The latest bitcoin news seems to be the rising of the number one coin by more than 12 percent jumping from $4,000 to $4,477 breaching the support level.
Despite falling again slightly, on every major crypto exchange such as Coinbase and Kraken, Bitcoin dropped as low as $4,020 but quickly recovered to $4,200. Eventually, it rebounded to $4,500 region.
Yesterday, November 20, ICE released a statement where they announced that they would delay the launch of the much-anticipated Bitcoin futures product until January 24th, 2019. In the official document by ICE, you can see they stated that institutions need more time to clear the market before opening the futures market.
A segment of the document reads:
“ICE Futures U.S., Inc. will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on trade date Thursday, January 24, 2019, subject to regulatory approval, new listing timeframe will provide additional time for customer and clearing member onboarding prior to the start of trading and warehousing of the new contract.”
Rumors emerged that this decision could potentially cause the BTC price to drop since large-scale investors first got the information and possibly have the power to influence the entire market. Others claim that this is a good opportunity to accumulate more of Bitcoin.
Analysts argue that this is not such a scary and problematic drop. Since Bitcoin’s all-time high, Bitcoin is down by 80 percent if not less and even If it goes below $4,000 it’s still the fifth biggest correction that ever happened. Bitcoin is likely to test the $4,000 support level in the many days to come but a drop below that point can only happen if the sell volume intensifies.
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“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion. It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too. At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
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