Month: July 2019

In the coming week, Bakkt is expected to test-launch its Bitcoin (BTC) futures product. While many have begun to doubt its viability as a medium for institutional adoption, especially due to the countless delays it faced, this may not be the case.

Related Reading: BitMEX May Be the First Target of the U.S.; Which Crypto Platform is Next?

Another week, another round of Crypto Tidbits. As is seemingly the norm, Bitcoin saw a tumultuous week, trading from everywhere from $9,100 to around $11,000. Per the time of writing this article, the dust has somewhat settled, with BTC around the $10,500 region for at least the past 18 hours.

Cryptocurrency prices are lower than they were earlier this month or in late-June.

• Bitcoin (BTC) consolidating below $11,200
• Iranians turning to Bitcoin

Despite deliberate attacks from politicians, Bitcoin as an innovation is an “unstoppable force”. Fearing the unknown, they are unknowingly marketing BTC as an alternative. For now, BTC is steady, but bears are firmly in control.

Bitcoin Price Analysis

Fundamentals

Cryptocurrency investors and traders are in the space to make money, then later for the technology.

• Binance Coin (BNB) is up 7.1 percent
• Free airdrop for XLM owners in Binance

Binance, amassing $775k after unknowingly staking XLM, will continue staking. Preparing to boost XLM accounts with free airdrops, BNB prices are up 7.1 percent in the last day.

Binance Coin Price Analysis

Fundamentals

Trading in some periphery exchanges can not only be a source of headache because of liquidity issues, but there is also the risk of being swept clean.

• Ethereum (ETH) is down 18.2 percent
• Set Labs launching an ETH trading robot

As a reputable smart contracting platform striving to improve, it’s token, ETH, is technically bullish. Regardless, with dropping BTC prices exacerbated by their direct correlation, the former could drag ETH prices lower. Even so, that is not stopping Set Labs from launching a trading bot.

Ethereum Price Analysis

Fundamentals

• Ethereum (ETH) is down 18.2 percent
• Set Labs launching an ETH trading robot

As a reputable smart contracting platform striving to improve, it’s token, ETH, is technically bullish. Regardless, with dropping BTC prices exacerbated by their direct correlation, the former could drag ETH prices lower. Even so, that is not stopping Set Labs from launching a trading bot.

Ethereum Price Analysis

Fundamentals

• Bitcoin price rallied recently above the $10,000 and $10,200 resistance levels against the US Dollar.
• The price climbed towards the $10,800 resistance and recently started consolidating gains.
• There is a contracting triangle forming with resistance near $10,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The price could accelerate towards $11,000 and $11,200 if it clears the $10,800 resistance.

All this week, the crypto market has been under a microscope both by politicians with regulatory power, and throughout the entire crypto community hoping to determine what long-term implications Facebook’s Libra will create for Bitcoin now that policymakers are up in arms over the asset class.

Following a negative tweet from United States President Donald Trump and expressed distaste from nearly every governmental department in the US, Bitcoin price was expected to fall, but has instead risen sharply.

Cryptocurrency has found itself on the center stage of the global political sphere over the past several weeks, which first began when Fed Chair Jerome Powell compared Bitcoin to gold. Shortly after this, US President Donald Trump shared his thoughts on BTC, which sparked what appears to be a regulatory crackdown on the nascent markets.

Now, the President of the St. Louis Federal Reserve is noting that cryptocurrencies are the newest entrants to the ongoing global currency competition, which means that, in his view, crypto is increasingly becoming a competitor to fiat currencies like the US Dollar.

Bitcoin and the aggregated crypto markets have been incurring significant volatility as of late that has made it increasingly unclear as to which direction BTC is heading and has even made it difficult to know whether bulls or bears are in control.

Although Bitcoin’s recent drop to $9,100 certainly signaled that the crypto’s bears have significant strength, the subsequent price surge past $10,000 signals that bulls are still in control, and one analyst believes that the recent pullback is both natural and necessary for the uptrend to continue.