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Traders Assure: Bitcoin Price Will Surge Again

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Bitcoin dropped more than 15 percent in the past few days. However, some crypto traders believe that we shouldn’t be worried and just wait for Bitcoin to surge back.

According to crypto trader Brian Stutland, Bitcoin will rise back to $7,250.

‘’I’m looking at the September futures contract and I’ll be willing to buy it, actually at this point. $6,450 is my level, looking for that September futures contract to trade up to $7,250 on the CBOE futures contract with a stop out at $5,950’’.

He believes that the recent decline was due to the reports that Goldman Sachs gave up on the plan to open a Bitcoin trading desk. Though not far from the truth, after the reports reached the media, the price of Bitcoin but also the price of many other cryptocurrencies experienced a massive decline. Bitcoin dropped by $400 in just 10 minutes while Ethereum declined by more than 12 percent.

However, the Chief Financial Officer of Goldman Sachs hurried to inform that this was ‘’fake news’’.

If we go back to Stutland, he deeply believes that Bitcoin doesn’t need a trading desk in order to be efficient and that Bitcoin was made to transact off the deposits of bank sheets. According to him, is the volatility the most scare investors from getting into crypto and wants to urge people to accept it and be more comfortable with it. Right now, we are indeed in the early stages of the getting down process so maybe it will take a full year or more for all the prices to reach low levels in order for people to get comfortable with this reality.

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Bitcoin News

Banks Are Afraid Of BTC And They Are Chasing Their Customers Away

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banks are afraid
Banks are afraid of bitcoin and many of them are deciding to cut down all relation with cryptocurrencies which is not a good choice for some users who decided to cut ties with the banks who avoid bitcoin. Let’s see in the altcoin news below what exactly is happening. Founder and partner at Morgan Creek Digital Anthony Pompliano noted on Twitter that he received an email from an upset client that was sent to the CEO of the Royal Bank of Canada and the letter is an example of how people are getting tired with the poor service that the banks provide especially towards the crypto investors. At the beginning of the email, you can see how the customers cut ties with the bank saying:
 “[Our] recent experience with RBC has been nothing short of horrible, and we just can’t deal with all the nonsense anymore.”
Apparently, the user was very disappointed for a longer period of time and the banks deciding to stop serving users that make business with bitcoin was the last drop for the user. The email continues with more frustration saying:
 “We need our bank to be a partner we can rely on who will help us be successful both personally and in business.”
According to the client, banks are afraid of Bitcoin and the RBC was the perfect example of it. The person than listed the problems that he faced with the bank including the prolonged process involved in day-to-day checking on top of the difficulties during the process of opening an account for a family trust that runs a daycare. After sharing his story, he noted that the bank flagged him as suspicious since he owned cryptocurrencies and then he wrote:
 “There is absolutely no way we can continue doing business with an institution who believes [they] can dictate what we can and cannot do with our money. Ironically, banks have been fined billions of dollars over the last few years over this.”
As noted in the latest cryptocurrency news, Anthony Pompliano’s tweet received more than 3,000 likes and 900 retweets.
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Analysis

High Bitcoin Volatility Expected Soon: Price Analysis

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High bitcoin volatility is expected soon according to price analysts since, over the last 48 hours, the largest cryptocurrency managed to break the upside as the bulls attempted to regain control of the price so in today’s altcoin news we take a closer look at the price analysis. On the 4 hour charts, we can see that the downtrend over the past nine days and it formed a descending trend that was broken to the upside in less than two days ago. Since then, the Bitcoin price levels reached $10,120 whilst the POC moves up to $10,560 around the current price which shows there is a good amount of support in the current market price. The 200EMA is running through the same channels and both moving averages are the closest they have even been to each other in more than a month. When both moving averages are close to each other after a high bitcoin volatility period, it’s a sign there will be more volatility in the future. This could be started with a massive move in any direction as the bullish trend is still present so Bitcoin will be holding above the key support at $8,000. On the hourly charts we can see that the breakout price levels have been trading close to the points of control at $10,600 and the retest of the 50MA highlighted on the chart that shows a strong wick that is usually a sign that bulls are in control and the Bitcoin price levels will move up further during the intra-day trading session. As the latest cryptocurrency news show, the 200EMA and 50MA are in a sandwich price action as it looks as the 4-hour analysis above which shows there is a strong sign of suppression that can be noticed on the short-headed candles with large wicks. This also means that the whales are fighting for the price levels to try and maintain the tight trading range in the short-term. In the further BTC upside in the coming days and weeks, the key resistance levels are looking to reach the $10,600 and $11,900 and even the $13,270.
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Bitcoin News

