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BTC USD daily chart. Source: Tradingview | 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.
According to the company, this is one of the first regulated products giving exposure to Bitcoin, with which institutional investors can diversify their portfolio.
While the firms are launching crypto products for professional investors, not every investor is confident about the future of Bitcoin. Billionaire investor Mark Cuban believes that BTC could never become a reliable currency because “it's too difficult to use, too easy to hack, way too easy to lose, too hard to understand” as well as too hard to assess and value.
The latter part of 2019 has been a volatile several months for Bitcoin, with the embattled cryptocurrency ranging between lows of $6,500 and highs of over $10,000. Currently, BTC is trading at the lower part of this trading range, and it has been struggling to gain any decisive momentum in either direction.
This lack of momentum may spell some trouble for the cryptocurrency, however, as analysts are noting that the faltering buying pressure in combination with technical weakness may lead Bitcoin’s price significantly lower.
On D1, the descending channel of the current trend looks stable and confident. In the short term, however, the dynamics of the quotations is slowing down. The decline has stopped near 61.8% Fibo in relation to the previous trend of growth. If the downtrend develops, the nearest goal will not only be at the support line of the current channel but also 76.0% ($5426.60).
The number of bitcoin long positions is growing at an alarming rate. | Source: TradingView
- The number of bitcoin traders going long on BTC is approaching an all-time high.
- That sounds bullish, but it’s actually an extremely bearish signal.
- Is the bitcoin price on the verge of another plunge?
Bitcoin longs are nearing record highs on margin trading platforms like Bitfinex. The last time the number of long positions to reached this high, a fourth-month bear market followed, suggesting that another price crash may be on the horizon.
The aforementioned platforms are used by both good and bad actors (just like Bitcoin). However, they are not designed for people to use them en masse. Carson believes that even the Lightning Network and other scalability solutions will fail to push Bitcoin into the mainstream and remain a niche currency. As reported by U.Today, Bitcoin is still responsible for about 95 percent of all crime-related crypto transactions despite the proliferation of privacy coins.
In a recent interview, Andy Cheung, Head of Operations at OKEx, discussed the overall developments in the crypto-derivatives market and spoke about the resurgence of regulatory compliance within various digital asset exchanges.
Over the past few months, the likes of Bakkt and CME have solidified themselves in the industry by competing with regulated institutional offerings. OKEx hasn’t backed down, however, with the exchange entering the derivatives market with Bitcoin Futures about 2 years ago. OKEx has since steadily built its reputation in the crypto-industry.
In March, Dorsey launched Square Crypto, a project similar to Bluesky. Square Crypto is another five-person team that works on improving the Bitcoin ecosystem full-time inside of Twitter.
Jack Dorsey is betting that decentralization is the way of the future. Whether it will be blue skies from here, however, is still uncertain.
"It has been a year of success, but something not talked about enough in cryptocurrency is what it takes to build a business,” said Philip Gradwell, the chief economist at blockchain forensics firm Chainalysis, on the latest episode of the Bitcoin Magazine Podcast. “We provide software for compliance and investigations, but underneath it all, we’re a data company trying to understand how value flows between different entities. That looks kind of like information provision — Bloomberg. But, it’s hard to find a comparison for what we do in the traditional world because blockchains allow for new types of analysis that were not previously possible."
An artificial intelligence-driven personality research on the characteristics of crypto industry leaders such as Vitalik Buterin, Justin Sun, and Brian Armstrong found that intellect, liberalism, and cautiousness are their top personality traits. And a comparison with general tech titans showed that crypto leaders are 98.4% more likely to demonstrate anger and 46.4% more likely to harbor depression.
Eric Choe, who ranked first in Texas in the CME Group’s annual trading competition in 2016, said in July that after paying off his debts and saving for emergencies and some real estate, he decided to go “all in” on XRP.
“I’m retiring if it reaches around $2 – $4.”
At the time, XRP was trading around $0.42. It’s since dropped to about $0.22, according to CoinMarketCap. Initially, Choe noted that he’d likely place a sell order below 28 cents in case his plan backfired.
In the world of cryptocurrency, scams and fraud have become commonplace as new, unwitting retail investors enter the market and with huge expectations and limited sense of how to wade around the space. A Ponzi scheme in existence since 2014, BitClub Network, has been outed as Bloomberg reports that American regulators have arrested three of the five perpetrators, with the remaining two still absconding, December 10, 2019.
To start, it will allow clients to stake on the Tezos network and "earn a fixed rate of 6%." Unlike some of its competitors, users will be able to start earnings rewards instantly rather than waiting the usual time period of approximately 21 days or 7 "cycles" in Tezos.
Two-thirds of the Bitcoin network’s hashrate reportedly come from mining facilities located in China, which has grown in the industry thanks to its cheap electricity and favorable climate.
According to Reuters, data from digital asst manager CoinShares shows China’s control over the global BTC hashrate went up from 60% in June of this year to 66%, the highest recorded by the firm, which has reportedly been tracking Bitcoin’s hashrate for nearly two years.