The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CURATION. Every investment and trading move involves risk. You should conduct your own research when making a decision.
In this third installment of my Bitcoin Price Diary, I’ll revisit some open positions which are still in play and review a sizable trade on REN. I also have a position in Bitcoin (BTC) that is still largely open.
As I have said a number of times on Twitter, I believe that it has been an altcoin season for months and that altcoins found their local bottoms in August. I have been comfortably trading them since. In early October, Bitcoin dropped and was ranging sideways, giving altcoins even more room to appreciate.
After surging from its recent lows of $7,800, Bitcoin has been unable to extend its upwards momentum and has continued trading sideways within the lower-$8,000 region. This bout of consolidation has made it increasingly unclear as to which direction BTC will move next, although its next major movement should provide significant insight into this. One analyst is now noting that Bitcoin may continue dropping until it reaches the $5,000 region, which is where it currently has enough support to bolster its near-term price action and help it surge significantly higher in the near-term.
1. Two major tokens showed a lesser degree of correlation than the others.
- BSV and ETC were not affected as much as the other tokens
- In particular, ETC price moved independently amid the strong bearish momentum
2. ETH lost its dominance during the massive turbulence.
- In line with our previous research result, ETH shows a higher overall market connectedness
- BTC price dominance remains higher than that of ETH
3. OKB is getting more integrated into the market
Bitcoin has been holding around $8,200 the entire week, and traders are wondering what to expect next. Has the bottom been achieved, or it’s not the end of bearish period yet? Let’s observe Bitcoin price prediction from TradingView to decide what to do with your Bitcoins next.
According to the user cryptoGats, there are two likely scenarios for BTC:
Bitcoin’s pump on October 7 shaped the previous bearish pattern into a bullish one – Broadening Bottom. The daily chart for Bitcoin showed the formation of a broadening pattern which indicated a bullish breakout 59% of the time. Considering the position of the current price, it seems that a short leg down toward the $7,700 to $7,900 is imminent. Following this could be the potential bullish breakout from this pattern by mid-October.
After an epic rally, the Dow Jones now sits on the precipice of cracking the 27,000 level. While fundamental traders are desperately tracking trade war developments, technical analysts have their eyes set on a pocket of juicy resistance. This obvious pocket of resistance has all the makings of a death trap for retail investors who may try to short the stock market when it opens next week.
The Bitcoin price has been moving within consolidation mode for three weeks now, is very tight conditions. In terms of the range, the high is seen up at $8800, with a low down at $7800. It has been in effect since 25 September, after a deep fall that came into play 23 September. The price dropped some 20%, from the heights of $10,000 down to $7790, which was the lowest seen since June 2019.
Bitcoin is down by more than 40% from its 2019 year-to-date high but the network is continuing to show growth. The number of bitcoin addresses holding more than 1000 BTC has hit a new all-time high, and miners on the flagship cryptocurrency have hit a new all-time high for network security as well. And in case you were wondering how many bitcoin millionaires there are at the moment, the answer is 12,000.
The order halts Telegram from selling digital tokens known as Grams, according to a complaint unsealed Friday in federal court in Manhattan. The enforcement action is one of the SEC’s most high-profile cases involving cryptocurrencies to date. Telegram raised more than $1.7 billion in 2018, with plans to deliver almost 3 billion Grams to its investors by the end of October of this year. The SEC said the fundraising was illegally marketed in the U.S. because Telegram never registered its offering with the regulator. Telegram raised $424.5 million from 39 U.S. investors, according to the SEC.
DeFi applications have contributed more than 2.275 million Ethers in the third quarter. Also, these applications account for more than 58% of all Ethereum applications. The former’s revenue has exceeded more than $525 million in the quarter, with decentralized financial applications in Ethereum accounting for total financial transactions. Leading DeFi apps on Ethereum include MakerDao and Nest.
Visa, Mastercard, Stripe, and Ebay announced Friday that they will no longer be part of Facebook’s Libra project at this time. The move follows Paypal’s announcement last week to drop out of the project. Another payment-related firm, Mercado Pago, has also pulled out, leaving only the Netherlands-based Payu as the only payment firm left in the Libra Association. Mercado Pago primarily serves Latin America. The remaining members of the Libra Association are mostly venture capital, telecom, blockchain, technology, and nonprofit groups.v
For the first time since 2014, the Internal Revenue Service (IRS) has issued new cryptocurrency tax guidance, following a Congressional request to clarify cryptocurrency tax rules. Right off the bat, the IRS declares that cryptocurrency is taxed as property, rather than as currency, meaning that every single cryptocurrency transaction involves capital gains and losses. This makes it very arduous for cryptocurrency users to file taxes since a capital gain or loss has to be calculated for every transaction for the entire year and submitted during tax season.
Coinbase Custody recently added Telegram’s GRM to its services. However, the United States Securities and Exchange Commission (SEC) has disputed the token’s legal status, calling it a security.
The SEC recently announced it would be halting Telegram’s $1.7B ICO for its Gram (GRM) token. The platform and its subsidiary, Ton Issuer Inc., had some sold 2.9M GRM tokens intended for its native blockchain platform TON. The SEC has taken issue with the token offering, calling it a violation of the Securities Act of 1933.