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- Bitcoin’s 50- and 100-week moving averages (MAs) look set to produce a bullish crossover next week. Back in 2016, the same cross marked the start of a long-term bull market.
- Prices could rise to key trendline resistance at $7,600 in the short-term. A break higher would expose the recent high of $7,870.
- The short-term bullish case would be invalidated if prices drop below $6,847.
Weekly chart (2015-2017)
Weekly chart (2018-19)
A couple of hours ago Bitcoin fell out of its three day consolidation channel and dumped to $7,100 according to Tradingview.com. At the time of writing it was trading just above this level but poised to drop into the high $6k region once again. The move marks a 3% loss on the day.
The general scene is very bearish at the moment which is why many are claiming that there will be no major effect on prices from the halving. History has proved otherwise though and fundamentally the digital asset will be stronger than before in terms of perceived scarcity. Only time will tell if the previous patterns will play out again.
Gold/USD 1-Day Chart (TradingView)
- Donald Trump, the President of the US, decides to postpone the Phase 1 trade deals with China along with threats of increasing tariffs.
- Bitcoin [BTC] dropped to test lows at $7100 on Tuesday, despite positive cues from global macro.
- Gold, on the other hand, records gains as expected from such an event.
The Bitcoin [BTC] investment rhetoric this year began with the ‘safe haven’ dialect. The trade war between the US and China heightened during Q2. Consequently, Bitcoin and gold, both regained over 150% and 18%, respectively.
NASDAQ Composite (IXIC) 5-Day Graph, Dec 3, 2019. | Source: Yahoo Finance
- The NASDAQ plunged along with the other benchmark indexes, even as its major components raked in record Cyber Monday sales.
- Bullish analysts see the market tumble as a good buying opportunity for investors to acquire tech stocks at value.
- A volume-weighted analysis measuring the breadth of the NASDAQ selloff reveals investors are acting calmly this week.
Gizmos and gadgets weren’t the only thing on sale this Cyber Monday. All of the NASDAQ Composite’s mega cap tech stocks were available at discounted prices too. And they’re still on sale as the pullback extends through Tuesday.
However, the fact that 37% of their value is not backed by Bitcoin seems to contradict that story rather significantly. There is also a question as to how appealing the “physical delivery” of these contracts truly is. Those numbers appear to be disappointingly low, albeit that is not necessarily problematic. Despite Bakkt trying to be unique on the market, it is evident that the company is still relying on traditional methods.
Bitcoin’s volatile price movement over the month of November has many in the community split over what they think will be the future of Bitcoin. Blockchain Capital’s Spencer Bogart is the latest to speculate on the king coin’s future after Bitcoin’s valuation registered a 6-month low at $6500, with the coin failing to respond with a higher price pump afterward.
Brave has been striding onwards towards mainstream adoption, dominating the Android market in several geographies. But its native token, Basic Attention Token (BAT) hasn’t been able to find the same level of traction. Some independent content creators have found a new source of income with BAT tips as it can be used to monetize content, December 3, 2019.
There is a lot that you can do with Bitcoin these days, which is why its impact on online gaming and gambling cannot be overlooked. It brought possibilities, security, anonymity, and it lets you keep your money for yourself. Keep all those possibilities in mind next time you play Plinko online, and you will be more motivated to win and use it than ever before.
In November, South Korea’s National Assembly national policy committee passed a bill designed to provide a legal basis for crypto in the country and bring regulatory clarity and transparency to crypto markets in South Korea. The bill still needs to be approved by the judiciary committee, but, if approved, the law would come into force in 2020.
This is not the first attempt by South Korean authorities to provide more regulatory clarity to crypto markets. In early 2018, South Korean regulators banned anonymous trading on crypto exchanges in line with anti-money laundering and identification efforts in the country.
- Interest in mining in the U.S. is on the rise, with a slew of companies announcing plans to open mining farms in Texas
- Even though Texas has abundant natural resources, its electricity rate and mining site construction costs are not as favorable as those in China
- We take a deep dive into the costs going into constructing and maintaining a mining farm in Texas
Now, it seems Ripple is finally taking deliberate action to limit the supply of XRP in the market. Some XRP fans believe the act of returning XRP tokens to the escrow means Ripple is sending away potential buyers and making them buy in the retail market which already has enough XRP circulating. Besides giving XRP investors a fresh sprinkle of positivity, this move could also reawaken the bulls.
Overall, BTC and five other top 10 cryptocurrencies have done well so far but the year is not over yet. Moreover, a wide variety of other coins have seen decent percentage gains while a slew of other cryptos are definitely on life support. The month of December may continue to highlight the more recent crypto price contraction or if digital currency traders are lucky, they may get another ‘Santa Claus Rally.’
The Bitcoin ecosystem is also drastically different in 2019 compared to the previous cycles.The cryptocurrency derivatives market continues to grow in scope with the likes of CME Group and Bakkt tapping into institutional investors. As reported by U.Today, crypto analyst Willy Woo said that there was a good reason to believe that the Bitcoin price might not repeat its previous market cycles due to its unusually bearish price action.
Source: Bakkt Volume Bot
Earlier this year, Ripple expanded academic research in Japan through its University Blockchain Research Initiative, facilitating developments in blockchain, cryptocurrency and digital payments. It joins a global push among leading blockchain companies to reach and train undergraduate and graduate students through workshops and by funding research projects.