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Among the most popular theories among cryptocurrency commentators is the market’s disappointment at the apparently tepid uptake of Bakkt’s just-launched, physically-settled Bitcoin futures contracts among institutional clients.
Bitcoin has confirmed a bearish reversal. In the last 24 hours, the market has bled, wiping out billions in a couple of hours. As is the case, the skeptics have taken this opportunity to hit at digital assets. And as panic grows, the believers have been reassuring the market, hoping the market can find some stability. Two of the most outspoken people from both sides, Peter Schiff and Anthony Pompliano have been playing their part.
Crypto trader and investor Josh Rager says if Bitcoin fails to break above the current level, it would retest the support below at $7,800 and $8,100 zone that has bounced once and could hold.
“But if this isn’t a bear trap I do see price heading down to low 7ks,”
he said before adding that lots of buyers are waiting between $6,180 and $6,500 area.
After a slow start, Bakkt seems to be slowly picking up pace — despite allegedly helping drag Bitcoin prices down to the low-$8,000s yesterday. The progress has been incremental but sluggish so far, certainly not enough to justify all the hype it had created pre-launch.
Nonetheless, it is still an improvement as 217 contracts were traded on the platform on its second day, compared to the 105 from the previous day. As of the first five hours on day three, Bakkt traded more than 50 contracts.
As Bitcoin showed a tremendous fall on Tuesday and dropped around 13 percent, experts remain optimistic and expect the bull market to return soon.
A trader and technical analyst @CryptoMichNL has shared several major factors that are likely to trigger further Bitcoin growth.
During Tuesday’s wild Bitcoin tumble, crypto traders managed to capitalize on a dramatic flash crash in Binance USD’s pair with Bitcoin.
TradingView tracked the BTC/BUSD pair on Binance, which witnessed the price of BTC fall to $1,820 in an instant.
Lawyers for Bitfinex and Tether won a local fight in court this Tuesday that vacates, for now, the order to turn documents over to the New York Attorney General’s office. The court decision reads that the “motion is granted on condition the appeal is perfected on or before November 4, 2019 for the January 2020 Term.” Meanwhile, yesterday Bitfinex unveiled Bitfinex Token Sales which will replace the current IEO platform.
Today’s massive bitcoin price crash was largely expected by analysts. The bearish descending triangle formation was bound to break out to the downside so it has been no real surprise. What the move has revealed however is huge price discrepancies between various crypto exchanges.
The new ERC20, non-custodial FunFair Wallet has been developed specifically to provide a seamless user experience for existing and new players gambling with FUN across its CasinoFair and Crypto Casino brands, marking a significant step forward in the name of blockchain mass adoption.
Blockchain projects have so far struggled with onboarding friction due to complicated funding mechanisms, security features which differ significantly to mainstream offerings and a lack of usability on mobile devices and certain browsers.
Bitcoin coincidentally formed a positive correlation with the US stock market on Tuesday, observed Mati Greenspan of eToro.
The senior market analyst noted that the benchmark cryptocurrency plunged by more than $1,500 right after the S&P 500 index made a similar move. He recognized the zero correlation between the two extremely polarized markets but added that them moving in tandem was an extraordinary coincidence. Excerpts from his tweet published today:
The crypto market crashed yesterday as Bitcoin and major altcoins marked severe double-digit losses. A popular crypto analysist in Tweeter thinks that a serious market crash can actually turn out to be a positive thing for altcoins. Bitcoin holders might see the bearish trend as the beginning of the next major altcoin season.
In a tweet posted Monday, September 23, Libertarian presidential candidate and crypto rebel John McAfee wrote: “BAKKT goes live today. It is institutionalized and monitored … if you are “initiated” into crypto, then you certainly won’t use it and will spend time luring the new users into the Unlimited Crypto World.” The maverick anti-politician raises an important point. The real revolution of crypto is individuals using it autonomously, privately and freely, not in institutionalization or mainstream adoption alone.
Consequently, BTC/USD is trading way below the moving averages. The widening gap between the 50 MA on the four-hour chart below the 100 MA paints a picture of a bearish momentum likely to last a significant while.
Daring to glance upwards, the first hurdle Bitcoin will face is $8,400. Trading above this level could allow for gains towards $8,800. However, the return above $9,000 will depend on the momentum Bitcoin will have on breaking $8,800 level.
Over the last 24 hours, Bitcoin, the first and largest cryptocurrency by market cap, has been witnessing a drop of 14.10%. At the time of writing, the coin was valued at $8,358 with a market cap of $150 million. The 24-hour trading volume of the digital gold was $28.94 billion, with most of it coming from BKEX exchange via the trading pair BTC/USDT. The king coin wasn’t the only one witnessing a drop in its price, as altcoins like ETH and XRP were also headed towards their yearly lows.
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.