Bitcoin has now crossed to the uptrend now I am searching for sidways trading here again and I'm holding low of $3900 and a slow grind up maximum $4500 on a platform with the real value or price knock-off 90 on the market watch I see no drastic drop back to $3600 this week, not even the next few weeks. And many new adoptions yet more new money continues to come in.
A kind of an environment like this with its own right is a sweet spot. Bitcoin will definitely be affected by that shift though there is very little controlling stake unlike that of stocks or fiat. The number one reason I give BTC the benefits of this doubt is though I don't think sp500 is definitely going to crash unlike a lots of the shills are saying and talking about.. No!, not anywhere right now and I doubt if we'll see much below 2650 and even if we see that Bitcoin will be a bit vulnerable, if that happens... Hmmm i hope not.
More than a month now I've been sharing little correlating details that this isn't the very environment Bitcoin should crash and yes it still holds. Starting from tomorrow to the next few weeks a high amount of companies earning reports get shared. So also last week of this present month and first of the next week there are a higher number of dollars high impact on news... There should be some added volatility and guidance i believed as this data is dialed in. Being vigilant will be a good idea anyway for me and let few of this play out for flexibility.
No one really cares or gives a damn what you have to say about boils, bucks or oils. This is cryptocurrency and it does not correlate whatever with anything. Just take a chart and take a look at it from different angle or timeframes and make a decision. So you need to stop decieving us.
Hey, this isn't a direct correlation for instance if XAU goes up Bitcoin goes up, it doesn't work that way at all. Moreover this is a money flow measure and effect on risk-off / risk-on market application and theory, this is only seen with the right combinations of huge data collection that's covering every basis and some practical experiences reading and packaging the data. This correlation is just like any other tool which someone can use for connecting the dots, measure, count and weigh, the cards, when there are more dots on a particular side than the other using the tools I use with correlation then that is direction I trade.
Every markets are subject to trader/investors sentiment and fiat or money flow, it's base on relative and collective.... Bitcoin being near its total spec, it's subjected to risk-off or risk-on environments as a complete and whole understanding the correlation of Dollars flow in money/fiat, major futures, equities, oil and metal and provides and gives few guidance of how bearish or bullish all markets are in general, so it's definitely not a fool proof due in part, however correlations is against the norm and provides negative signals in few occasions though there are very stable indicators overall most times, But BTC is a major subject to dollar performance that is just the fact.
Bitcoin value settled higher than $3,600 support range and now later it started consolidating gains. BTC/USD appears to be struggling close to the range of $3,640 and $3,650, so on top of that there is high tendency the value is probably going to accelerate towards the $3,700 and $3,720. Ethereum/Ether value is also trading higher than $120 support range, what an optimistic moves. ETH/USD is presently facing hurdles close to $123 and $125, on top of that there's also an opportunity of a sharp upward move within the close term. On the opposite hand, I see ripple's value presently struggling still, however it's still trading higher than the $0.300 support range.
Bitcoin specifically is now nearing a point known as a danger point, there's a great off deal mining capability, and any more from now to any further extent erosion in value and there will be more off capability than on capability, For instance, now in which mining might not be price or cost effective to mine bitcoin, however it should be rentable for killing or attacking it."
Theoretically it's doable for the governments to launch an attack called a fifty one attack on btc, "For instance, a govt just like the China or United States of America or determined they wished to do some harm to Bitcoin, then they may probably, either quickly get plenty of mining power to shut down so as this could make them to control a majority of what is left off, or they may also decide to deploy new hashpower that takes over the entire network.
The 51 percent attack has currently been heard off which maybe the foremost damaging threat Bitcoin or any other cryptocurrency may face. And as professor. Matthew green of John Hopkins University says on crypto news such an attack may probably be spearheaded by the United States of America or the Chinese government, particularly as long as most of Bitcoin's hashing power is based in China.
Check this out, Bloomberg's column appears that it's possible that FUD could possibly loom over crypto space this year 2019, Barry Ritholtz says this prediction is wrong. Inspite of this also, enthusiasts kept their hopes very high. Mike Novogratz aforesaid that he believes there's going to be huge adaption this year and 2020 as he thinks there'll be much of participation from individuals in the Blockchain industry. currently state government of Ohio proclaimed it's about to start accepting tax payments in Bitcoin whereby the govt has partnered with Bitpay to bring this into reality conveniently so the bitcoins will get converted into dollars on behalf of tax office.
Just recently, few peoples has foretold saying there is possibility for the value of Bitcoin to fall as low as 1,260$ and Blockchain may not benefit banking or monetary institutions for three to five years because the true value of cryptocurrency isn't proven yet according to them. Even though Bitfury group and South Korean R&D firm have also proclaimed that it might launch centers where Bitcoin is mined in Paraguay, that may be a part of Common Foundation's project additionally referred to as grey Goose.
