Will Growing Interest from China Propel Bitcoin’s Price Higher?

(BTC) has incurred a significant amount of volatility as of late which was perpetuated yesterday by news regarding the release of Bakkt’s physically settles futures product, which many investors view as a bullish development for the entire markets.

In addition to this, from China may help Bitcoin’s price climb higher in the near-future.

Bitcoin Stabilizes Above $10,300 After Recent Recovery

At the time of writing, Bitcoin is trading up over 1% at its current price of $10,330, which marks a significant recovery from its recent lows of roughly $9,500 that were set earlier this past week.

Despite the strong recovery from the bout of capitulation that sent BTC to its weekly lows, many analysts still believe that Bitcoin’s technical formations point to further bearishness in the near-future, which may be supported by the gap in the ’s CME futures chart, which currently exists at $8,500.

Despite this, Alex Krüger, an economist who focuses primarily on cryptocurrencies, explained in a recent thread of tweets that there is no guarantee that the gap ever be filled.

“Even though gaps often fill, gaps are not meant to be filled. Gap filling is a combination of random variations (price moves), self-fulfilled prophecy (traders assign value to gaps), and lack of support/resistance within gaps (i.e. no trades inside),” he explained.

Will Positive Factors Help BTC Buck Recent Downtrend?

Assuming that a drop to $8,500 is not imminent, it is important to note that the markets have incurred robust fundamental developments as of late, which may help it reverse its recent downtrend and begin climbing higher.

Krüger further noted that there have been multiple bullish developments as of late that could help Bitcoin reverse its recent downtrend.

“Positive factors: Bakkt coming online Sep/23. Fidelity, Ameritrade, ETrade (awaiting news), HNWI & Macro traders interest. Macro narratives (false, but who cares). Retail interest trending (though still low). (Chinese interest in particular tripled in 2019, see,” he explained while referencing the below chart.

Assuming that the aforementioned fundamental factors, in combination with growing interest from China, helps Bitcoin reverse its recent downtrend, it is likely that $12,000 will be the next major level of resistance for the cryptocurrency.

Featured image from Shutterstock.

The post Will Growing Interest from China Propel Bitcoin’s Price Higher? appeared first on NewsBTC.


Source: newsbtc
Will Growing Interest from China Propel Bitcoin’s Price Higher?

Related posts

Will economics (Bitcoin Cash) win or will the taxi gangsters (BTC extremists) threats/harassments against the Bitcoin Cash community win?

I came across something interesting and thought might be worthy to share. I am currently in a country where Reddit is banned and taxi gangs have monopoly over certain areas so Grab/Uber drivers are not allowed to pickup passengers from certain areas.

The fact that you’re reading this shows I managed to overcome the ban to assess Reddit nevertheless. And I did that because the value of using Reddit is more than what is preventing me from doing so. It’s simple economics. If people find something useful and valuable, they find a way around the problem.

And ever since I knew about the taxi gangs situation, I no longer take any taxi rides anymore. I simply walked away from those spots, same as everyone else here, and we all took Grab/Uber anyway. It’s all down to simple economics. The price of taxi here cost at least twice as much as Grab/Uber for the same trip. Even if the taxi gangs want to, they can’t compete with simple economics. Consumers will do what makes sense and use the better service. It’s basic economics.

Earlier this year, the government of Venezuela forced all businesses to increase the minimum wage by 300%. Maduro thought that by doing this, he solved the financial problems for the workers. What happened in reality is that businesses were forced to let go of the workers, because their business simply does not make enough money to such wage hikes. Instead of increased wages, now the workers are jobless and out of any income. This is simple economics and even the government of Venezuela cannot compete with basic economics.

It is also simple economics that if you have BTC that is slow and unreliable and cost over $50 per transaction during peak periods vs that is fast/reliable/affordable (tokens + privacy + progress etc), people are going to end up using Cash. BTC extremists are like the taxi gangs, using threats and harassment, to scare people away from Cash. Indeed, it is very scary for BTC extremists to compete against a superior Cash. Obviously, they are worried their threats and harassment will not be able to compete against simple economics. If I were them, I would be worried too.

Any smart investors know the difference between price and value. And anyone who could understand value will profit while anyone who only understand price will end up paying the price. In the end, the fool will leave with the experience and the wise will leave with the fool’s money.

With that in mind, it all makes sense why Xapo wants to be sold to Coinbase. Because they thought Bitcoin Cash wouldn’t survive, but it did, and if they were to buy back what they had sold, they would end up paying a lot more than what they had dumped those Bitcoin Cash for. They wanted to leave a sinking ship while they still can, because they understood basic economics. They are the smart ones.

Will economics win or will the taxi gangs (aka BTC extremists) with their threats/harassment against the Bitcoin Cash community win? We will know in time. =)

submitted by /u/MobTwo
[link] [comments]
Source: Bitcoincash
Will economics (Bitcoin Cash) win or will the taxi gangsters (BTC extremists) threats/harassments against the Bitcoin Cash community win?

