Breaking: Bitcoin Price Drops to Nearly $9,900 Yet Again

  • Analysts and traders expecting a downward move

Bitcoin is back in the red zone.

Starting the day around $10,175, Bitcoin continues its downward move, going down to as low as $9,913.

Currently, BTC is trading at $9,993 with 24 hours loss of about 2 percent, as per Coincodex. Daily trading volume registered by the leading cryptocurrency is still low at $490 million.

Analysts and Traders Expecting a Downward move

Analyst The Cryptomist says,

“I am looking at one more touch on RSI pennant on both support and resistance before big move!”

Another bearish projection is made by veteran trader Peter Brandt as he comments on Bitcoin’s descending triangle.

“One thing I have learned from 45 years of trading: Markets have a tendency to do what the most number of market participants least expect and don’t want to happen. Descending triangles are most often bearish.”

And another bearish one,

Trader and investor Josh Rager also sees Bitcoin heading back down to $9,600 to $9,700.

Altcoins Following Bitcoin

We started the week at above $10,300 only to take a drop to almost $10,000 level and then back above $10,300 on the same day.

After not registering much movement rest of the week, on Sept. 19, Bitcoin tumbled down to $9,600, losing almost $500 under 5 minutes.

Then, the same day BTC price went back to $10,300 and since then it has been constantly moving downwards.

Altcoins, after having a great start of the week are back in the red with Stellar (XLM) in the lead registering 5.61% loses.

Interestingly, the total market cap has come back to where it started the week at $266 billion. During this week, we went as high as $273 billion and dropped as low as $261 billion, to no effect.

BTC dominance, on the other hand, is currently at 69.4%, down from 71.6% from earlier this week and 73.5% from earlier this month, as per TradingView.

Next week is expected to be an interesting one as two big events, in the form of Bakkt’s physically settled Bitcoin futures launch and CME’s Bitcoin futures expiration are projected to define the BTC price movement for the coming weeks or months.

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Author: AnTy

Blockstream CEO: Bitcoin Dominance Will See 90% Again, Altcoins Were Temporary Feature

Adam Black, the CEO of Blockstream, has recently affirmed that Bitcoin dominance is set to rever to around 90%, which would mark the end of the altcoins’ supremacy era. According to him, the historical heights will be achieved once more at the expense of the altcoins.

He affirmed this during a recent debate with Dovey Wan, the co-founder of Primitive Fund. Initially, Wan asked about how Bitcoin was quickly decoupling from altcoins and rising in price alone. Adam Black answered that this was a “reversion to mean” and that the process would continue. At the moment, the dominance of BTC is around 70%, but he believes it will grow.

Last year, Bitcoin had less than 40% of the whole market cap, but the situation is changing quickly. Black affirmed that the whole reversion of the trend will last for around two years and a half and that the dominance will be huge when the process stops. Before 2015, BTC dominated 90% of the market and he believes that this will happen again.

This obviously gives some power to the narrative that Bitcoin is here to take the place of the altcoins completely. Vocal critics of altcoins have been very prominent lately by affirming that they are mostly doomed, with maybe only a handful of them surviving the future.

The Bitcoin maximalist Max Keiser, for instance, affirmed that the altcoins will never recover from their losses and that Bitcoin will continue to be the king in an even more undisputed fashion now. Is he right? Hard to say, but the trend if clear, Bitcoin is growing and the altcoin market is struggling to follow.

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Author: Osahon Okodugha

Just Like Amazon in 2003, Bitcoin is a “Screaming Buy” Today: Tuur Demeester

Bitcoin is currently up 181% in 2019 till date.

From around $3,350, the Bitcoin price has risen to $10,400, its current price. During this period, Bitcoin, however, went as high as $13,900 at the end of June.

These gains came after the brutal winter of 2018 when BTC price dropped to $3,160 level.

However, according to Tuur Demeester, the founder of Adamant Capital, a Bitcoin fund, that wasn’t a bear market rather the

“post ICO bubble bitcoin bull market.”

Demeester compares Bitcoin’s situation with that of Amazon’s (AMZN) over the years.

Sharing the Amazon’s journey since 1997, he notes how AMZN stock price reached more than $100 around the year 1999 only to drop below $10 in 2001.

Then in year 2003, 99 percent of the dotcom IPOs died and AMZN stock prices went from $20 to $60 and then back to $40 the same year.

But even at that time, AMZN was a good buy that surged to $100 in the next four years and then further high above $130 in 2009 and is currently trading at $1,833.51.

