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Data from Coin360 showed BTC/USD bounce off lows of $8,077 on Tuesday, having spent the time since the weekend eroding previous gains. On Monday, a sudden dip took the pair below $8,100 for the first time since late October, with price action fluctuating around that level since. At press time, a slight reversal had taken Bitcoin back to $8,150, with daily losses still at 3.7% and weekly losses totaling almost 7%.
Bitcoin price has been steadily falling following a powerful, historic surge that caused the crypto asset to explode from lows around $7,300 to as much as $10,500 in two daily candles. The resulting string of red candles and downtrend has caused an important indicator to signal a buy on the price charts of two separate institutional Bitcoin products, suggesting that a strong bounce may be near.
Euro Pacific Capital CEO Peter Schiff seems to think that bitcoin is likely to crash soon thanks to the downfall of marijuana stocks. Schiff explained his bearish sentiment in a tweet, writing:
Many of the speculators who were buying pot stocks were also buying #bitcoin. With heavy losses in the former, perhaps they will look to realize some gains on the latter or mitigate their losses before the bottom drops out of the crypto market, too.
According to a press release the two funds are the Galaxy Bitcoin Fund, which requires a minimum investment of $25,000 with optional quarterly redemptions, and the Galaxy Institutional Bitcoin Fund, which requires a higher minimum investment and has weekly liquidity. The document details Bloomberg will be the price agent for the funds while other service providers include Ernst & Young for tax, Davis Polk & Wardwell for legal counsel, and Deloitte & Touche for auditing. The funds’ custodians, as mentioned, will be Bakkt and Fidelity Digital Assets.
This week the market was shuffling down and traded in the red. It could be because of the Chinese trying to soothe the hype created around blockchain. They are currently trying to focus on the distinction between Bitcoin and cryptocurrency market and the blockchain technology.
Bitcoin’s downturn to the $8,000 area is driving the market’s reaction as the trade volume declines and the fear index rises. Despite the bearish momentum, some altcoins were in the green. Fusion, for example, surged by 300% this week and others have also emerged which shows a mixed trend and further indicates the state of confusion in the cryptocurrency market over the past week.
The bears appear to be firmly in control at the moment as China’s clampdown on cryptocurrencies spurs further sell-offs. Just as Xi Jinping’s endorsement for blockchain technology unwittingly caused a buying frenzy, the speed with which the Chinese president is scrambling to correct that is having the reverse effect. Binance and Tron were kicked off of Weibo last week and the authorities are calling for a ‘clean up’ of cryptocurrency companies.
The cryptocurrency market is under heavy downside pressure on Tuesday after Bitcoin broke through major technical support during Monday’s U.S. trading session. Ethereum, XRP, Litecoin are mostly following Bitcoin, while Binance Coin, Bitcoin Cash, EOS, Bitcoin SV, and TRON are among the worst affected top-10 coins. The total cryptocurrency market capitalization is $214 billion, a loss of 5.7 percent since Sunday.
Could blockchain, bitcoin, and crypto wisdom help prevent the next financial crisis? Maybe, but only if it’s implemented. If you’ve been paying attention to any bitcoin news sources within the last 5 years or so, you’ll have undoubtedly heard about blockchain technology. More than just your average crypto buzzword, blockchain technologies may just hold the key (no pun intended) to many of the world’s financial issues. And no, we’re not talking about investing in crypto. Blockchain, the public ledger system that keeps bitcoin and other altcoins decentralized and functioning may have applications that far exceed those of its original concept.
The market has yet again slipped and billions have been wiped out. After a weekend of sideways action, the bears have managed to pull down prices at the start of the week. Monday saw a majority of the coins record a marginal drop but today these losses have extended. Tron has led the drop by losing more than 8% in the last 24 hours, making the digital asset the highest loser among the top 20 coins. Among the top coins, the drop has been somewhat controlled but crucial supports have been broken. Bitcoin has dropped nearly 4% and fallen to the $8,200 price region. Ethereum has also shed nearly 4% and is exchanging for $178.
SFOX, a cryptocurrency prime dealer, recently released a report discussing the current market sentiment in the digital asset industry and the impact of Facebook’s Libra on Bitcoin’s ecosystem. While Libra is yet to be released and given the necessary regulatory clearance to function as a digital asset, Facebook’s proposed crypto-project has corresponded with Bitcoin’s downward price movement over the past few weeks.
Many people like the fact that Satoshi Nakamoto introduced a capped supply of 21 million coins when he created the Bitcoin protocol. However, there’s been a lot of speculation aimed at guessing the number of ‘lost coins’ that will never be spent. On November 19, the digital currency data and research site Coin Metrics published an in-depth study that estimates the true number of BTC’s circulating supply.
On November 19, 2019, the company filed a securities registration form with the SEC which, if approved, would see its popular Bitcoin Trust product become the first-ever digital currency investment product to be regulated by the SEC. The Bitcoin Trust was initially launched as a way to give more investors exposure to bitcoin with some barriers to entry eliminated, like the need to protect your own private keys. The pursuit of regulation by the SEC through this voluntary filing appears to be an effort in the same vein.
According to Ethereum co-founder and lead developer Vlad Zamfir, “Cryptoeconomics is a formal discipline that studies protocols that govern the production, distribution and consumption of goods and services in a decentralized digital economy. Cryptoeconomics is a practical science that focuses on the design and characterization of these protocols.”
The pillars of cryptoeconomics are cryptography and economics. That is to say, it comes as a byproduct of marrying these two concepts.
- The Dow, S&P 500, and Nasdaq continued to stretch toward unprecedented heights on Tuesday.
- Goldman Sachs anticipates that the trade war will have little impact on the global economy in 2020.
- But one panel of experts warned that by refusing to relent on tariffs, President Trump is “holding a gun to the head” of the US economy.