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Bitcoin News

Hong Kong Demonstrations Strengthen Bitcoin’s Safe-Haven Status

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Hong Kong demonstrations and the major global uncertainty have only made bitcoin’s status as a safe-haven much stronger than it was before according to the Circle CEO Jeremy Allaire after he spoke in an interview which we are reading more about in the latest cryptocurrency news below.

Allaire pointed out during the interview that the investors are very much attracted by the non-sovereign digital assets and mainly Bitcoin since the safe-haven status of the coin is now more important than ever. Only last week, Bitcoin broke below the $10,000 price point and then again on Friday. The coin hit the weekly low on August 15th and reached up to $9,685 but it bounced back quickly and is currently trading at $10,712. Allaire explained that the recent decline in the market could be driven by holders who decided to take profit and he even stated:

‘’Last week was a significant risk off week for equities. There were a lot of holders of digital assets whose portfolios were taking a hit and if they had gains, Bitcoin is up over 100%, almost 200% over the past 9 months, it was a place to take some gains.’’

The correction, however, does not affect bitcoin’s appeal as a method of preserving value. Bitcoin’s price has previously been pushed by multiple economic and geopolitical factors including the Hong Kong demonstrations and the China-US trade war. The heads of the G7 countries will soon meet in France and will talk about bitcoin and the entire crypto space according to Allaire. It is unlikely that there will be a crypto-related policy as he pointed out:

‘’I don’t know that we’re going to see specific policy but certainly we’re going to hear some perspective out of there.’’

As it turns out, most of the investor’s don’t recommend investing in bitcoin or even consider it as a safe haven asset but gold, for example, might not be the best investment choice despite the uncertainty in the global markets. The portfolio manager of Valley Forge Capital Management stated in an interview as well as we read in the altcoin news previously:

‘’They [Bitcoin and gold] are collectibles. You are actually not buying any protection, you’re simply speculating. To me, it’s no different than any other speculative activity in your life.’’

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Analysis

Bitcoin Avoids Posting Seven Consecutive Red Daily Candles

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Bitcoin managed to rally again - but that doesn't change the fact that Bitcoin avoids posting seven consecutive red daily candles. This happens for the sixth time ever. But what does this mean. Well, as many best cryptocurrency news sites showed, the last time BTC posted seven red daily candles in a row was the start of August last year. From July 29 to August 4 last year, BTC fell 15% from around $8,240 to $7,000. As it followed the streak of red daily candles, the following week failed to produce a recovery and the prices slid a further 15% before Bitcoin found its support at $6,00 back then. To compare with, the start of September 2017 was also a period when BTC posted a full week of bearish daily candles after failing to hold above $4,500 after testing $5,000 for the first time. Then, BTC fell 30% over seven days and plummeted from $4,600 (September 8, 2017) to $3,200 (September 14, 2017). It is similar to now, when Bitcoin avoids posting seven consecutive red daily candles. However, after that (in 2017), Bitcoin began producing a bullish recovery and broke to new all-time highs one month later. This is why analysts on many Bitcoin and altcoin news sites are now wondering if BTC can perform in the same way. Another comparison from 2016 shows that at the start of that year, BTC posted eight consecutive days of bearish price action for the second time in the market's history. This run saw BTC falling 21.8% from $460 (January 8, 2016) to $360 (January 15, 2016). The move proceeded with months of sideways consolidation with an approximately 20% range. Before that, in 2014, BTC shed approximately 10% after seven days of red daily candles - followed by two weeks of sideways consolidation before a break-down of support led to an approximately two-month bear channel. So, again, what does this all mean? Well, the latest cryptocurrency news show that Bitcoin (BTC) may rise further. Even though Bitcoin avoids posting consecutive red candles, it managed to surge by 3% overnight and is now at $10,200 which is its price point from a couple of days ago. So, Bitcoin is strong and its dominance is again at 67.6%. According to analysts, the price of BTC may surge further and the consolidation is strong. The momentum in which Bitcoin is right now, along with the market cap which rose to $270 billion and the daily volume of $65 billion ($17 billion of which was traded on BTC) are other significant factors which may drive the price of Bitcoin further upwards.
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Altcoin News

Swiss Exchange BiboxEurope Launches Referral Program (With Up to 80% Gains)

