain-based internet browser Brave that is used to reward users for watching ads.
The report notes that the digital wallet on Samsung’s new phone now supports 33 digital currencies in total, including Bitcoin (BTC), Binance’s native token Binance Coin (BNB) and Ether (ETH).
코인데스크코리아와 부산광역시는 오는 9월3일 해운대 파크 하얏트 호텔에서 디지털 자산 거래소 박람회 ‘DAXPO2019’를 연다. 각 분야 전문가들을 초청해 다양한 관점에서 디지털 자산 생태계가 맞이한 새로운 국면을 진단할 예정이다.
블록체인 기술과 산업에 전문성을 인정받는 미디어 5사가 공동으로 아시아 최대 규모 블록체인 컨퍼런스 ‘코리아블록체인위크 2019(KBW2019)’를 오는 9월 27일부터 10월 4일까지 개최한다.
9월30일부터 10월1일 양일간 그랜드 인터컨티넨탈 서울 퍄르나스에서 팩트블록의 ‘코리아블록체인위크(KBW) 2019’ 주간(9월27일~10월4일) 중 메인 행사로 열리는 디파인 컨퍼런스에는 국내외 주요 기업들과 블록체인 프로젝트들이 대거 참여할 예정이다.