Related posts

The biggest driver in the adoption of crypto will be negative interest rates. We are reaching a point where we will have to pay banks to hold out money (they are already beginning to pay people to borrow it). Soon everyone will have no choice but to consider crypto as a serious store of value.

The biggest driver in the adoption of crypto will be negative interest rates. We are reaching a point where we will have to pay banks to hold out money (they are already beginning to pay people to borrow it). Soon everyone will have no choice but to consider crypto as a serious store of value. submitted by /u/beelzebubby
[link] [comments]


Source: CryptoCurrency
The biggest driver in the adoption of crypto will be negative interest rates. We are reaching a point where we will have to pay banks to hold out money (they are already beginning to pay people to borrow it). Soon everyone will have no choice but to consider crypto as a serious store of value.

Related posts

Will Dash remain unperverted or will it share the fate of BTC?

Will Dash remain unperverted or will it share the fate of BTC? submitted by /u/mikenewhouse
[link] [comments]


Source: dashpay
Will Dash remain unperverted or will it share the fate of BTC?

Related posts

XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis

xrp will defy


(function ($) {
var bsaProContainer = $(‘.bsaProContainer-6’);
var number_show_ads = “0”;
var number_hide_ads = “0”;
if ( number_show_ads > 0 ) {
setTimeout(function () { bsaProContainer.fadeIn(); }, number_show_ads * 1000);
}
if ( number_hide_ads > 0 ) {
setTimeout(function () { bsaProContainer.fadeOut(); }, number_hide_ads * 1000);
}
})(jQuery);

the odds of the altcoin apocalypse since the price of the altcoin reached its 2019 high near the $0.50 as we can read from the charts in today altcoin news.

XRP is now trading at $0.26 and at least one analyst believes that the altcoin is primed for a major recovery. According to the chief market analyst at ThinkMarkets Naeem Aslam, the cryptocurrency is way oversold and there is some tremendous value at its current level. According to the weekly charts, Aslam noted that the XRP price is below the 200-week moving average while its Relative Strength index as falling below 37. These indicators demonstrate that there have been some bear activities which are running out of steam now. The bullish call comes at a time when there is some talk of the altcoin apocalypse as it was demonstrated by ’s rapidly-climbing market share.

Back in March, the Bitcoin dominance was hovering about 50 percent and in the five month sicne then, it has ballooned to at about 69 percent which was the highest level in more than two-and-a-half years. The level of Bitcoin Dominance has reached the expanse of some other cryptocurrencies and in March, Ripple’s market share was about 10 percent but is now standing at about 4 percent. This is a huge decline from the dominance level over 15 percent in January. The charts show that XRP will defy the odds of the altcoin apocalypse and the charts are screaming ‘’BUY’’ for Ripple as some analyst urge.

Cole Walton who is the head Trader at Kanos Capital Management and the co-founder of Plouton Mining noted that the increasingly competitive landscape as a reason to be careful to tread when considering a XRP investment. As we can read in the latest cryptocurrency news:

“Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market.”

The post XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis

Related posts

CZ: Binance will Resume US Operations within a Month or Two

Coinspeaker
CZ: Binance will Resume US Operations within a Month or Two

Just recently Binance CEO Changpeng Zhao had an interview with Cheddar where he got asked about how long should the US residents wait for to get back into the US market. replied that he wouldn’t want to state any fixed dates, but users should expect it to happen within a month or two:

“I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”

It was previously reported that Binance announced that their exchange services are temporarily restricted in the US. However, either the CEO and the company in general never shared a pessimistic view on this. They always were optimistic about resuming their operations and now CZ sounds more confident than ever.

Moreover, CZ explained that they have partnered with BAM Trading Services. This company help Binance to get all the essentially needed regulatory approval and help to understand the US regulatory framework and environment, in general. CZ himself said that he “is no expert” in US regulation subjects, so he could only comment from his point-of-view.

Also, the reporter asked would this Binance US come-back mean that the exchange would operate within the state of New York – to which CZ replied a short “no”, explaining that “they don’t have the bill license.”

Additionally, CZ congratulated the US market as a whole calling it one of the most developed markets in the world for any industry, saying:

“I think the US is one of the most developed markets because I think it has good regulations in the traditional finance space. is a new thing, and for new things, the US is a big country and with a lot of regulatory bodies and a very large market […] in a large market it is harder to regulate. Because you have more people, more cases, more situations to consider. Whereas in a smaller market it’s much easier to make the rules more relaxed and examine the issues on a case-by-case basis.”

Binance is one of the biggest cryptocurrency exchanges up to date. The exchange has a native cryptocurrency with its own blockchain – Binance Coin. The asset has recently experienced all-time highs of $37 and now is residing at $27 suffering a minor price set-back. All-in-all, Binance is considered to be the most transparent exchange in the industry and they also have mobile apps on Android and now again on iOS.