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The Swiss exchange BiboxEurope is in the latest cryptocurrency news again for announcing a new set of benefits for its users. The benefits come in the form of a referral program which enables the users to make the most of their offering. As the updates show, the program went live on September 18 and should conclude by the end of October 2019. The users participating in the Swiss exchange BiboxEurope Referral Program can earn up to 80% in commissions by referring their friends and family to become part of the Bibox community. As the coming altcoin news show, the BiboxEurope Referral Program follows two other attractive announcements made by the company since its launch two months ago. First of them was the free deposits into the account, along with industry-low fees. The second announcement was the launch of the Insta-Buy feature which enables users to purchase cryptocurrencies with credit cards at unmatched rates. Basically, the Swiss exchange BiboxEurope and its Insta-Buy feature witnessed a huge rush on the opening day. As such, it forced the company to briefly suspend the functionality to boost their infrastructure so that the platform can handle its higher demands. The feature was later reintroduced. As many best cryptocurrency news sites show, the Swiss exchange BiboxEurope and its new referral program has the following rules:
  1. Every user receives 80% in referral commission by inviting their friends to trade on the platform.
  2. The commissions' token type shall be subject to the transaction fees incurred.
  3. There is no upper limit of the number of invitees.
Throughout the total duration of the program, the Swiss exchange BiboxEurope will be updating the referral and commission histories every day at 8AM (GMT+1). The referral commissions earned by users will also be distributed to their respective accounts on the next day at 10AM (GMT+1). In short, the rewards earned by users will be directly proportional to the trades executed by their referrals. The greater the number and size of trades by the referral, the higher the payouts will be for the users who referred them to the platform. You can learn more about the Swiss exchange BiboxEurope and its Referral Program at the following link.  
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Bitcoin News

Tom Lee Is Certain That Bakkt Will ‘Improve Trust With Institutions To Crypto’

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The Fundstrat Global Advisors co-founder and a popular Bitcoin bull is in the latest cryptocurrency news again. As the news show, Tom Lee is certain that cryptocurrency will gain trust from the incoming launch of institutional trading platform Bakkt. Lee posted a tweet on September 19, joining the increasing number of Bitcoin figures that are bullish about Bakkt's potential impact on the space. As he noted, the platform goes live on September 23 and will first offer physical Bitcoin futures. https://twitter.com/fundstrat/status/1174894754250838016?s=20 The investors who have been able to deposit funds since September 6, will take delivery of payouts exclusively in Bitcoin. That said, Tom Lee is certain that Bakkt is preparing something big. Meanwhile, the Bitcoin and altcoin news show that the markets tumbled down yesterday. However, the situation is better today and most of the cryptocurrencies have recovered. Tom Lee is certain that crypto will shift higher in the short term, all thanks to Bakkt.
“I am very positive on Bakkt and its ability to improve trust with institutions to crypto,” he wrote.
A lot of responses on his tweet generated a further theory about the current Bitcoin price weakness, which centered around Thursday's changeover day for CME Group's own Bitcoin futures. The best cryptocurrency news sites showed that futures expiration and rollover dates have so far exerted pressure on the Bitcoin markets. Meanwhile, the month of September also saw a quieter entry into futures by the cryptocurrency exchange Binance. Launching last week, the figures nonetheless revealed significant open interest of $150 million, even while Binance's product was still trading in invite-only mode. Speaking of, the open interest in CME's futures dropped to a 4-month low at the same time while Bitcoin's performance failed to excite. The good news is that while Tom Lee is certain on a comeback thanks to Bakkt, the markets are stabilizing. The total cryptocurrency market cap is now at $269 billion, whereas Bitcpon's share is $182 billion. Price-wise, Bitcoin is below $10,200 while Ether (ETH) is at $216 with a new 4% increase, making it the biggest winner in the top 20 coins today. Ripple lost a little and is below $0.30 while Bitcoin Cash (BCH) is trading with a 2% positive on the day.
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Altcoin News

BTC Owners Giving Away Altcoins To Support TOR Project

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In times when the crypto sphere is buzzing and when there are new price updates in the Bitcoin and coming altcoin news, no one would expect cryptocurrency holders to give away free crypto, right? Well, it seems like BTC owners think differently - they have been donating altcoins to the TOR Project - a nonprofit organization which is primarily responsible for running "The Onion Router." As per some Bitcoiners, this is a trend that is a way of killing two birds with one stone. On one hand, it supports the TOR Project and on another, it gets them rid of "shitcoins" as they label them. Also, the BTC owners appear keen to extend the running gag of altcoins being worthless. Many best cryptocurrency news sites earlier this year showed that people should support the TOR Project. Even the co-host of the "Tales from the Crypt" podcast Matt Odell tweeted, urging people to support the project with donations. This is where the entire frenzy started and how BTC owners began donating altcoins. As Odell back then said, "donate shitcoins. stack sats." In the news today, we also have Sarah Stevenson, who is the fundraising director at the TOR Project. She initially thought that the donations were coming from members of the Stellar community, mostly because of the influx of XLM tokens. However, the BTC owners corrected her conclusion, seemingly opposed to letting their attempted ribbing to go unnoticed. They piled onto the thread soon, dropping Twitter phrases such as “perfect destination for my airdropped shitcoins” and “sounds like a good place to dump my shitcoins.” Some of the donations by BTC owners also came from recipients of the Keybase XLM airdrop, the altcoin news today show. As we previously reported, the encrypted messaging platform Keybase partnered with the Stellar Development Foundation, launching a $120 million airdrop. Right now, BTC owners are seeing these donations as something that benefits the TOR Project. Stevenson said that they appreciate all of the donations, regardless of the subtext.
“I am generally a peace, not war kind of person but I welcome any activity that draws attention to the importance of financially supporting the Tor Project. Everyone benefits from the privacy and anonymity technologies we develop and maintain. As for the tangible value proposition for altcoins, I'll plead the fifth because I prefer to be friends with everyone," she concluded.
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