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Bitcoin Relations With S&P500 Push The Price Below $11,000

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Bitcoin relations with the S&P500 have brought the price of the flagship cryptocurrency below the $11,000 as we are reading in the coming altcoin news below.

Bitcoin entered the day trading sideways below the $11,000 price point where it had more or less remained the same since the sell-off on Saturday that followed the brief BTC foray above $12,000. The things fell apart around 10 am ET when the Bitcoin price dropped below the $11,000 and breached the lowest level since August 4. As of 10:35 the BTC/USD pair fell even below the $10,863 price point on Bitstamp. The number one cryptocurrency was trading at $10.909 after the 24-hour decline of 3.45%. The bitcoin price decline was joined by a massive rally on Wall Street. The Dow Jones Industrial Average surged by more than 500 points and the S&P500 increased up to 1.84%. Nasdaq as well cleared the 8,000 level with a 2.32 bounce.

The bitcoin relations with the S&P 500 were created a long time ago in an inverse motion. When the stock market falls, bitcoin rises and vice versa. The crypto investors cheered that the inverse correlation could send the major stock indices into a tailspin but this wasn’t welcomed at the beginning of the day. As explained in the charts, the S&P500 spiked more than 1.5% as the bitcoin price reached a new low level of equivalent magnitude. The trigger for both moves could have something to do with Trump’s administration’s stunning revelation that he will delay the new tariffs on the imported Chinese products until December 15 and exempt other items from looming the new imposition on the tariffs altogether:

“Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent.’’

As noted in the latest cryptocurrency news, the United States President Donald Trump previously announced that about 10% of the tariffs on $300 billion worth of Chinese goods would kick in on September 1 and some analysts even warned that the White House could hike these tariffs to 25% in the coming months. His announcement spiked the stock market towards a vicious sell-off and the bitcoin price into a huge rally as the days followed.

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The Mega Rejection At $9,200 Which Worried BTC Bulls

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Bitcoin has stalled over the past few days and found itself between a rock and a hard place as analysts described it. People are still undecided about where the cryptocurrency will go in the next few weeks, even though one trader said that the mega rejection at $9,200 could ignite a further bearish trend.In the wake of the flash crash at $9,200 last week, the trader Haejin tweeted that the "mega rejection" happened when BTC was unable to go above $9,200 - and looked to the fact that BTC saw a bearish retest of the 200-day moving average, collapsing out of a multi-week rising wedge and failing to surmount the key macro resistance. These were the three signs in the Bitcoin price news that showed how bears remain decisively in control.https://twitter.com/Haejin_Crypto/status/1220524082975952897So, what does the mega rejection mean?According to Haejin, it fullfils a bearish fractal which the commentator laid out. As you may know, Haejin last week noted that Bitcoin's price action since the $14,000 top in June is reminiscent of the one seen in the 2018 bear market. Both the cycles are seeing a downward price channel, an upward wedge-formed false breakout, declining volume as well as signs of capitulation.Then, the analyst added that if BTC follows the exact path it did in 2018, the price will collapse to the $6,000 region soon and then BTC will capitulate in March or April to fall as low as $3,300 by the time of the halving.https://twitter.com/Haejin_Crypto/status/1218220456441937921The big question in the cryptocurrency news today is - can the Bitcoin bulls step in?The mega rejection makes everyone wonder about this. However, another analyst named filbfilb has the perfect answer for this and predicts that the halving taking place in May 2020 is a crucial event that brings back some optimism.
“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving,” he said.
Another analyst wich a Twitter nickname Financial Survivalism said that he thinks that BTC is on track to hit $20,000 by July 1st and would likely extend its gains in the news few months.
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Bitcoin Needs PR From People Like Peter Schiff: Binance CEO