CZ: Binance will Resume US Operations within a Month or Two


Source: coinspeaker
CZ: Binance will Resume US Operations within a Month or Two

Related posts

Binance Will Resume Operations In Less Than Two Months

binance will resume


(function ($) {
var bsaProContainer = $(‘.bsaProContainer-6’);
var number_show_ads = “0”;
var number_hide_ads = “0”;
if ( number_show_ads > 0 ) {
setTimeout(function () { bsaProContainer.fadeIn(); }, number_show_ads * 1000);
}
if ( number_hide_ads > 0 ) {
setTimeout(function () { bsaProContainer.fadeOut(); }, number_hide_ads * 1000);
}
})(jQuery);

operations in less than two months according to the CEO of the platform Changpeng Zhao and in the coming altcoin news today we find out more about it.

The CEO of the major exchange Binance predicted that his platform will resume -to-fiat operations in the United States in less than two months. Zhao or as he is known in the crypto community made his predictions in an interview with the online media news outlet Cheddar on August 15th and when he was asked about the return of the platform to the US operations Zhao noted:

 “I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”

Back in June, Binance announced to be restricting services in the United States because they focused on opening a new division which will operate with the Financial Crimes Enforcement Network’s approval at that time. The U.S. regulation has been a major issued in today’s developments and Zhao even noted that the partnership with BAM Trading Services will help the company to navigate the platform around the regulatory environment in the US:

 “I think the US is one of the most developed markets because I think it has good regulations in the traditional finance space. Crypto is a new thing, and for new things, the US is a big country and with a lot of regulatory bodies and a very large market […] in a large market it is harder to regulate.”

The CEO Of the exchange pointed out that Binance will resume operations in less than two months after he expressed optimism for the future of the US regulation saying that the country’s clear legal framework for traditional financial services serves as a shred of evidence that the environment for crypto will improve dramatically. Despite his optimism, however, Binance experienced a lot of issues with the security matters in the past couple of weeks. As noted in the latest cryptocurrency news, there was a dusting attack on Litecoin and Litecoin wallets that affected more than 300.000 Binance users. Back on August 7th, the news emerged that the exchange became a victim to a hack that exposed the Know-your-customer data of its users.

The post Binance Will Resume Operations In Less Than Two Months appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
Binance Will Resume Operations In Less Than Two Months

Related posts

Poloniex Will Delist Over 20 Individual Trading Pairs Due to Low Volume and Demand

The exchange , which is owned by Circle and based in San Francisco, is about to remove the total of 23 trading pairs from its list of assets. The reason for the change is that the exchange has deemed that these trading pairs have a very low volume, so it is not worth […]
Source: bitcoinexchangeguide
Poloniex Will Delist Over 20 Individual Trading Pairs Due to Low Volume and Demand

Related posts

Will the real DCG please stand up

Will the real DCG please stand up submitted by /u/mikenewhouse
[link] [comments]


Source: dashpay
Will the real DCG please stand up

Related posts

Will Bitcoin Reach a new All-Time High in 2019? Find out from Exclusive with Foremost Blockchain Expert

Despite The Recent Plunge, Here’s Why Bitcoin Could Be Poised For An Even Greater Bull Run

With all the noise being made in the markets at the moment, the rather doubtful scenario about prices reaching a new all-time high has been broached.

Natasha Bansgopaul who is the Co-Founder of Konstellation, a blockchain company that provides Blockchain solutions for the global financial industry provided her insight in an Exclusive with ZyCrypto.

She was forthright about it and said quite a few things.

“2019 is becoming a critical year in the life of Bitcoin and cryptocurrencies in general.  The industry is poised to rally to an all-new high in 2019. There are several factors at work that has brought and continue to bring more attention to Bitcoin.  Geopolitical tensions turmoil and active trade wars have made Bitcoin an ideal store of value as well as a hedge for investment portfolios.

Additionally, blockchain adoption by large corporations such as Facebook and Walmart has brought the use of cryptocurrencies into the limelight.  Furthermore, most recently China has announced the fact that their digital currency is prepared for usage after years of preparation.  

As the leading cryptocurrency, Bitcoin has the opportunity to benefit tremendously from these factors.”

Points To Take Note Of

2019 is a critical year for Bitcoin

This is the year that the space came out of the crypto winter. So, everything that happens this year is a big deal.

Geopolitics and Trade Wars will affect Bitcoin Prices

With all kinds of trade wars going amidst international politics, Bitcoin prices are going to experience a wild ride with lots of volatility.

Blockchain Adoption is Already here

Major Corporate organizations are now starting to take notice of blockchain technology. This has created a new ecosystem where almost anything is possible.

The Nation States are Wading into the Crypto Space

With the Chinese coming into the crypto space with their cryptocurrency, it is safe to say that Bitcoin prices will be affected positively.

When a fifth of the world’s population adopt one particular type of technology, why won’t the technology become popular?

So, prepare for one of the greatest disruptions in modern technology!

What do you think?

Will there be an all-time high for Bitcoin prices this year?

Please let us know in the comments!

The post Will Bitcoin Reach a new All-Time High in 2019? Find out from Exclusive with Foremost Blockchain Expert appeared first on ZyCrypto.


Source: zycrypto
Will Bitcoin Reach a new All-Time High in 2019? Find out from Exclusive with Foremost Blockchain Expert

Related posts