Bitcoin Is Not Banned In India: Finance Minister

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bitcoin is not banned

The union finance minister of India, Anurag Singh Thakur is in the latest cryptocurrency news for a statement in which he said that holding or trading cryptocurrencies like Bitcoin is not banned in the country.

As Thakur told the upper house of the Indian parliament, the issues of permitting the trading of/in cryptocurrencies remains under full examination of a government-appointed interministerial committee.

Thakur also stressed that the Reserve Bank of India and the Ministry of Finance had issued a string of circulars and notices regarding the use of Bitcoin and other similar coins. Nonetheless, only a final report from the committee could shed light on the final status of such nascent asset class.

His statement showing that Bitcoin is not banned in India was all over the altcoin news too and read:

“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”

The response also followed Bloomberg Quint’s coverage which was based on an alleged crypto ban draft which mentioned that the government of India would sentence crypto traders with a ten year jail time. However, the Finance Minister Thakur said that Bitcoin is not banned in the country. Also, a New Delhi-based lawyer named Varun Sethi this week shared a leaked page from the same draft which clarified that the Indian government was planning a crackdown on crypto traders.

“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorising any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet,” he said in the document which was shared on many best cryptocurrency news sites.

The reply about the question of whether Bitcoin s banned or Bitcoin is not banned comes ahead of the next Supreme Court hearing of the so-called Crypto vs. RBI on July 23.

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Bitcoin News

Dr. Doom Writes That Bitcoin Bears Are ‘Poised’ At This Point

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One of the most followed cryptocurrency critics in the space, Nouriel Roubini with an alias 'Dr. Doom' has called out for attention, noting that the bears are poised. It seems like the sentiment around the market is divided as some are arguing that Bitcoin will rise to new highs and others think that the correction is not over. The Bitcoin price, known for its extreme volatility, is the new topic of discussion for Dr. Doom. In times when a lot of best cryptocurrency news sites are reporting that there are wild swings on the crypto markets as evidence of price manipulation, analysts confirmed that Bitcoin lost more than 25% in a single week. A few have been as outspoken against Bitcoin and cryptocurrencies in general. Obviously, one of them is Dr. Doom or Nouriel Roubini, a professor of economics at the New York University Stern School of Business. Because of his pessimistic outlook, he is known as 'Dr. Doom'. Recently, Roubini has stepped up his feud with the Bitcoin and crypto exchange BitMEX, suggesting that it and other major exchanges are involved in "systematic illegality."
"BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere," Roubini wrote in a blog post. "The exchange does nothing to stop this, as it profits from these transactions."
Roubini (Dr. Doom) also clashed with the chief executive of BitMEX, Arthur Hayes, at the Asia Blockchain Summit earlier this month. At the time, he branded Bitcoin "overhyped" and a "cesspool."
"Some of the biggest crypto players may be openly involved in systematic illegality," Roubini wrote, adding: "BitMEX [is] an unregulated trillion-dollar exchange of crypto derivatives that is domiciled in the Seychelles but active globally ... involves peddling to 'degenerate gamblers' (meaning clueless retail investors) crypto derivatives with 100-to-one leverage."
On the topic of margin trading which is hot in the latest cryptocurrency news, Dr. Doom is again pessimistic. However, there are many other analysts which are optimistic on crypto. One of them is Simon Peters, analyst at eToro. As Peters said:
“Crypto bears are poised to pounce, after several high-profile U.S. government officials took aim at bitcoin and Facebook's Libra this week."
Currently, Bitcoin is eyeing $10,000 in a new upward run which stabilized the market overnight.
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