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Bitcoin News

Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?

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The market chop yesterday had many buyers lined up and ready to buy the most dominant cryptocurrency at the yesterday low of $9,750 and in similar ranges. However, the latest cryptocurrency news show that Bitcoin surged once again to $10,000 and no one knows what’s next for the biggest crypto out there.

From its low, Bitcoin managed to recover and retake the $10k level quickly. As such, it remained there for the best part of the day, posting intraday peaks of $10,250 a couple of hours ago during the early trading on Friday. Now it appears that BTC is settling at this level and that the choppy consolidation is still here.

Unlike the many buyers lined up for BTC yesterday, there are still buyers but not in that amount. No one knows if Bitcoin will stay here for long – and the altcoin news show that altcoins are for now following this trend. According to analysts, there could be an ascending triangle forming in the hourly time frame, leading to new gains.

“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.

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!”

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Altcoin News

BitMEX CEO Arthur Hayes: ‘Traditional Traders Are Under Pressure’

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bitmex ceo arthur hayes
The BitMEX CEO Arthur Hayes, who has always been a topic in the latest cryptocurrency news, is now with a new statement where he points out to traditional traders. As Hayes summed up, traders may lose lunch breaks and weekends as digital finance is going to change everything - including workplaces. Hayes was featured in a Septemebr 19 article on Bloomberg which was featured on many best cryptocurrency news sites. In it, he noted that cryptocurrencies trade 24 hours a day and 7 days a week. He also summed up that this will end up affecting “everything from traditional equities, bonds and currency trading, to the way payments are processed and recorded.” The BitMEX CEO Arthur Hayes also made his remarks at the Milken Institute Asia Summit held in Singapore. He added that “traders may even lose their lunch breaks and weekends as traditional assets absorb some characteristics of digital ones" and fully backed up this statement by saying:
“Some of the practices in our market are going to be mimicked in traditional trading [...] All these things about being somewhere and trading something and physically reconciling records is all going to go out the window. Once you get away from that and understand that everything will be digital in the next 10 years, you realize that Bitcoin isn’t such a strange idea.”
It remains to be seen how labor organizations which were crucial in the adoption of weekends, the 40-hour workweek and mandatory break - will respond to the claims of the BitMEX CEO Arthur Hayes and especially if his prediction passes. On September 18 and before this, the CEO of BitMEX was in the news for predicting that Bitcoin (BTC) could soon shoot to $20,000 as a result of emergency measures from the United States Federal Reserve. The comments by Hayes came right after the Federal Reserve swooped in and decided to decrease interest rates on some loans which reached more than 10% or four times its target. More than $53 billion was pumped in the economy through the quantitative easing (QE) measures.
“QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000,” the BitMEX CEO Arthur Hayes tweeted back then.
The latest Bitcoin and altcoin news show a new correction on the market. The total market cap is now at $267 billion and Bitcoin is again below $10,100.
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Bitcoin News

McAfee Believes Bakkt Launch Could Jumpstart Widespread Adoption

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Over the past year, many participants in the crypto markets have been looking towards the official launch of the Bakkt as an event which would drive a lot of adoption and trigger many institutions to invest in the crypto markets. In the latest cryptocurrency news, we can see that John McAfee believes Bakkt launch could definitely catalyze the next major Bitcoin bull movement. Right now, the markets are only a few days away from the launch of this platform. Analysts are closely watching everything to see how the introduction of physically settled futures could impact the most dominant cryptocurrency (Bitcoin) and the aggregated crypto markets in the near term. While some analysts think that the launch of Bakkt coincides with the apex of the large triangle which BTC is currently trading in, McAfee believes that Bakkt could start the adoption. The outspoken crypto bull took to Twitter, stating the following:
“BAKKT goes live tomorrow.  It is an institutionalized exchange so I won’t be using it, but institutions will feel a level of trust that they had not had. It could jump-start Ctypto adoption. But remember – it is the opposite of freedom’s movement."
https://twitter.com/officialmcafee/status/1174999327917297666 McAfee also said that the date of the platform's launch mixed up - and the Bakkt actually launches on Monday and not tomorrow. The coming altcoin news sum up a lot of stances from the community. One of them is the viewpoint of Thomas Lee, a prominent cryptocurrency analyst and a notable Bitcoin bull. While John McAfee believes there could be a bull run soon, Lee said that the Bakkt launch will improve the institution trust of the crypto markets.
“I am very positive on @Bakkt and its ability to improve trust with institutions to crypto,” Lee explained.
https://twitter.com/fundstrat/status/1174894754250838016 Assuming that everything goes well and the Bakkt launch proceeds with great success and utilization, it could lead to an influx of fresh capital in the markets. This could also boost the performance of crypto for the second half of 2019. The best cryptocurrency news sites today report about the falling price of Bitcoin over the past several days. The sideways trading, however, may soon come to an end as McAfee believes - mostly because of the upcoming Bakkt launch.
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Bitcoin News

CME Group Will Launch Bitcoin Options Early In 2020

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CME Group will launch
The latest cryptocurrency news show that the major derivatives marketplace CME Group recently announced that it will offer options on its Bitcoin futures contracts starting the first quarter of next year. Now that CME Group will launch a Bitcoin options market, we can definitely put it in comparison to its Windy City rival - the Chicago Board Options Exchange (CBOE). The Chicago-based company initially launched its futures product back in December 2017, which was the same time when CBOE launched its futures, too. An announcement on Friday showed that CME Group will launch the options trading - as a way to provide clients with “additional tools for precision hedging and trading.” The launch is currently pending regulatory review. Tim McCourt who is the global head of equity index and alternative investment products at CME Group, was featured on many best cryptocurrency news sites for stating:
“Based on increasing client demand and robust growth in our Bitcoin futures markets, we believe the launch of options will provide our clients with additional flexibility to trade and hedge their bitcoin price risk. These new products are designed to help institutions and professional traders to manage spot market bitcoin exposure, as well as hedge Bitcoin futures positions in a regulated exchange environment.”
CME Group also detailed that since their 2017 launch, there have been more than 20 "successful" futures expiration settlements and more than 3,300 individual accounts trading the contracts. Close to 7,000 CME Bitcoin futures contracts are traded on average each day, the company stated. Meanwhile, the coming altcoin news in March this year showed that CBOE abruptly changed the tack and halted its futures product. Now that CME Group will launch Bitcoin options and CME won't (for now), this gives a massive advantage to CME as the sole provider of Bitcoin futures in the US. However, it seems like CME will have a new rival from Monday. The rival is the Intercontinental Exchange (ICE) and is subsidiary Bakkt - both of which are preparing to offer a new BTC futures product. Unlike CME and its cash contracts, ICE will be offering a physically settled product which means that its customers will receive actual Bitcoin (BTC) instead of the cash equivalent.
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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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