One analyst is featured in our Bitcoin and altcoin news today for saying something that many believe yet only a few managed to discuss. According to his statement, the digital currency markets will plummet and lose more than half of their price before initiating the next bull run.
If you have been following our latest cryptocurrency news, you know that Bitcoin is facing significant downwards pressure over the past couple of days which has led markets to retrace significantly from their recent highs that were set in late-June last year. The digital currency markets are going to flip, according to the analyst – but tears may come first.
Currently, Bitcoin is trading at $9,553 and is again down on the day and week. The daily highs yesterday have put BTC at $10,100 but all of the traction faded away as BTC lost more than $1,000 in a single day. The digital currency markets and coming altcoin news today also show losses – and the bearish action is simply a continuation of the selling pressure that was first incurred in late June this year, when the markets incurred an influx of selling pressure.
According to the analyst named Satoshi Flipper, most of the major cryptocurrencies will continue trading down. He noted that cryptocurrency is currently trading within a wide descending channel that may continue to hold for the coming months.
“Some sideways action wouldn’t be the worst idea,” he said concisely, referencing to a chart that he shared on Twitter.
— Satoshi Flipper (@SatoshiFlipper) July 26, 2019
On the question if the digital currency markets could face a 61% retrace, it does appear that there is a strong possibility that they retrace significantly in the coming days and months. Another analyst named Dave the Wave (who is also popular on Twitter) called the recent Bitcoin price crash and spoke about the new possibilities in a recent tweet.
“Leaving the total market cap to look something like this…. 61% retracement of the move up… then off to the races,” he fully explained, referencing the retracement levels that were seen in the chart below.
Even though this type of drop will be affecting the digital currency markets in a negative way, it may be just what is needed for the next parabolic surge to occur.
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Binance.US Begins Registration Today: 13 States Excluded
"Launching tomorrow, Binance.US is a fast and secure digital asset marketplace, delivering the world’s leading digital asset trading technology, speed, and experience to everyday users in America," the post said.According to an official blog post which went viral in the Bitcoin and altcoin news published on September 17, the exchange will start the registration at 8am ET on September 18 in most of the US states. The list will exclude the states of Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington.
“Although it is upsetting that we cannot offer Binance.US in [these] states [...] at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home,” the post continues.Once the registration process starts, Binance.US will start accepting inbound transfers for Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT) and USD "upon appropriate account verification" as the exchange revealed. According to the announcement, there would be no trading fees until November 1st. A popular question in the coming altcoin news are the trading fees. As Binance.US stated in the post, they are an "independent entity" which means that any of the digital assets held by other trading venues or custody solutions "will not automatically transfer to Binance.US." The fees for personal accounts are 0.10% per trade (flat) which means that if you buy $100 of BTC, the fee will be $0.10. Binance.US also noted that the exchange will be separate from Binance.com since the former is a separate company operated by BAM Trading Services. Currently, US users and their digital assets will also be stored in Binance.US wallets. As many best cryptocurrency news sites reported on September 11, the 24-hour trading volume of major cryptocurrency exchange Binance and its futures markets has exceeded $150 million, all of which was denominated in USDT.
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“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”Wells Fargo will launch its stablecoin after the largest bank in the United States JPMorgan Chase announced the launch of their own digital currency as a solution to changes in the global financial space. JPMorgan’s coin saw some mixed reactions on the announcement which was made earlier this year. The stance that both banks have is based on the decentralized cryptocurrencies. At many points, the executives have issued warnings about the dangers of using innovations and the control of the fiat-based financial system. Wells Fargo made it to the headlines after it confirmed it was refusing to allow some of the domestic banking customers to use cryptocurrencies and conduct crypto-related transactions. One of the officials of the bank pointed out:
“Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that.’’As per the announcement in the coming altcoin news, the governments and central banks are still drawing lines as to what the iterations of cryptocurrency are acceptable. Facebook’s Libra crypto project is also set to release in 2020 so a lot of interesting crypto projects are preparing for next year.
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