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For the cryptocurrency industry to truly mature, institutional investors are going to have to get involved. Exchanges, brokers, asset managers, over-the-count traders, custodians and others must enforce institutional-grade controls on all transactions. It’s the only way to bring about a new era of stability and trust to this new era of digital asset management.
Nevertheless, news coming from China generated excitement in the community. The president of the People’s Republic of China, XI Jinping, said they must take blockchain technology for independent innovation.
About it, he said: “We must take the blockchain as an important breakthrough for independent innovation of core technologies. We must clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”
At the time of writing, Bitcoin’s pump has put it well above the 200-Day moving average, which puts Bitcoin back in the bull territory. However, the price has not yet closed above $9,736, which is the 0.618 or 61.8% Fibonacci level. Unless the price closes above this level, Bitcoin would undergo more consolidation and sideways movements in the next few months. This also means that we could see $8,000 levels again.
Bitcoin has been described as a safe haven in times of recession, appealing to investors looking towards it as a hedge against traditional markets. However, the same thing can be said about gold. The comparison has previously been made outlining the similarities of the two assets, with Bitcoin having been described as gold for the next generation.
The Standing Committee of the 13th National People’s Congress in China has passed the cryptography law on Saturday and it will be effective on January 1, 2020, according to a Chinese media report.
According to the proposal: “Clear guidelines and regulations are needed to evaluate commercial cryptography technologies used in the major fields related to the national interest as the current ‘loose’ system is not suitable for the industry anymore.”
There are several reasons why Bitcoin prices have hovered around $10,000 and they shall be considered below. Firstly, the uncertainties as regards regulation for cryptocurrencies especially on Facebook’s Libra projects has led to hesitation for key investors who wanted to take a position on cryptocurrencies and blockchain technology.
A monumental day has passed in the history of Bitcoin’s (BTC) market, with one of the most dramatic price fluctuations in recent memory. In little more than 24 hours, Bitcoin’s price shot up exactly 40% as a surge of buyers flooded in, presumably in an effort to respond to the threat of a serious and long term downtrend.
Importantly, BTC has been able to hold above a key support level despite its massive retrace, which may mean that it will be able to extend its momentum in the near-future. Big Cheds, a popular crypto analyst on Twitter, spoke about this in a recent tweet, saying:
“$BTC #Bitcoin daily – what’s crazy is even with a near $1500 pull back the price is STILL above the upper BB as I send this tweet.”
The Bitcoin price has gone against all recent bearish predictions by surging over 30 percent overnight and skyrocketing by around $2,000. The Crypto Twitter is heatedly discussing this event.
A crypto analyst from Amsterdam has tweeted that this is good news indeed – now, as per him, Bitcoin charts show that BTC is above all vital indicators and that the recovery of the 2017 all-time-high is realistic before the halving occurs next year.
The total market capitalization of the cryptocurrency market increased by over $50 million at the peak. Bitcoin contributed more than 80% to the rise on Friday and early Saturday. The affirmative price action in Bitcoin fared well for most altcoins, as well. However, the altcoins lost value w.r.t. BTC as the move was driven primarily by Bitcoin. The dominance of Bitcoin [BTC] over the cryptocurrency market increased from 66% to 68% overnight.
But the evident failure of Bakkt may have cast some doubts on the entire concept of institutional investment. After all, the largely retail-driven BitMEX has more than two billion dollars in daily volume, while Bakkt struggles to reach two million – seemingly showing institutions are not interested.
In a new interview at Fintech Week 2019, Garlinghouse said MoneyGram’s CEO W. Alexander Holmes wants to know how quickly Ripple can expand its XRP-powered payment solution called On-Demand Liquidity (ODL) to new corridors.
“I got a call from the CEO of MoneyGram two weeks ago. And he’s upset with us because we’re not moving fast enough. That was an unbelievable [call].
He wants us to launch On-Demand Liquidity, formerly known as xRapid, in more markets more quickly because they’re having such a good experience with Mexico that they’re like, ‘Look, we want to spread this more quickly, more aggressively.’
Interestingly, American journalist and whistleblower Edward Snowden today tweeted the same avatar used by the anonymous poster on 4chan, thus raising a lot of questions. Was this mere coincidence? Or does Snowden, who currently resides in Russia, know something that we don’t? Has he been secretly following the anonymous 4chan predictions and the crypto industry in general?
Only time will tell if Bitcoin’s price hits $16,000 in the next few days, or if the first two correct predictions were lucky guesses.
Phishing attacks are nothing new in the cryptocurrency world. Especially exchange and online wallet users are targeted through this method. It now seems some criminals turned their attention to the Ledger hardware wallet. Customers are receiving fake emails claiming their device is faulty and how they need to visit a specific website to “check if their device is vulnerable”.