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Analysis

Bitcoin Inches A Bit Lower, But $10,800 Target Remains

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Bitcoin Inches
FO6E3842CAC44 - Bitcoin Inches A Bit Lower, But $10,800 Target Remains

The most dominant cryptocurrency and the aggregated crypto markets have been facing a period of consolidation after they posted a decent sized rally earlier this week. It seems that Bitcoin inches a bit lower every day, even though the target at $10,800 remains.

This target is also BTC’s main level of resistance. According to one analyst, the inability to validate a bearish rising wedge that BTC is currently trading within could spell big trouble for the major cryptocurrency in the near term.

Bitcoin is trading at $10,347 as we speak which marks a slight positive influx of 0.15% on the day. Ever since BTC bounced from its support level at $10,000, the market is in a positive momentum and the most dominant cryptocurrency has been facing a bout of consolidation.

As Bitcoin inches a bit lower than the $10,500 levels, it is featured on many best cryptocurrency news sites as the cryptocurrency which has the most potential right now. Analysts have confirmed this, too.

According to the Cryptomist, the fact that Bitcoin inches lower does not matter – BTC is actually caught within a rising wedge which could spell trouble for the near-term price action. As she said:

“$BTC: Short and simple analysis… Rising wedge. One final touch approx 10.4k – Looking at target approx 10k.”

If the pattern does have bullish implications for BTC as the most dominant cryptocurrency, $10,000 will likely be a key support level which analysts closely watch. Any break below this level could spell trouble for its mid-term price action.

The latest cryptocurrency news show that BTC may still target $10,800. Although BTC found some resistance in the mid-$10,400 range, its nearest major resistance level currently exists at roughly $10,800. A break above this price level could spark a massive upwards movement.

Chonis Trading, who is another popular analyst in the Bitcoin and altcoin news, recently spoke about how Bitcoin inches lower, explaining that a decisive break above the $10,800 price level would be notable.

“$BTC – yesterday’s Bullish move closed right under the MA50, breaking thought puts the next notable #bitcoin resistance around $10,800+ area…if it can break that is,” he said.

For now, the most dominant cryptocurrency is in a good position, with a dominance of 70.3% and a nice daily trading volume.

 

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Analysis

Bitfinex Files For Subpoena, Aiming to Recover $880M In Frozen Funds

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bitfinex files for subpoena
The latest crypto news show that Bitfinex files for subpoena to a US court. The main goal for the exchange with this is to subpoena a former banking executive of a trust company which they believe can help it recover more than $850 million which are now in frozen funds.The exchange submitted a filing on October 18 to a court in California for obtaining the permission to take the deposition testimony of Rondell "Rhon" Clyde Monroe, who is a former vice president of TCA Bancorp. They also seek to obtain documentations of Monroe's communication with Crypto Capital staffers.Now that Bitfinex files for subpoena, the filing shows that Crypto Capital has used one or more accounts held at TCA Bancorp to facilitate the transfer of funds that belong to itself. The exchange believes that Monroe has information and documents that are vital to their claims to over $850 million.This filing comes as part of the ongoing proceedings for Bitfinex, where the exchange seeks to recover around $880 million of its funds held at its payment processor Crypto Capital which was said to be frozen by multiple government agencies.Meanwhile, the exchange is also under investigation by the New York Attorney General's Office for allegedly using a loan from its sister company Tether and covering up the frozen funds without disclosing anything to its customers.As Bitfinex files for subpoena, the filing shows that its relationship with Crypto Capital was well until April last year. This was the time when news emerged showing that funds at Crypto Capital had been seized by authorities in Poland due to money-laundering investigations.Bitfinex also said that in August 2018, Crypto Capital told it that more than $500 million of its funds in both Poland and Portugal were "held up" by regulators in the two countries. The exchange also added that they were pressured to provide more information concerning the frozen banking accounts. Crypto Capital provided a reference letter signed by Monroe from TCA.After the letter showed custody of a little over $300 million of Bitfinex's funds at TCA on behalf of a customer named Global Trade Solutions AG (GTS) doing business as "Crypto Capital" - Bitfinex files for subpoena and is applying to take deposition testimony of Monroe and documentations of his communication with the principal at Crypto Capital, Ozzie Yosef.
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Analysis