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Peter Schiff is known as one of the strongest skeptics in the world and a gold bug who is unwittingly advertising the cryptocurrency's virtues over other investments. However, according to the CEO of the exchange Binance, Changpeng Zhao, Bitcoin needs PR exactly from people like Schiff.As the popular 'CZ' summarized in a tweet on January 25, Schiff was falling in sewing distrust of Bitcoin among social media followers and beyond. 
“I think Peter is doing great to promote bitcoin. He probably does not realize that given his illogical reasoning, most people will do exactly opposite of what he says,” he wrote.
https://twitter.com/cz_binance/status/1220978020686548992In the Binance news, CZ concluded saying that “We need more of these types of ‘negative’ voices.”Bitcoin needs PR from people like Schiff and as CZ said, the gold bug was already notorious for his posts attacking Bitcoin which claim that gold is superior to the cryptocurrency. Last week, however, Schiff was undermining his credentials after he blamed the wallet provider blockchain for "losing" his Bitcoin holdings worth 0.21 BTC ($1,750) that he received in the form of donations in 2019. In the event, Schiff had simply confused his pin with his password - something that went viral in the cryptonews all over the world.However, Schiff continued to allege that Bitcoin investors were the true ignorant party for choosing cryptocurrency over the precious metal.
“Bitcoin bugs are saying I'm not qualified to give advice about Bitcoin because I don't know the difference between a pin and a password. I know the difference now and my advice hasn't changed,” the tweet which inspired CZ read.
Schiff also added that "Those bitcoin bugs still don't know the difference between #Bitcoin and #gold."Binance CEO thinks that Bitcoin needs PR from people like Schiff and it is clear why he resonated with this. On the other hand, many experts believe that Schiff failed to react to market movements and lost people money.As to what the gold bug claims, the precious metal has failed to deliver for investors in 2020 already, firmly decreasing while Bitcoin boomed this year. Meanwhile, the crypto market is very stable today and Bitcoin seems to have stabilized, potentially leading the market to a new rally. 
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Peter Schiff Will Help Bitcoin With His Negativism: Binance CZ

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The CEO of Binance Changpeng Zhao, claims that Peter Schiff will only help bitcoin with his negativism as he will push more people into doing the opposite since he lost all bitcoins as we reported previously in our Bitcoin news now.Even though Peter Schiff lost all of his bitcoins, the saga continues to attract the attention of the wider crypto community. Binance’s CEO Changpeng Zhao noted that Peter Schiff will help the benchmark cryptocurrency since his stances will turn people pro-Bitcoin. The recent issues he had with his lost coins became viral in social media where most of the crypto community reacted quickly by implying that he was incompetent to hold on to his coins which might have been the real issue.Aside from making the entire community angry, the situation had another effect and the controversies surrounding Schiff losing his coins are bringing a lot of global attention to Bitcoin. According to Changpeng Zhao, Bitcoin actually needs his negative stance after he said that the ‘’illogical reasoning most people will do exactly opposite of what he says.’’ Peter Schiff is a popular economist and a true defender of Gold while at the same time uses every chance he has to trash the ‘’new gold’’ known as Bitcoin. He also wrote on Twitter that he has lost all access to his bitcoin holdings saying that his wallet ‘’got corrupted somehow’’ and his password is ‘’no longer valid.’’Schiff blamed bitcoin and the wallet claimed that it simply stopped functioning. While the community pointed out ironically that he didn’t create a proper backup as everyone else does, Schiff repeatedly said that he had lost his password. The drama resolved soon after and the popular economist explained that his real problem came because he ‘’ mistook my PIN for my password.’’ He then blamed the CEO of ShapeShift’s Eric Voorhees because he was initially the one who helped him set up the wallet and he never explained how it works. Schiff’s situation attracted serious attention to himself but also to the rest of the crypto market since he is well known for his negative views against the largest digital asset, but somehow he ended up promoting it.
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Bitcoin’s GitHub Community Reaches More Than 3000 Members

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Bitcoin's github community
According to the latest data, Bitcoin’s GitHub community not has more than 3000 members so let’s read more about it in bitcoin latest news.Github is extremely well known for being the best online develop hub where experts and amateurs can work together and review codes, build software together or manage projects. This is a place where any code can be taken into pieces, investigated and studied and then improved if there’s a need for that. With a platform such as GitHub, it would be very hard to imagine the concept of digital currencies as money since there’s nothing but code underneath the surface would not get the attention of the developers. Bitcoin stands in high regard because of its unique nature and promises to change the entire financial world.Now, according to the recent data from GitGitRun.com, it seems that Bitcoin’s Github community managed to reach about 2,800 members yesterday but as the Bitcoin community member of Reddit u/THE_ReD_Truck noted, not all repos are tracked after he concluded that the real number of Bitcoin developers on GitHub could easily be over 3,000. It’s not that easy to find the correct number of contributors to any community since many of them is not tracked and others are counted twice so these problems make it complicated to determine the true size of the community despite the data showing that the number of tracked contributors will continue to rise.Regardless of the number, the fact that Bitcoin is getting much more developers that are willing to improve its technology, is good news. Inspecting the codes and trying to improve it, by coming up with new patches and improvements, thinking up ways to solve the problems that Bitcoin always had, it’s not an easy task. Bitcoin adoption is spreading across the world and the same is true for the developers which can benefit the rest of the community along the way.The GitHub community is working on blockchain technology but they are facing a lot of difficulties especially in 2 019 when the platform started identifying and banning Iranian accounts because of the US trade restrictions. This prevented the developers from Iran from participating in software projects that required private repositories or paid services which brought serious consequences for the entire community but also for the personal lives of the developers.
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