Just like Amazon, Demeester says, Bitcoin “today is a screaming buy” as well.

Bitcoin, however, has its ups and downs as well.

After a decade of its existence, Bitcoin as a digital gold narrative is gaining momentum with adoption and awareness rising at a fast pace.

The leading cryptocurrency has also been recognized as a hedge against the political and economic turmoil at global level.

“Bitcoin is maturing into a digital store-of-value akin to gold,” Bloomberg Intelligence analyst Mike McGlone wrote in a note this week. “Layers of price support, increasing institutional interest and macroeconomic conditions similar to those aiding gold should keep Bitcoin’s price buoyant.”

On the regulatory front, authorities are coming to the realization that Bitcoin can’t be banned. Moreover, from the US President, Treasury Secretary to the Federal Chairman, they have taken to address cryptocurrencies.

There is still a long way to go when it comes to the regulatory aspect, however, as Fed Chair Jerome Powell said this week in a Q&A round in Zurich, Switzerland,

“We are following the whole question of digital currencies. It’s not something that we are actively considering. For us, it raises significant issues that we would want to see resolved.”

As for price, Bitcoin has risen 759,999,900% since the last recession.

Moreover, during each bull cycle, Bitcoin puts a new all-time high. While BTC price prediction for this cycle could be as high as in six figures, in the coming years, it is projected we could go beyond $1 million.

So, despite being down 47% from its ATH at $20,000, Bitcoin is, in fact, a “screaming buy” today.

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Author: AnTy

Burger King Now Accepts Bitcoin Payments In Germany for Delivery and Online

The prominence of Bitcoin is rising all around the world. Now, the German clients of Burguer King will finally be able to accept Bitcoin (BTC) payments. Initially, the payments will only be accepted on the mobile app and on deliveries, though, so don’t expect to be able to personally buy a burger and pay using Bitcoin just yet.

This is mostly because the BTC payment was only spotted on a specific site, which means that it may not really be a whole chain-wide decision. Burger King has over 600 restaurants in Germany, so it would be a huge improvement to finally accept it, but it does not seem that this is happening right now.

In the near future, however, it can definitely happen if this little experiment is successful and people actually go forward and use BTC to buy food.

This Is Not The First Time That Burger King and Bitcoin Are Together

Back in 2017, Burger King Russia started to accept BTC payments and created its own Whoppercoin token. The Netherlands also had some restaurants of the chain accepting the token.

These are all small steps, however. Burger King currently has over 13,000 restaurants around the whole world and it serves around 11 million people every day. These may be small improvements, but as soon as one of these countries get really successful in accepting these payments, it will only be a matter of time before all these restaurants also start. Then, Bitcoin will be really mainstream.

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Author: Bitcoin Exchange Guide News Team

Veteran Trader: Bitcoin may have Entered its Fourth Parabolic Phase, BTC Price Breakout Imminent?

  • Currently, Bitcoin is trading around $9,500
  • While one analyst says there is still more resistance, another one says we never had 3 red candles in a row in bull market
  • ”Possibility that BTC has entered fourth parabolic phase,” Peter Brandt

Bitcoin has turned green yet again but barely.

After tumbling to $9,300 level this week, the leading cryptocurrency has made its way upwards to almost $9,700.

At the time of writing, BTC/USD has been trading at $9,577 with 24 hours gains of 0.41%. However, daily trading volume has taken a drastic drop, currently, ten exchanges with real volume are registering just about $298 million, as per Messari.

Source: https://coin360.com/

Analyst and traders on Crypto Twitter have been expecting a drop to $8,000 level but this time as well, we failed to make it to that mark.

Historically, Q3 has been projected to be a bad month for the crypto market and that’s what happened. Now, we still have another month left in this quarter but some are getting bullish yet again.

“This month i expect a green candle, not a huge one, for the simple fact that in a bull market we never had 3 red candles in a row,”

said market analyst, CryptoWolf.

But analyst The Crytpomist believes, “there is still one more touch on resistance.”

A New Bull Cycle?

2019 has been a bullish year for Bitcoin after the winter of 2018 as BTC price soared more than 200% but the last two months (July and August) have been bad for the flagship cryptocurrency and by extension the entire crypto market.

However, Bitcoin is still up over 159% till date in 2019 after bottoming out in December 2018 at around $3,200.

According to veteran trader Peter Bradt, it is possible that bitcoin has entered into its fourth parabolic phase.