Bitcoin Sellers Get Aggressive, The Price Could Drop To $7,000

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bitcoin sellers
The Bitcoin sellers started massively selling and the price has continued to trade sideways around $8,000 after slightly recovering from the recent drop to the upper $7,000 region. However, the bulls have failed to gain any notable upwards momentum after the slight recovery which may cause some trouble for the near-term price action as we are about to see in the bitcoin news now.Analysts are now explaining that Bitcoin’s ‘’bedrock’’ support in the near-term is now hovering around $7,000 and the aggressive selling of Bitcoin could mean that it will revisit this level in the near future. At the time of writing, Bitcoin was trading down reaching a price of $8,040 which marks a slight recovery from the recent low of $7,900 that was set earlier this week. It is important to note that the upper $7,000 region has proven to be a very strong level of support for the past few days but the BTC bulls didn’t manage to post any notable extensions of the upward momentum.The popular crypto analyst on Twitter DonAlt tried to explain the bitcoin sellers and their decision to start selling aggressively and he even said that he believes Bitcoin’s near term ‘’bedrock’’ support will stand at $7,000 which may be the ideal price region for the traders:
 “$BTC update: Still no close above $8750. Still looks pretty shitty. I’m bearish until BTC starts reclaiming levels instead of getting rejected by them. Next resistance: $8200. Next support: $7700. Next support that I’d trust to trade on the long side: $7000,” he explained.
Another popular crypto analyst Cantering Clark was supporting DonAlt’s notion that bitcoin could soon incur further downside and he noted that the selling pressure that bitcoin is facing has been quite significant in recent times:
 “I have gone ahead and highlighted imbalances between buyers and sellers >250% $btc. Look how disproportionate the market selling volume is to the buying volume. Sometimes 5-10x as much. Negative delta circled red. Positive delta circled green. This is aggressive ass selling,” he explained.
If the massive selling pressure persists, it is very likely that Bitcoin will drop lower until it reaches a significant support level of $7,000 which could be a long-term bottom that precedes the next bull run.
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Analysis

Risk Assessment: 17% Got Into Debt For Purchasing BTC In 2017

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The latest risk assessment reports show that the high volatility of the number one cryptocurrency led to a lot of people going into debt after their purchased BTC in 2017. Let’s find out more about this report in the latest bitcoin news below.The price of BTC dramatically moved from $600 in November 2016 to an all-time high of more than $20,000 in December 2017. Of course, many decided this was an opportunity to buy some bitcoin during the crypto bubble period hoping that the prices will skyrocket even further. Also at the same time the ICO craze began and many novice investors threw their funds into new ICO projects where most of them turned out to be fraudulent. Most of these ICO tokens today are worth nothing. Sadly, the bullish bitcoin price bolstered the entire crypto market and later came crashing down sooner than it was expected. From the previous $19,800 price in 2017 to a low of $3120 on December 2018 and a current price of $8000. Not too many people will admit that they lost money but according to the latest risk assessment reports, we can learn a valuable lesson and a reminder to take extra caution when investing in crypto.The people who participated in the survey were asked how much money they lost when buying crypto and with more than 2000 replies, 54 percent of the surveyed said that they had lost about $10,000. 10% of them lost between $10,000 and $50,000 and 6% lost between $50,000 and $100,000. The second question was even more interesting as it was trying to give a wide picture of how many people got into debt for buying Bitcoin. Interestingly, 17 percent admitted that they went into debt for purchasing crypto. Since people are emotional creatures and they got into the FOMO really quick, the numbers are as they are when it comes to investing and losing everything you had. One of the top rules before you make such a high-risk investment is to only risk amounts that are affordable without putting yourself in danger of going into debt or ending up owing someone money.
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Analysis

Online Retailers Are Rushing Into Crypto: Start Of A Mass Adoption?

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online retailers
The real world crypto adoption is booming, as many new announcements show. Despite the fact that Bitcoin (BTC) is still struggling in the $8,000 region and altcoins are following the lazy moves, the latest cryptocurrency news feature analysts saying that online retailers are making the move towards global adoption of crypto.It all started earlier this month when Crypto.com made their Pay Checkout plugin available for WooCommerce merchants. According to the reports on the website, the plugin on WooCommerce can cover up about 30% of the world's online stores.Meanwhile, the payments and privacy coin Dash (DASH) also announced partnerships with a number of payment providers and online retailers that have millions of users. One of them was Overstock.com.Some of France's largest online retailers are also planning to accept Bitcoin in 2020, and the recent Bitcoin news showed that you can officially buy BTC from a 7-Eleven store in the Phillippines. Iceland is also moving up the ladder as one firm just settled a payment from IKEA using the Ethereum blockchain.All of this suggests that online retailers see crypto as a big thing - and a break that could allow them to prosper in a different way. However, the reality is that crypto retail is still in its early stages.According to an April 2019 research paper written by Nicole Jonker of the De Nederlandsche Bank in Amsterdam, we should not get ahead of ourselves and online retailers should be careful accepting payments like these. “Acceptance of crypto-payments [by online retailers] is modest,” she wrote. Only 2% of the 768 online retailers in Netherlands accepted payments in crypto.In the midst of an ongoing adoption, some analysts took to Facebook's upcoming stablecoin and were featured in the Libra coin news for stating that this coin could be the key to adoption. As Jonker's report concludes:
“But there is substantial interest among online retailers to adopt them, and acceptance may rise once certain (perceived) barriers are lowered.”
According to Eric Anziano who is the COO of Crypto.com, Libra has played a huge role in increasing customer adoption.
“It was a high-profile announcement that, along with [a] partnership with retailers like Lyft and Uber, drew the attention of retailers who were “not sure” previously,” he noted. “While Libra has faced significant concerns from regulators, it has helped draw more attention to crypto as a viable payments alternative for consumers and e-commerce merchants."
 
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