Following the past 24 hours going from $6,500 to $6,600, according to the latest bitcoin news, BTC went down again below the $6,600 mark.
Currently, traders give divided opinions over the past 48 hours. Some believe that the reason for the recent drop in the low volume of Bitcoin and that this is the major concern for the entire market, while others think that the selling pressure of digital assets will decline and that will let BTC increase in value.
It’s is true, however, that the low volumes leave an open gate to vulnerability and the cryptocurrency can potentially suffer some downside movements. According to technical indicators, there are many positive processes that are going on in the crypto sector as well, such as the mass institutionalization on the exchange market.
According to crypto traders, the next big move bitcoin makes will be extremely obvious since there’s huge legislative interest and the sell-off will be much stronger than the rallies. As mentioned before, crypto exchanges play a huge part in these developments since they are in a phase of a stunningly fast development.
Coinbase, for example, increased its value from $1.6 billion to a stunning $8 billion after serving more than 18 million users.
The important thing is to also take a look at the short-term possibilities. With poor technical indicators, Bitcoin could be opened to a downward trend, but other major cryptocurrencies may suffer as well.
Bitcoin is very unpredictable but in the short-term, it’s very possible that BTC will demonstrate an increase in volume and can break the $6,800 mark. The price trend will always be unpredictable so it’s important to always have a rational approach to trading, especially in the following days.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
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