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.
Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?
“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle," said the user D4rkEnergY on Twitter.https://twitter.com/D4rkEnergYYY/status/1164769200902033408 For now, the highs are creeping up and there are many buyers lined up - so a move to the next resistance level around $10,400 is crucial at this point. On the downside, there is clear support at around $9,800 and more in the mid-$9k region which has been hard to crack in the recent weeks. Analysts in the coming altcoin news warn users that nobody should panic now - even though the fear and greed index fell to 5 yesterday (which was lower than the 2018 bottom in mid-December when BTC was at $3,200). The famous crypto pundit and web security mogul John McAfee also had his say while many buyers lined up to buy BTC. McAfee remains resolute and agrees that the current level of fear is unnecessary. He wrote:
“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”https://twitter.com/officialmcafee/status/1164491430091513856
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
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