The crypto bulls and bears are currently wrestling on the next cryptocurrency price trends. As the latest cryptocurrency news show, the market is in a phase of correction but it is not certain what will happen in the short to mid term. In what we know as an incredibly bullish month, the price trends are changing every day.
Bitcoin’s value was slashed by more than $21 billion in the last 24 hours – being held above the $7,000 threshold in the recent news – after establishing an all time yearly high at $8,260. The decline which occurred showed that bears are still here. As analysts believe, the crypto bulls and bears were both active this month. However, the recent decline was traced back to a mega sell order on Bitstamp exchange which created an opportunity for investors who missed the previous run or provided a warning before the price dropped.
According to the popular cryptocurrency trader DonAlt, the direction in which he believes Bitcoin is moving is headed up to $10,000. The blockchain pioneer Vinny Lingham, on the other hand, agreed with his statement, showing his optimism and support for the crypto bulls.
I concur 😉 https://t.co/bZckGhfxGX
— Vinny Lingham (@VinnyLingham) May 17, 2019
The CNBC trading desk, on the other hand, is not the best place for price predictions – as many best cryptocurrency news sites have showed so far. However, right now the technical analysis by CNBC shows that there is a “trend line” which has been in place since April 4 and the crypto rally which ignited the entire crypto bulls and bears fight.
“You actually still are above that trend line, which probably takes you up to around $6,800. You got to a 95 nine-day RSI. Even for bitcoin, that was extreme,” the CNBC analysis showed.
Bitcoin nightmare as a sell-off wiped $21B off its market cap overnight. Here's what's behind the crypto crush. pic.twitter.com/w5SX22hhcW
— CNBC's Fast Money (@CNBCFastMoney) May 17, 2019
Not everyone is so bullish though. The crypto bears are supported by some analysts – notably the derivatives trader and analyst Tone Vays, who described the recent trend as a “montrosity” in the Bitcoin price as the dominant cryptocurrency dropped from $7,800 to $6,180 on Bitstamp. Based on the hourly charts, he said that the stage was set for a “beautiful short trade.”
“I actually think we are going to go down and I think we are going to go sub-$6,000 on this one…I even think we’re going to go below $5,000 as well,” Vays said.
Hopefully the BTC trends will also ignite the altcoin news to report a new positive movement.
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Investment App Abra To Sell Crypto In 6,000+ 7-Elevens In Philippines
“Now Abra users in the Philippines can quickly and easily add pesos into Abra and use that to invest in cryptocurrencies or popular stocks like Google, Amazon, Facebook, etc., which opens up a world of new possibilities to build wealth.”The investment app Abra was in the news back in February as well. Then, it said that it was launching a new service which allowed customers to invest in fractions of stocks of NASDAQ-listed firms. The app also supports 30+ cryptocurrencies and 50+ fiat currencies. According to the general manager at ECPay, this partnership “widens the product and service offerings of ECPay to its Collection Partners like 7-Eleven, NCCC Department Stores and Supermarkets, LCC Malls and other Remittance, Pawnshop partners." For those of you who don't know or are not following our altcoin news, the Philippines adheres to the Cagayan Economic Zone Authority (CEZA) which unveils a comprehensive set of new rules that govern cryptocurrencies. All of this was made in a bid to effectively regulate and protect investors. Under the rules, all Digital Asset Token Offering (DATO) regulations must have proper offering documents with pertinent details on the issuer, project and accompanying advice and certification of experts and DA Agents.
Wells Fargo Tokenizes Cash But Avoids Calling It A Cryptocurrency
“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”Wells Fargo tokenizes by using the possibility of transitioning to a new internal database. One of the former senior blockchain and crypto strategists at EY previously commented:
“I’m genuinely curious as to the definitional difference, and then the supposed improvements. How many people can explain how this solution is technically different than what banks have always done? […] They’ve just changed their database.”This is not the first rodeo for the ecosystem and this year since many stakeholders in the space including the non-profit groups explained the characteristics of JPMorgan’s JPM Coin which was a project permissioned and closed-source. JPMorgan is also looking as Wells Fargo to innovate in the blockchain arena as reported in the altcoin news previously. The central banks are getting in on the action as well since the Bank of Russia is also working on a blockchain-powered digital currency while the People’s Bank of China aims to launch its own cryptocurrency as well.
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