The week again started strongly, with a push on Monday taking price up to $10,600. We also saw the realized market cap (which adjusts for lost coins) breakthrough $100 billion for the first time ever.
The MACD indicator turned bearish for the first time this year, but we still had plenty of bullish sentiment from analysts. Bulls were accumulating, the order book looked bullish, and Max Keiser chipped in with a $25k prediction based on the fragile stock markets.
“There are a lot of factors impacting the price fluctuations of cryptocurrencies in the short term,” says Alex Karasulu, Co-Founder and CEO of OptDyn. “These last few days we see Bitcoin dipping below $10k then coming back up. Cryptocurrency represents an alternative Store of Value (SoV), a safe haven to fiat sovereign currencies, and as a result, they respond inversely to situations impacting fiat sovereign currencies.
CoinMarketCap, perhaps the most influential and widely used cryptocurrency ranking platform which is a platform created to track the capitalization of different cryptocurrencies, the number of trades that use them and the current price converted into fiat currencies, and updates this information every five minutes, recently, announced that it was adjusting its ranking criteria to follow a new set of strict principles.
TV host Max Keiser, who has been one of the most vocal Bitcoin supporters from the outset, claims that the top cryptocurrency by market capitalization will reach $28,000. He points out that BTC’s hash rate is inching closer to 90 exahash per second, and, according to game theory, hash rate precedes price.
BTC/USD BitStamp 4-Hour Chart
After several touching points, Bitcoin is trading around $9600, whereas the bottom of the triangle lies at $9200 (~$9000) and the second descending trend-line which combines the upper angle lies around $10,300 – $10,400.
Hence, there is a high probability that the end of this calm is indeed a sharp move, either to the top at $10,300 or to the bottom of the triangle around $9200.
A global derivatives marketplace headquartered in Chicago, Illinois, United States, is guesstimating that an average of around $372 million is currently being traded athwart over 7,230 contracts daily since this year started. Even though the world’s top cryptocurrency by market capitalization Bitcoin (BTC) has been trading with a nonlinear trend in the last two to three weeks, generally the token has done remarkably well in the second quarter (Q2) and the start of the third quarter (Q3) of 2019.
Looking at the chart, bitcoin price is clearly trading in a downtrend below $10,000. In the short term, there could be an upside correction, but the $9,800 and $10,000 levels are likely to act as major sell zones in the coming sessions.
- There was a major downward move below the $10,000 support in bitcoin price against the US Dollar.
- The price is currently correcting higher, but upsides remain capped near $9,800 and $10,000.
- There is a major bearish trend line forming with resistance near $9,980 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- There could be a short term upside correction, but the bulls are likely to struggle near $10,000.
A lot of Bitcoin aficionados and traders alike have sought to compare the current push to $14k to what happened in 2017 right before Bitcoin reached the All-Time-High of $20k. However, Crypto analyst ‘Michael’ thinks this comparison isn’t really right. It’s fair to note that Bitcoin hasn’t reclaimed the ATH since 2017.
In Bitcoin, a miner mines a successful block every 10 minutes and receives 12.5 BTC as a block reward. After the next halving of Bitcoin, this block reward will get reduced to 6.25 BTC, and this halving in Bitcoin happens after every 210,000 blocks have been mined. The next halving of Litecoin, this block reward will get halved to 12.5 LTC, and this halving happens after every 840,000 blocks of Litecoin have been mined.
According to a report by CoinTelegraph Brazil, Cielo has a network of 1.4 million point-of-sale devices throughout Brazil that will now support cryptocurrency payments. In collaboration with the free digital rechargeable credit card, Uzzo, and crypto exchange Criptohub, Cielo will allow users to send crypto to devices via a QR code.
Launching on October 14, CieloPay, the company’s mobile app, will also allow retailers to sell items without needing point-of-sale devices, reports Exame. Instead, the app will generate QR codes on users’ mobile phones.
Bitcoin is now the only asset in the top 10 of cryptocurrencies by market capitalization not to have fallen below its 200-day moving average, according to data from Barchart.com.
The 200-day moving average is an important indicator of long-term market trends. As long as an asset remains above this line - which is calculated daily - it is generally considered to be in an upward trend, even if it has been moving lower for several weeks.
The crypto community has seen a tectonic shift in fundraising trends: from the decline of initial coin offerings (ICOs) to the hype around security token offerings (STOs) and then the rise of initial exchange offerings (IEOs). The inclination for fundraising seems to evolve every year. Similarly, 2019 brought with it a new way for crypto businesses to launch their tokens.
Bitcoin’s price was little changed on Sunday, resuming its consolidation trend after a volatile week. On the adoption front, Brazil’s leading payment processor has begun accepting bitcoin at millions of point-of-sale devices, a move that could hasten crypto adoption across the Latin American country.
The importance of incubation programs in the blockchain space is quite significant since the space in itself is only 10-years old and most of the startups venturing into this space lack any idea of shaping their business to the need of the masses. Thus, established players and stakeholders have come up with different incubation programs which are curtailed to help these startups become disruptive forces.
코인데스크코리아와 부산광역시는 오는 9월3일 해운대 파크 하얏트 호텔에서 디지털 자산 거래소 박람회 ‘DAXPO2019’를 연다. 각 분야 전문가들을 초청해 다양한 관점에서 디지털 자산 생태계가 맞이한 새로운 국면을 진단할 예정이다.
블록체인 기술과 산업에 전문성을 인정받는 미디어 5사가 공동으로 아시아 최대 규모 블록체인 컨퍼런스 ‘코리아블록체인위크 2019(KBW2019)’를 오는 9월 27일부터 10월 4일까지 개최한다.
9월30일부터 10월1일 양일간 그랜드 인터컨티넨탈 서울 퍄르나스에서 팩트블록의 ‘코리아블록체인위크(KBW) 2019’ 주간(9월27일~10월4일) 중 메인 행사로 열리는 디파인 컨퍼런스에는 국내외 주요 기업들과 블록체인 프로젝트들이 대거 참여할 예정이다.