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Bitcoin Drops $300, Daily Losses Among Altcoins Reach 10% [cointelegraph.com]
Falling below $9,000, Bitcoin (BTC) has seen another dip today and its price dropped over $200 in an hour. Alongside Bitcoin, the top 20 cryptocurrencies by market capitalization are seeing major losses of nearly 10% over the past 24 hours, according to data from Coin360.
China is a key player in the crypto industry with at least 70% of bitcoin’s hashrate being generated there. Regardless, China had not been so welcoming to cryptocurrency. Chinese regulators imposed a ban on cryptocurrency trading and Initial Coin Offerings (ICOs) in 2017. As if that was not enough, the National Development and Reform Commission (NDRC) published a list of industrial activities that would be prohibited because they were harmful to the environment – one such activity being bitcoin mining.
Dow Futures Tread Cautiously As Trade Deal Hype Dies Down [ccn.com]
- Dow Jones Industrial Average futures point toward an uncertain day for the stock market today.
- The U.S.-China trade deal hype is now in the rear-view mirror as consumer sentiment data will now come into focus.
- China’s export numbers will give investors some reason to cheer today.
Nik Patel, an altcoin trader, is naming five crypto assets he expects to outperform Bitcoin in the next year. Patel, the author of “An Altcoin Trader’s Handbook,” highlights their technical developments and offers “tongue-and-cheek” predictions for each, cautioning that in the volatile and risky crypto market, the likelihood that all of his predictions turn out to be true is extremely low. Here’s an outline of his five picks.
Peter Schiff Reacts to Sudden Bitcoin Price Drop: “Get Ready for the Dump!” [u.today]
The bears finally have the ball in their court after breaking below the $8,900 level after trying to achieve this for weeks. Even seen Bitcoin surged by more than 30 percent on Oct. 25, it has been stuck in the same trading range with several fakeouts. Market analyst Jim Wyckoff recently predicted that Bitcoin could experience another major price move due to the collapse in volatility. Now, it seems like the bulls are positioned to experience more pain (at least in the short-term).
After a few days of sideways trading, Bitcoin made a move. The cryptocurrency lost around $800 in the last 48 hours. At the time of this writing, the cryptocurrency is trading at about $8,800. Yesterday, as Cryptopotato reported, Bitcoin was testing the key-support of the 200-days moving average for the fifth time (in ten days). Unfortunately, this time, the support failed as Bitcoin fell below the $9,000 level, at least for now. The current low sits at $8,660.
Could A Bitcoin Price Crash Cause A Global Recession? [usethebitcoin.com]
Lingham then mentioned that if this crisis ends up happening, regulators and governments will certainly pay close attention to Bitcoin in a negative way. On the matter, he commented:
“Another Bitcoin or crypto bubble at scale, if and when that crashes, will cause a global recession because of the numbers involved. And that global recession will cause massive negative attention from governments and everyone in the world.”
Bitcoin Price Breaks Below $9,000, Historic Rally Now In Jeopardy [newsbtc.com]
Once again, Bitcoin may have found itself trading within a descending triangle pattern – a pattern that has repeatedly spelled disaster for the crypto asset throughout the bear market. The pattern, which makes lower highs but similar lows, on lower timeframes finally gave way, and Bitcoin price has started to fall. If the pattern is indeed a descending triangle, the resulting breakdown could bring the crypto asset back to local lows, or potentially lower, reaching the bottom of a multi-month channel Bitcoin has been trading within.
BITCOIN PRICE DAILY CHART SIGNALS LACK OF BULLISH SUPPORT, BEARS TARGET $6,800 [bitcoinist.com]
According to a chart shared by crypto analyst Akira Max, not only does it demonstrate that Bitcoin price failed to break out of a channel it has been confined within since June, but Stochastic RSI and the daily MACD are both beginning to turn down and cross bearish.
Calibra Head Believes Bitcoin is Merely Digital Gold [btcmanager.com]
Head of Calibra, the Libra cryptocurrency wallet, David Marcus, stated that bitcoin is a digital equivalent of gold and not to be considered as a currency. Per a report by CNBC on November 6, 2019, the Calibra Chief opined that BTC was not a good medium of exchange. Marcus buttressed the opinion, saying:
“I don’t think of bitcoin as a currency. It is actually not a great medium of exchange because of its volatility. I see it as digital gold.”
Pro-Crypto Silvergate Bank Makes its NYSE Debut [cryptoglobe.com]
Silvergate Bank, which has gained notoriety for its crypto-friendly business practices, has begun trading under the symbol SI. Shares opened on Nov. 7 at $12.75, making for a 6.25% increase from its IPO price of $12 before subsequently closing at $12.62. While Silvergate Bank first opened in 1988, the institution has gained attention in recent years for its pro-crypto policies. According to the bank’s SEC filing,
First Bitcoin Golden Cross Since May 2016? [altcoin.media]
Bitcoin may achieve a golden cross on the weekly chart for the first time since May 2016, which was 3.5 years ago, and this is a highly bullish sign. The last time a golden cross occurred on the weekly chart, Bitcoin rallied from around USD 500 all the way up to the all-time high of USD 20,000 within 1.5 years. A golden cross occurs when the 50-period moving average moves above a 100-period moving average on a market chart, and in this case, the period is 1 week. Essentially, a golden cross will happen when the price of Bitcoin over the past year on average is above the price of Bitcoin over the past two years on average.
From 2017 to September 2019, Asa Saint Clair, a New Yorker, ran an investment ponzi scheme directly linked to an intergovernmental organization dubbed World Sports Alliance, an affiliate of the United Nations. As the president of World Sports Alliance, Saint Clair fronted his firm as an investment vehicle offering IGOBIT a digital coin while promising investors vast sums of interest. However, instead of investing in IGOBIT, Saint Clair diverted the funds into his personal use, but now he’s facing 20 years in prison.
PODCAST: Josh Brown on Why Bitcoin Is Like the 1800s Railroad Boom [coindesk.com]
- Why bitcoin feels like a protest asset but doesn’t see huge amounts of capital flowing into it from turbulent regions.
- Why U.S. dollars and assets like Manhattan real estate are still the top options for moving wealth out of countries.
- Why it’s impossible to know how bitcoin will react in a recession given the unique set of circumstances surrounding the market’s past 11 years.
- Why the bitcoin and crypto spaces have veered back and forth between overly optimistic and overly pessimistic.
- Why true technology disruptions tend to happen long after their earliest promoters have left the stage.
- Why the impact of bitcoin may be something very different than the macro, non-sovereign money narrative in favor today.
More news and community @Publish0x
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