”Possibility that BTC has entered fourth parabolic phase,

Source: PeterLBrand

If we take a look at the Bitcoin rate of return in each cycle, 318,864% return was registered in 2011. Then 20% of that returns that is 58,474% was seen in 2014 and similarly 11,960% of that in 2017 at $20,000.

As per this standard, the potential return in the next cycle, that could be around 2022, would be around $78,500.

However, according to some experts, we might go beyond this level.

With Bitcoin halving just a few months away, the market is getting excited and the price is getting ready for a new all-time high.

In the light of gains recorded by BTC in 2019, it could be said that Bitcoin has finally entered into its fourth parabolic phase as many experts are also pointing towards.

What’s left to be seen is how high we will go this time!

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Author: AnTy

Wealthy High-Net Worth Indians Consider Cryptocurrency For Their Investment Portfolios

Cryptocurrencies are becoming more popular around the world as more investors gain knowledge about the digital assets and the benefits they come with.

The development of various applications for cryptocurrency has placed them as a viable option on investment markets as the digital assets angle for mainstream adoption.

Cryptocurrency as an Investment Option

A recent study by Huru India revealed that there is a growing number of wealthy Indians that are interested in placing their investments in cryptocurrencies. About 10% of the surveyed individuals said that they are considering investing in cryptocurrencies in the near future.

This number makes cryptocurrency the fourth most preferred investment class, and given that these assets are relatively new on the market, it shows that they have made strides in gaining popularity among investors.

Most investors said that they would place their funds in real estate. Property remains the most attractive investment, and it is preferred because it is safe and maintains value over time. Stock and fixed income assets make the second and third places in terms of preferred investments as wealthy individuals prefer these traditional forms of investment.

It is worth noting that half of the surveyed individuals did not have a clue about what cryptocurrencies are.

Bitcoin remains a Top Investment option among Crypto Assets

The word cryptocurrency is usually associated with Bitcoin, and it isn’t without reason. The survey showed that individuals who are knowledgeable about cryptocurrency would pick Bitcoin as the digital asset they place their investment in.

30% of the respondents say that they would go for Bitcoin while 9% said that they would prefer Ethereum. 7% of the surveyed group said that they would go for XRP, which is one of the fastest-growing crypto assets on the market.

Bitcoin’s dominance over other cryptocurrencies has been going on for years as the leading cryptocurrency remains the most valuable crypto asset. As money markets experience low volatility, many investors are moving their funds into Bitcoin as they consider the cryptocurrency as a safe haven asset. Bitcoin’s desirability has driven its price to new heights, and crypto markets as a whole have benefited from this.

Indian Regulators and Cryptocurrency

India has one of the biggest crypto communities in the world, but the country’s authorities have expressed negativity towards cryptocurrencies.

The central bank of India ordered all financial institutions in the country to not engage in business with crypto related businesses. The government is considering a bill that would make crypto trading illegal in the country.

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Author: Ali Raza

CipherTrace: Crypto Scammers Have Netted $4.26 Billion, $3.1 Billion From Exit Scams Alone

Crypto scams are profitable. There is a lot of hype around cryptos and many incautious investors around, so it is not uncommon that crypto crime attracts so many people. CipherTrace’s latest reports have shown that crypto scammers were able to swindle $4.26 billion USD this year.

While less money was stolen in the second quarter than in the first one, the numbers are still very worrisome. Exchanges lost $356 million in the first quarter and $125 million in the second one.

Exit scams, however, are the biggest winner when it comes to taking a lot of money. These scams alone were able to steal $3.1 billion USD from investors, more than half of all the money stolen.

What is actually considered an exit scam, however, is debatable. Quadriga CX, the exchange whose CEO took its money to the grave, is considered in contributing $195 million to the exit scam list, for instance.

The major winner, however, is certainly Plus Token. The scam was able to steal $2.9 million USD from investors using a pyramid scheme. Alone, this scam was responsible for two-thirds of the stolen funds.

CipherTrace’s research also indicated that Bitcoin is still the token most used by criminals, despite the popularity of Monero. In most scams involving ransomware and the dark web are mostly related to BTC. This correlates with the high dominance that BTC has in the market right now, of over 70%. Monero is still widely used in cryptojacking activities, though.

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Author: Lillian Peter

The War on Bitcoin is Starting, And Embracing Real Struggles to Happen is Smartest Thing To Do

The-War-on-Bitcoin-is-Starting-And-It-Wont-Be-A-Pretty-Sight
  • Bitcoin is growing in popularity around the world.
  • As regulators examine Bitcoin, stronger regulations could easily become strict bans on cryptocurrency.

