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After trading below $8,000 threshold for most of the day, Bitcoin has seen a sharp recovery to climb above the mark at publishing time. The biggest cryptocurrency is trading at $8,041, up 1.2% over the past 24 hours, according to Coin360. However, Bitcoin is still in red over the past week as its price is down 3.4% over the past seven days. Bitcoin’s market dominance stands at 66.2% at press time.
At the moment, bitcoin has a market dominance of 66%, a figure which represents a 5% negative difference from its Q3 highest dominance level of over 71.2%. Also, the top cryptocurrency is currently changing hands at $7,981. At the present rate, bitcoin has lost about 18% in value against USD compared to its price of $12,276 seen on the 6th of August, 2019.
Bitcoin (BTC) fluctuates at the bottom attempting to form three tops in the price pattern. The formation of three tops and the eventual breakout below the $8,000 support level will confirm price pattern setup. Bitcoin price action pattern setup may eventually lead the cryptocurrency to further depreciation. In the last two weeks of October, the price action has formed an evenly distributed tops and bottoms after falling to the low above $8,000 support level. The price is characterized by Doji candlesticks which indicate equality and indecision in the market
Bitcoin price over the past days isn’t the best show in town. The cryptocurrency had been boring, trading under a tight range above and below the $8000 mark. As of now, the coin’s price is around the same levels of three days ago.
BTC is much more liquid now, with volumes above $15 billion even on a relatively slow day. And while the last bear market brought a low of $3,200, the crash to $2,000 seems outlandish. At those prices, mining may grind to a halt, as even Chinese miners have breakeven prices at around $3,500.
It seems that Bitcoin’s overall volume is plummeting as the top ten crypto exchanges are recording a low of under $250 million a day. According to Messari, a cryptocurrency data company, Bitcoin volume is down 20-fold from its peak of $4 billion per day. Bakkt’s Bitcoin futures volume remains lower than expected but does look to be rising towards the end of the week. According to Bakkt’s Volume Bot on Twitter, Bakkt is eying up 100 BTC in daily volume.
Today, on October 19, the Bitcoin community has something to celebrate — 600,000 blocks have been mined. Popular crypto enthusiasts Pieter Wuille and Pierre Rochard react have reacted to this event on their Twitter accounts. But does this mean that Bitcoin mining is nearing its end?
Pessimistic sentiment has been looming the cryptocurrency markets as we passed the halfway mark of October. Bitcoin has been trading below the 8000 levels again and approaching the month-low levels near 7760. Although the picture may not be so bright now, however, there were some market signs perhaps could clam traders’ nerves down.
The Fed has issued a series of overnight or longer-term facilities, putting securities on its balance in exchange for fiat. This increases the available funds for commercial banks and is supposed to give confidence that liquidity and interbank payments won’t dry out. For the crypto community, this is a case of “creating money out of thin air.”
The new limit goes above the highest offered leverage by competitor BitMEX whose futures product leverage is capped at 100x. In an announcement on Friday, Binance revealed that it had launched a complimentary leverage adjustment function on its web and testnet trading interfaces which will allow its high-risk traders to “select any leverage between 1x and 125x.”
Leaders of G20 met on Friday, and have reportedly agreed to set strict regulations for stablecoins like Facebook’s Libra. They warned that the issuance of stablecoins should disallowed until the risks they pose to global economies are addressed. This decision was made after the Working Group of the G7 published their report on stablecoins and the potential problems they could create if they were to be distributed globally by private companies. In a statement issued after the meeting, G20 leaders said,
According to the latest court filing (see below), the hearing on the case has been postponed until Feb. 18–19, 2020, pushed forward from an Oct. 24. slot. The judge hearing the case, P. Kevin Castel, ruled that Telegram should not distribute its tokens before that date, and not until the court makes its decision on the case. Earlier this week, Telegram committed to delaying the launch of the TON blockchain project and gram issuance to the project’s investors until April 30, 2020, so it had time to deal with the SEC’s concerns.
Perhaps it’s a world first. The team at TravelbyBit, an online travel booking platform for people who want to use cryptocurrencies to pay for flights, accommodations, meals and retail items while traveling around the world, is showing off an instant meal purchase using Bitcoin.
As promised, Bitcoin custodian Fidelity Digital Asset Services (FDAS) is “now engaged in a full rollout” of its custody and trading services, spreading from the limited trial users in the platform’s final test stage. Financial Times reported that by building up its crypto custody business, the focus of the company is to profit from the shortage of classically and traditionally regulated institutions as are banks and other more conservative custodians.