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The crypto market has largely been following the risk-on price action today, with traditional markets moving higher and commodities moving lower. We will take a closer look at the key timeframes to try and examine if Bitcoin is nearing a bottom.
The S&P 500 index (SPX) surged 0.68 percent on a quarter-to-date basis. The same period saw the Dow Jones Industrial Average (DJI) delivering 0.17 percent returns while Nasdaq fared between with 1.97 percent gains for its investors. Meanwhile, the Europe-wide Stoxx 600 (ETZ) gave a 1.41 percent quarterly return. In Asia, Japan’s Nikkei 225 (^N225) surged 0.91 percent, while China’s Shanghai Composite Index (SHCOMP) dropped by 3.95 percent.
BayernLB, a bank based in Munich, Germany, has produced a report on Bitcoin’s hard monetary policy versus those of various precious metals. Acknowledging Bitcoin’s halving schedule as unique in monetary assets, the bank makes a prediction of $90,000 per BTC following next year’s further restriction of supply.
The recently published research paper identities the stock-to-flow ratio of an asset as being a suitable way to quantify its “hardness.” Stock-to-flow simply refers to the amount of an asset that is issued versus that stockpiled in its current supply.
The Bitcoin (BTC) network produced an unusually slow block, taking 119 minutes to discover the block number. The anomaly is happening despite the record activity of miners. It is highly unusual that the block number was so difficult to discover. As of October 1, the Bitcoin collection of miners performed a total of 89 quintillion hashing operations each second. This means that for 119 minutes, each second produced this much possible answers, and only then discovered a number that fit the requirements for a block header.
Bitcoin’s rally to $20,000 was a memorable one. However, the ride down to $3,122 was a rather grueling task for its investors. Perhaps, the best and the most unexpected rally was the April 2019 rally that pushed the price of Bitcoin in a fashion similar to the rally leading up the $20,000. The rejection at this level was more bearish than anticipated, or it will be, depending on how Bitcoin will react henceforth.
Bitcoin made a majestic recovery on Monday through to the early hours of Tuesday. The gains following the plunge under $8,000 have been generally linked to the technical picture. BTC/USD was acutely oversold at lows marginally above $7,000. The oversold conditions couple with the improving technical picture thrust Bitcoin to highs thin a whisker above $8,500.
The first day of CoinGeek Seoul ended with the man who, as Steve Shadders described, is “more than just a myth. Dr. Craig Wright, Chief Scientist at nChain, took the stage to speak on the topic of “Payments & Privacy: New Inventions for Bitcoin SV.”
Wright concluded his speech by emphasizing just how little he cares about the public perception of Bitcoin, in the end: I don’t care if they want to like Bitcoin, I care if they use it. Not HODL it. Use it. And if every person on Earth is using Bitcoin, there’s a lot of Bitcoin being distributed to a lot of people. Goes up in value. Everyone’s happy, well at least if you’ve got Bitcoin you’re happy anyway. So this is the whole point. We need to start building applications that people are going to use.
The cryptocurrency environment in the United States is constantly evolving, which means that every platform must comply to allow it to work effectively. Block.One, the creator of the EOS network, recently got into some big trouble with the Securities and Exchange Commission over their unregistered initial coin offering, after the tokens were discovered to be securities, according to reports from The Block.
We start on the daily ETH/BTC chart. The main area of resistance is approximately at ₿0.021-22, and we can see that ETH was violently rejected from this area when Bitcoin broke down last week. It retraced beyond the 0.618 Fibonacci mark, briefly, so deep that the uptrend may have been damaged. ETH has since regained all that price ground, but the buy volume is not keeping up with this recovery.
Bakkt’s entry into the crypto space remains disappointing so far in the first week of its Bitcoin Futures launch. Bakkt’s performance has also resulted in the Bitcoin price crash last week, according to some experts.
The Fed intervention was supposed to be a short-term fix. However, the market is in such dire need of cash loans that the Fed has extended its operations until Oct. 10, supplying a minimum of $75 billion in short-term repos. After that date, the New York Federal Reserve’s trading desk will continue its operations “as necessary to help maintain the federal funds rate in the target range” according to CNBC.
One of Ethereum’s dApps with the highest amount of user engagement has reportedly shut down. The smart contract wallet of the dApp known as Fairwin just got emptied according to Etherscan, shortly after a report of dApp activity on Ethereum was released. The report showed that Fairwin had the highest amount of user engagement.
Matt Hougan, former CEO of etf.com and currently managing director and head of research for Bitwise Investments, explained in an interview with etf.com,September 30, the reasons why Bitwise’s bitcoin exchange-traded fund (ETF) has better chances of being approved by the SEC.
Ripple now offers a single solution, RippleNet, that unites the features of all previous Ripple products. This move potentially widens the usage of the XRP digital asset, as one form of sending funds. All banks that have used the xCurrent product automatically join RippleNet.
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.