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Bitcoin seven-day price chart. Source: Coin360 | The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Data from Coin360 painted a gloomy picture for Bitcoin investors on Tuesday, with BTC/USD bouncing off lows of $9,630 to hover closer to $9,750 at press time.
The pair lost 2.6% as the weekend ended, firmly rejecting the bullish behavior which had characterized markets in previous months.
Bitcoin’s drop below $9,800 was the latest in a slow grind downwards, which began at the start of September. Highs for the month currently sit at $10,900, while quarterly losses total 23%.
BTC/USD price chart by Tradingview
Bitcoin is lethargic in its recovery following another dump to $9,600. Similarly, the general trend on the market is just as drab. Ethereum can barely hold above the support at $200 while Ripple has been unable to stay above $0.27.
The largest crypto in the cryptocurrency market is bullish especially after reclaiming the position above $9,700. However, correction towards $9,800 is hampered by the high concentration of sellers at $9,776 (intraday high).
Early trading in Bakkt’s physically-settled Bitcoin futures has been rather underwhelming, according to data from the platform’s parent, the Intercontinental Exchange.
The long anticipated launch, which has been cited as one of the major catalysts for BTC’s impressive turnaround this year, took place yesterday, but the trading volume Bakkt’s products managed to generate was largely disappointing. Only a couple of Bakkt’s daily Bitcoin contracts, which some view as the platform’s flagship offering, were traded during the first 24 hours.
Chicago-based CME Group, the harbinger of the Bitcoin bull run of December 2017, and until now, the institutional gateway into Bitcoin, albeit in contractual form, is wary no more. The CME Group’s cash-settled Bitcoin Futures looked set to take a beating from Bakkt’s physically delivered Bitcoin derivatives. However, on first impression, it did not turn out to be so.
The crash occurred after the hashrate hit a new all-time high above 100 EH/s on September 18. It isn’t clear what’s behind it, as competing networks using the same hashing algorithm – including the Bitcoin Satoshi’s Vision and Bitcoin Cash hard forks – didn’t see a significant hashrate increase, which means large miners didn’t choose to mine another cryptocurrency.
Not that it’s surprising, but analysts, as well as the whole community, are looking to celebrate another rally pretty soon. Crypto Hamster, for example, has projected that if the king coin’s one-day Stochastic RSI confluence is considered, the minimum expectation for Bitcoin in the near future, should be “at least a temporal rise” above the coin’s 2019 high of $14,000.
Another analyst, Crypto Welson, has a forecast a little more bullish than Crypto Hamster’s. According to the analyst, Bitcoin is currently consolidated at the lower ends of a trajectory measured as far back as 2016.
Social media is abuzz with takes on yesterday’s launch of Bakkt’s physically settled Bitcoin futures, specifically focusing on how underwhelming a showing it was. First-day volume for the platform was equivalent to 71 Bitcoin, and, to put that in perspective, CME’s first day saw 5,298 Bitcoin traded. It is certainly too early to call this a “flop” being that, as pointed out in the past, some of their largest prospective clients still don’t have permission to trade physically-delivered futures contracts. At the same time, some futures brokers may simply not be ready to clear them. It is also important to remember the broader implications of the launch — the platform enables the physical delivery of Bitcoin with end-to-end regulated markets and custody.
BTC/USD BitStamp 4-Hour Chart(UP) / 1-Day Chart
– The RSI Indicator (Daily): The RSI just marked its lowest point since February this year. As of now, it’s facing the 40 resistance, but a new lower low in RSI is not a bullish sign. Despite that, Stochastic RSI is at the oversold territory, and we could see some positive correction in the short-term.
– The Trading Volume: The huge move is not here yet, the volume is still very low. Overall, the volume keeps on declining since the end of June.
Other topics expected to be discussed include Exchange-Traded Funds (ETFs), whether or not digital assets should be categorized as securities, as well as Facebook‘s upcoming Libra cryptocurrency.
It is not news that the U.S. Congress has not exactly been supportive of Facebook’s cryptocurrency because of the social media giant’s many problems regarding privacy and security. and whatever resolutions made at the end of today, might be felt in the market.
When internet-of-things (IoT) startup Helium first announced its crypto-mining modems, sales of the devices were limited to users in Austin, Texas.
The company quickly sold out of its first production run designated for the Texas capital, but now Helium is shipping units much more broadly, to 263 cities around the United States, CoinDesk has learned.
Of that group, a company spokesperson said the key cities are New York, San Francisco, Boulder, Denver, Atlanta, Chicago, Dallas, Houston and Seattle. Shipments for this next wave of hotspot production should begin in October.
Local news outlet Whales247 reported on Sept. 24 that this is “the first and only service to guarantee digital funds held online will not be lost or stolen.”
Coincover’s service reportedly monitors the wallet at all times and issues warnings in case of suspected theft, recovers funds in case of private key loss, manages key backups, provides cash replacement value in case of theft, and checks for any suspicious activity.
In the first nine months of the year, the rising Bitcoin (BTC) prices made attackers dust out sextortion emails. Symantec traced wallets and addresses, estimating that the scam raised around 12.8 BTC.
Sextortion emails usually claim to have hacked a user’s camera, then require a BTC payment. The scheme is less critical in comparison to ransomware threats, which were more active in the past years.
Talha Obaid, an Expert on Email security at Symantec commented,
Kik CEO Ted Livingston is calling it quits for the popular messaging app targeted for teenagers.
By 2016, the free mobile app reportedly had 300 million registered users, had reached 40% of American teens and was valued at $1 billion.
But by June 2019, Kik’s market share had dropped, according to Statista, with an estimated 5.1 million monthly active users.
To produce fair trade, organic coffee, like those that millennials tend to enjoy, can be an onerous and costly task, but a blockchain software company has made this process easier for over 120,000 Honduran coffee bean farmers.
GrainChain, a Texas-based company that provides supply chain software for the agricultural industry, has on-boarded vendors, farmers, fair trade certificate auditors, coffee bean manufacturers, coffee exports, and other players along the coffee supply chain to its blockchain-based system.
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.