Bitcoin has been working to expand its reach across the globe since it was originally launched, which it seems to be doing quite well. However, by placing itself in this position, it has now reached a point when it is a political subject in nearly every part of the world. From tweets by the President about it to discussions in Congress, Bitcoin is in the public’s sights.

As the Federal Reserve urges caution against the industry, and the Treasury Secretary expresses the belief that cryptocurrencies could ultimately be a threat to national security, investors don’t seem deterred. Some countries are trying to stop the use of cryptocurrency with a ban on Bitcoin (like India), while others try to create their own cryptocurrencies (like China).

According to a theory by Eric Voskuil, there’s four phases that Bitcoin will ultimately go through with the regulators and states, which are:

  1. Honeymoon
  2. Black Market
  3. Competition
  4. Surrender

Right now, it is clear that the United States is still in the honeymoon stage, which means that the governments aren’t fully outlawing Bitcoin yet. However, they are putting regulatory pressure on any companies that are presently involved in the crypto environment. As Voskuil states, this phase “is characterized by a desire of state agencies to retail regulatory control.” A perfect example of this process taking place is with the BitLicense in New York.

New, Bitcoin should enter the Black Market phase, during which time the governments will outlaw Bitcoin transactions and the mining of Bitcoin. In many countries of the world, this stage is already taking place, due to worries that the monopoly on fiat currency is being threatened in that stage. One of the latest countries to enter this stage is India, as the regulators have already proposed a complete ban that would criminalize the digital possession, mining, and transacting of Bitcoin.

Voskuil explained that, during this phase, it is possible that other states will end up issuing their own digital currency, which “may coincide with the adoption of official new money, i.e. Fedcoin.” An article by CCN points out how close this is to a proposal in India for a “digital rupee” to be the only available form of legal tender. China, Russia, Iran, and Venezuela have all come out with their own cryptocurrencies that they are trying out as well.

The stages, according to Voskuil, can overlap, and each region of the world is at a different place. However, if the states end up working together to eradicate cryptocurrency, the situation could get worse, creating a worldwide “war on Bitcoin.” While this would be a worst-case scenario, Bitcoin users should still take note.

As far as the reality of whether this “war” could happen, Nic Carter, co-founder of CoinMetrics.io and partner of Castle Island Ventures, explained that it is likely that the United States will implement stricter regulations, rather than a full ban.

The next few years will be a very big deal for Bitcoin’s future. Governments will soon realize that Bitcoin isn’t going anywhere, which leaves them with a decision – to fight back or regulate.

To read the full theory by Voskuil, visit Github.

Presently, a single Bitcoin is worth $9,494.12, dropping by over 6% in the last 24 hours.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: Krystle M

Could President Donald Trump Be a True Crypto Catalyst for Bitcoin’s Price? Forbes Says Yes

Could-President-Donald-Trump-Be-a-True-Crypto-Catalyst-for-Bitcoins-Price-Forbes-Says-Yes
  • Bitcoin is centered around the freedom to use it anywhere.
  • Forbes recently stated three reasons why President Trump’s efforts actually mean something good for Bitcoin.

Bitcoin has been around now for over a decade, but there are still many people that doesn’t quite understand how much value it holds. The people who actually know about it understand the way that it acts as both a store of value and a medium of exchange, but the concept of being an apolitical asset is a little difficult to wrap the brain around.

For many people, the only way to fully understand what Bitcoin can do is by seeing the way that it can be used in the real world. According to Forbes, finding that use case is exactly where U.S. President Donald Trump comes in.

President Trump has tweeted fairly recently that he isn’t a fan of Bitcoin or Facebook’s Libra. However, aside from the fact that these two cryptocurrency assets are actually nothing like each other, the way that the president is handling the economy lately. Much of Bitcoin’s use in countries around the world have been due to authoritarian regimes and, while the United States is pretty far away from that, the president has still been a part of the education to the masses as to why Bitcoin could be useful as a protection from the legacy financial system.

There are three main reasons that Forbes believes that President Trump is good for Bitcoin, starting with currency wars. Previously, Trump has criticized the use of low interest rates and quantitative easing, but he’s flipped his stance lately, hoping to devalue the US dollar and to potentially fire the Federal Reserve Chairman, Jerome Powell. It is clear that the US government may soon have no choice but to do so, due to the constant spending of Congress.

