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As Cointelegraph recently reported, yesterday Bitcoin fell below $9,000 and lost over $200 in an hour. Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $19.9 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $11.9 billion at press time. Coin360 data shows that ETH has seen its value increase by about 0.52% over the last 24 hours. At press time, ETH is trading around $182. On the week, the coin has also lost about 1.08% of its value.
Increased usage of the Bakkt physically delivered futures contract is bullish for the BTC/USD pair and overall market sentiment. A correlation currently exists between the increased take-up of the Bakkt platform and the price of Bitcoin, (though it’s unclear whether this is causational). Initially, Bakkt had a negative impact on Bitcoin due to abysmal volume during the first week of trading. Since then sentiment toward Bakkt has improved considerably with higher volumes.
In general, over the past seven days, BitMEX saw an inflow of around $92 million with $89 million worth of outflows, meaning that the exchange is on the positive. Interestingly enough, the surge in inflows coincides with the serious movement in Bitcoin’s price. However, this is not the first time that we see a correlation of the kind. For example, a month ago, Bitcoin’s price dropped from $8,800 to $8,300 in just a matter of hours, and the popular crypto exchange noted another serious cash inflow of $26 million.
This indicator – called the GTI Vera Convergence Divergence Indicator – shows that Bitcoin is currently on the verge of shifting its recently established uptrend to a downtrend, meaning that further losses could be inbound. This indicator was discussed in a recent Bloomberg report, where the author notes that if this trend shift occurs, “the largest digital currency could retest the lows seen before its rampant run following comments by China’s President Xi Jinping in October.”
Bitcoin price first dipped a toe under the $9,000 mark, then went on to erase profit positions gained since the dramatic rally at the end of October. The slide took BTC to $8,780.84 as of 15:25 GMT on Friday, with plenty of leeways to drop as the weekend hovered with lower volumes. Here are five reasons why this happened.
Bitcoin futures trading platform Bakkt reached a new all-time high in volume on Nov. 8. According to the announcement made by Bakkt, which is operated by the owner of the New York Stock Exchange, the International Continental Exchange (ICE), bitcoin futures trading volume set a new record of 1,756 on Friday.
A $1 million price prediction appears extremely ridiculous especially at this time that bitcoin is hovering under $9,000. However, Bobby Lee – who in addition to being a board member at Bitcoin Foundation is also the brother of Litecoin founder Charlie Lee – believes it’s possible for bitcoin to hit $1,000,000, terming the top coin as a “trillion-dollar asset”. At current prices, Lee believes bitcoin is worth only a tiny part of the value that it will realize in the next five to ten years.
As surely as night follows day, after a three-digit drop in bitcoin price, crypto-twitter turns bearish. This time the drop was a not-insignificant $500, and the bearishness has become hard to bear [sorry]. But is the outlook really so negative, or is CT waiting to buy a dip which isn’t coming?
There are many benchmarks for measuring IEO success. Token price, community size, code shipped, and milestones met are all yardsticks for gauging the progress of a tokenized project. For projects seeking to create the biggest possible splash, however, liquidity is the crucial factor. The more exchanges an IEO reaches, the greater its prospects of survival.
Coingaming, a software provider for white-label Bitcoin casino solutions, is glad to announce a Last Man Standing contest that the company has recently run on its crypto sports bookmaker Sportsbet.io. The event is being held to celebrate the addition of TRX crypto on all Coingaming’s brands. While predicting sports outcomes, all participants have a chance to win 1 Million TRX, that the company aims to grant one lucky punter with most correct forecasts.
The host of The Late Show, Stephen Colbert, is taking a dig at Bitcoin and blockchain supporters.On a new episode of the popular CBS talk show, Colbert says he’d rather listen to someone talk about crypto than have to sit through one of President Trump’s rallies.
“Let’s see, places I’d rather be than a Trump rally… Off the top of my head, I’d go the DMV, the dentist, someone else’s child’s clarinet recital, a Soviet Gulag, covered in honey and staked to an anthill, sliding down a 50-foot razor blade into a bathtub of gin, and in conversation with someone who knows a lot about Bitcoin. Go on, go on about blockchain.”
On November 8, 2019, Bitcoin (BTC) dropped to a two-week low below its $8,800 mark. By the end of the day, the price fell below an important psychological level of $9,000, and is currently losing about 2%. What is more interesting, the altcoins have not followed BTC’s sharp decline. Instead the majority of them are in the green.
- Gold price dropped by 4% as U.S. stock market hit record highs.
- Major U.S. banks including JPMorgan and Citibank closed positions on gold for more risky alternatives.
- Nobel laureate says geopolitical risks are over-estimated, making the environment better for stock market over gold.
Bitcoin price plunged below $9000 mark yet again. What looked like a possible break above $10,000, has turned into longer days of consolidation. The narrative for Bitcoin [BTC] investment has taken many shapes and forms over the years. After its failure as a payment mechanism in 2016-2017, the ‘safe haven‘ narrative has become wildly popular. Kolanovic, JP Morgans’ global head of macro quantitative and derivatives strategy, suggests strong bullish growth of the equity markets.