The protracted crisis in the digital currency market scares institutional investors away from cryptocurrency assets, which confirms the decline in the share of financial institutions in Bitcoin trading
One of the current trends hindering the recovery of the crypto market is the intensification of institutional investors in the over-the-counter market for trading virtual currencies. large investors find the over-the-counter market more liquid. Such a market is usually open around the clock, which allows traders to control assets and respond quickly to risks in the event of abrupt changes. Nevertheless, the search for sellers at current prices is difficult even in the over-the-counter market. While trades in this format will be of interest to traders more than the official crypto market, the possibilities for recovering the latter will be significantly limited.
Bitcoin adds more than 8% and trades around $ 3,500, showing the strongest rebound in the last 3 weeks. the current impulse has good chances of continuation.
Bitcoin 'is based on faith' investors. The growth of cryptocurrency in the past year was due to the 'belief in tales', and the fall - a small understanding of the technology by most traders.
Remember what happened in November and December last year. The price of Bitcoin rose from $ 10,000 to $ 20,000 only on speculative expectations of launching Bitcoin futures and involving major Wall Street players. So what? After the launch there were no volumes, the market was dead. Nothing! Therefore, the price went down because it should not have reached such high levels so quickly. It seems to me that the same thing can happen with a bitcoin ETF
It is likely that now the BTC has the last bastion of 'hoddlers' (not whales), who do not stand up and sell the coin. The rest of the investors perceive the situation as follows: if you sell, it means to sign a loss, and to take a risk means, with good luck, you earn many times more than the amount of risk. And against such comrades whales can do little.
Trading or investing in bitcoin is a speculative gamble, the chances of winning are even lower than in Las Vegas.
Large mining centers buy equipment, enter into contracts for the supply of electricity - and all this with the expectation of long-term work. Therefore, if Bitcoin hashrate falls, and mining becomes less profitable due to lower prices, miners can continue their work until the asset recovers and the BTC mining becomes profitable again.
The number of transactions in the BTC network is growing, despite the fall in the rate. That is, even after the end of the 2017 hype period, people do not lose interest in the crypt and the number of users only increases
A growing number of people see Bitcoin as a means of preserving value, so the future of the first cryptocurrency is very positive. There is currently no other asset with the same capabilities as Bitcoin.
Bitcoin is a network, so it's impossible to predict what the growth will be next year. This is not a company, so Bitcoin does not pay attention to bank rates, economic growth and other factors affecting traditional companies.
The SEC vs ICO actions had a negative impact on the market, as well as the denial of Bitcoin ETF approval. In November, Bitcoin fell by more than 40%, indicating the largest drop in assets in the last 7 years.
The rapid fall of Bitcoin below $5000 made mining unprofitable, with a relatively high cost of electricity. Many mines tend to sell-off their mining equipement. ASIC mining has one serious drawback - when the profitability of the equipment falls, it is pointless to use it in mining cryptocurrency, while no one wants to buy ASIC from you. Unlike video cards that can be easily sold to gamers, ASIC has no practical value other than mining as such.
The decline in the crypto market this year was a combination of factors such as a large concentration of inexperienced investors who entered the industry in 2017, regulatory uncertainty, and well-known principles of supply and demand. If you combine all these factors together, and also add an insufficient understanding of the average user of the principles of the industry, we come to the reasons why we see low prices for cryptocurrency
Bitcoin was overvalued in December 2017. This year, there were more sellers than buyers, so the price drops. But there are three things to keep in mind. First, Bitcoin is a transaction platform. It is the safest platform in the world, and it must have some value. It can not cost nothing. Secondly, it is the most profitable asset class in the last 10 years. During the longest bull rally, he walked around the Dow Jones and Nasdaq, etc. During this time, it has fallen twice by 80%, but over the past two years, it has grown by 400%.
With the current bitcoin price most owners probably turn off older asics miner, for example, Antminer T9 + from Bitmain and AvalonMiner 741. These devices, on average, give a hashrate of about 10 TH / s and currently incur losses. Bitcoin hashrate at F2pool, which accounts for about 11.4% of the total network capacity, also showed a power loss of more than 10% in recent weeks.
This is the fifth or sixth drop of more than 75% in the entire ten-year history of Bitcoin. I don't think that institutional investors are seriously concerned about what bitcoin prices will be like in 2018, since they are focused on a 3-5 year perspective. As to long-term investors, they are set to hold their current positions and expect to recover prices.
Has anyone heard about a more or less trustworthy/working tool or service for forecasting crypto currency price movements? I heard Nasdaq will soon provide institutional investors with a special tool for analyzing the behavior of cryptocurrency markets. The service uses machine learning and natural language processing algorithms to collect data on social networks and other sources of information and gives investors a more complete picture of possible market movements. It will be hard to compete with this one, but maybe there is some tool already there, available to us, mortals. Anyone?
How to describe bitcoin in plain English? It’s the first and currently most popular decentralized digital currency, which was created in 2008. The technology behind it is blockchain, a public ledger payment technology which takes intermediaries (such as banks and other service providers) out...