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Saxo Bank, an Asian Infrastructure Investment Bank, recently published its “Outrageous Predictions” for 2020 and the bank also said that it will issue a new digital asset called the Asian Drawing Right (ADR) to reduce the impact of the US dollar in regional trade. The ADR will be backed by a basket of fiat currencies and gold but will be driven by blockchain technology.
- Bitcoin’s drop from $7,870 to $7,087 (Wednesday’s low) may turn out to be a bear trap due to falling selling volumes and bear exhaustion indicated on the daily chart.
- A re-test of $7,870 could be in the offing – more so, as the three-day chart is still reporting a bull reversal pattern.
- A UTC close above $7,870 is needed to invalidate lower-highs setup and bolster the short-term bullish case.
- On the downside, $6,847 (as per Bitstamp prices) is the level to beat for the sellers.
According to Demeester, once the weak hands are shaken off, BTC‘s price will scale higher. However, the possibility of a new bottom was still in the loop. The final stages of re-accumulation would be over after the true bottom has been attained. Demeester believes that Bitcoin could go down to $5000, adding that it would not be a bad situation as BTC would still register a positive gain over the course of 2019.
Additionally, he also said that present millennials would be influential in terms of dictating Bitcoin‘s price for the next 20 years, while also shedding light on the possibility that around 30 percent of the world’s billionaires may end up being Bitcoiners in the future.
The last time this occurred, Ethereum helped drag the entire altcoin market upward, causing what most refer to as an alt season – or a period of time when altcoins trend and significantly outperform Bitcoin as a result.
Altcoins have long been oversold, reaching increasingly lower lows, and potentially signaling that a bottom is in against Bitcoin and a reversal could soon take place – all while Bitcoin continues to correct following the lonely parabolic rally it went on by itself during the second quarter of the year.
- Treasury yields recover following their biggest drop in four months.
- Dow and broader U.S. stock market rebound.
- Again, U.S.-China trade hype dominates the spotlight.
Government debt yields rose on Wednesday, bouncing back from their biggest single-day drop in four months after anonymous sources breathed new life into U.S.-China trade hype.
Bitcoin is in a downward move but the price movement has been rather gradual. The bears are still in control of the market as the bulls are yet to put forth a challenge. The bulls may have a challenge if the market reaches a low of $ 6,800. The buyers will take control of the market if it bounces at the support. The reverse will be the case if the price fails to bounce.
BTC and ETH are forming reversal patterns both on the RSI and the price charts. Of course, buying on the falling market is not always a good idea. To be sure, a buyer must see a breakout of the closest resistance lines. The other altcoins follow the leading assets but show no reversal patterns yet. In the case the Bitcoin performs a bounce up, the whole market might demonstrate positive moods and change the downtrend for an uptrend.
According to the crypto tracker Whale Alert, the owner of the BTC may be a cryptocurrency exchange. The large stack of BTC is currently being broken up into separate wallets containing relatively small amounts of Bitcoin.
“We have disabled further alerts for this for now to reduce spam. The main amount is slowly being reduced by amounts between 10 and 100 BTC. This process is usually called peeling and is normal behavior for wallets that many exchanges use.”
What that could indicate is that the current cycle has a longer period to play out before a full correction can be confirmed. The mid-cycle correction of around $7,000 may not be the full correction at all, and further price falls may occur. Though it does remain a new asset class, with a growing history of price movement evaluating Bitcoin’s performance is becoming a more meaningful exercise.
The 2019 year in crypto has been disastrous for altcoins with many dumping back to over 90% below their ATH. A few of them could stage a comeback in 2020.
There is no real reason for ETH prices to be so low aside from its stickiness to big brother and general bearish market sentiment.
That is not to say that China supports any decentralized platforms that are beyond the tight grip of state control, quite the opposite in fact.
Icon is South Korea’s version of Ethereum and NEO but with a difference.
This future possibility is very much associated with the idea of Paolo Ardoino as regards the Bitcoin mass adoption. According to Bitfinex CTO, the exchanges will play a key role in the adoption of the lightning Network and therefore of Bitcoin as a payment method. In two days, Bitfinex demonstrated how we can quickly contribute to the adoption of Bitcoin, demonstrating its commitment to building the new digital economy.
One of the most popular is the one between Ripple and multinational payment giant, MoneyGram International. It would seem now that the partnership is already bearing fruit, as it has shot Ripple’s XRP volume higher than that of the two largest assets in the crypto market, Bitcoin (BTC) and Ethereum (ETH), going above 4 million per day.
Cane Island Analyst Timothy Peterson maybe one of the only analysts to have accurately predicted the end of year bitcoin price . His analysis back in March this year, stated that the leading cryptoasset would price in at $7,800 by the end of December. If bitcoin continues to track as Peterson’s predicts, BTC should close above it’s all-time high by the end of 2021.
According to Noto, the NYDFS approval is a testament of their continuing commitment to win the trust of regulators and stakeholders in their effort to provide investors with more choice for products and services in the entire U.S.A.
The green light to trade cryptocurrency is among other investment vehicles that SoFI achieved in 2019. Earlier in the year, the company won an approval to trade stocks and ETFs. SoFI now joins the league of other companies that have obtained the BitLicense such as Gemini exchange, and the prime broker in crypto, Tagomi.