Much of the reasoning for lowered interest rates appears to be entirely due to other central banks doing so. With this change, combined with the upcoming halving event for Bitcoin is a “perfect storm for Bitcoin,” according to multiple speakers at the 2019 Bitcoin conference in San Francisco last month. Ultimately, the idea is that investors will be faced with the necessity of using stores of value beyond fiat currency, like gold and Bitcoin.

With the current uncertainty in the industry regarding global monetary and fiscal policy, the boost in Bitcoin interest lately from major retail investors. Pantera CEO Dan Morehead even predicted that this year could see Bitcoin reach $42,000.

The second reason that Forbes sees President Trump as a positive thing for Bitcoin is due to threats to block international remittances. In recent news, and on multiple occasions, the president has threatened that he would keep individuals in the United States from sending money to family members in other countries. Originally, these claims were made during Trump’s run for president in 2016.

The plan, which he voiced at the time, was to limit the remittances that individuals could send to Mexico, which was meant to persuade the government to pay for the wall that he was so vocal about. Genesis Mining, a Bitcoin mining firm, had mocked the claims with billboards soon after.

The Genesis Mining billboard that mocked President Trump's plan to restrict remittances to Mexico.

The Genesis Mining billboard that mocked President Trump's plan to restrict remittances to Mexico.

In April, the White House released a statement that they were targeting remittances to help with the many migrants at the southern border. Not letting this idea go anytime soon, Trump tweeted that he may add on more fees and taxes for any remittance that is meant to go to Guatemala. For consumers that want to avoid these types of limits on their remittance, Bitcoin could be exactly what consumers need to maintain their financial freedom.

The third and final reason that Trump’s influence is a positive force for Bitcoin is for the push against end-to-end encryption from various government agencies, which could be the biggest supporting fact. Through the last month, multiple members of the White House staff, the US Attorney General William Bar, and director Christopher Wray of the FBI have all had the worse to say about the use of applications that include this type of encryption. Some parties have even recommended that end-to-end encryption should be banned.

These arguments are no different what has been brought up in the Crypto Wars of the 90s. In fact, this legal precedent contributes to the theory of Abra CEO Bill Barhydt, concerning how it would be difficult for a ban on Bitcoin to be implemented at all in the United States. In fact, one economist claimed that the only way to actually eradicate the use of Bitcoin is the come up with a digital asset that can compete with Bitcoin, which is highly unlikely.

At the core of all these problems is the theory that the government just wants to be able to see every single thing that every citizen is doing at any given moment. With the threat of a literal dystopian nightmare, Bitcoin could be the saving grace, and Trump’s decision to constant try to tear away these freedoms would be what keeps the market alive.

Presently, Bitcoin is priced at $10,087.10, rising by 3.28% in the last 24 hours.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: Krystle M

ELECTRONEUM Price Prediction Today: Daily (ETN) Value Forecast – July 18

Electroneum
  • The ETN/BTC market has been fluctuating around the median and the lower range spots.
  • A bullish correction of the market in against of its 50-day SMA indicator may aide bearish move’s return in the short run.

ETN/BTC Medium-term Trend: Ranging

  • Resistance levels: B0.00000065, B0.0000007, B0.00000075
  • Support levels: B0.00000045, B0.0000004, B0.00000035

The market activities between ELECTRONEUM and the US dollar have been witnessing variant rises and falls around B0.0000006, B0.00000055, and B0.0000005 price levels. The pair hovered around the upper range spot on July 16. But, now, the market has been fluctuating around the median and the lower range spots.

All the trading indicators are in the range lines pointing towards the east. The Bollinger Lower Band and the 50-day SMA are near to the B0.0000005 lower range mark. The Stochastic Oscillators now move in a consolidation mode around range 20.

The ETN/BTC market’s resistance point remains at the B0.0000006 upper range mark. Meanwhile, the B0.0000005 lower range point may suggest an end to more probable upswings of the bulls if eventually broken downward.

ETN/USD Short-term Trend: Ranging

The ETN/USD market has been trading in ranges of B0.00000054 and B0.0000005 points today. As at the time of writing, the crypto’s price is fluctuating around the upper range spot in the short-term run of the market. Yesterday, almost the same range price levels were witnessed.

The 50-day SMA with the Bollinger Upper Band is located at the upper range spot, slightly indicating southward direction of the market. The Stochastic Oscillators have opened the hairs at range 40. And, they briefly point to the north.

The ENT/USD trade may face resistance around B0.00000058 price level. And, that point, the bears could potentially find a decent entry of the market. A bullish correction of the market in against of its 50-day SMA indicator may also be an added advantage to signify a bearish move’s return in the short run.

Electroneum:

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha