Over the past two days, the cryptocurrency news showed that the Bitcoin price has stabilized around the $3,400 margin after dropping to a new yearly low at $3,210 on December 7. However, on a weekly basis, Bitcoin’s performance is up 6% from $3,210 to $3,400 despite the fact that the market has lost $14 billion of its valuation over the past week.
The downward trend was mostly triggered by the bad performance of the ERC20 tokens, as well as the Ethereum price which recovered slightly by a similar magnitude as Bitcoin. ETH recorded an 8% increase from $83 to $90 but the Bitcoin Cash price remains at an all-time low of $94.
According to an analyst named Su Zhu who is also the CEO at Three Arrows Capital, the buy walls on fiat-to-crypto exchanges such as Coinbase and Bitstamp for Bitcoin have risen significantly over the past several weeks. As he explained:
“10% down from here ($3,300), buy walls on @Coinbase are now the largest (in BTC notional ) since mid-2015. Similar for Bitstamp.”
Zhu also emphasized that in order to break below the $3,300 level, Bitcoin will need to get through the large buy wall at $3,300 and lead an intense sell-off.
“To break lower will require filling these fiat-backed bids. Either 1) more BTC borrow to come online 2) KYC-able off-ramp selling. Derivatives selling will just lead to funding becoming very negative as it has been,” he concluded.
Based on the current trend since early December, it is more likely that Bitcoin will extend its negative sentiment into 2019, at least until the cryptocurrency begins to demonstrate signs of stability.
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Dmitry Medvedev: ‘’We Should Watch Closely What Happens To Cryptocurrency’’
‘’But this, of course, is not a reason to bury cryptocurrencies. There are both light sides and dark sides, as in any social phenomenon, in any economic institute. And we should just watch closely what happens to them.’’He continued to discuss social inequalities and how the global digital transformation is speeding up saying the cryptocurrency is a part of that fast-going phenomena. The news comes right after major media outlets published the story of Russia’s plan to purchase $10 billion worth of BTC. Turns out that the news was fake. The Russian economist from the Presidential Academy of National Economy and Public Administration Vladislav Ginko pointed out that he strongly believes that Russia might use Bitcoin to fight economic sanctions and this story swamped the media and got massively exaggerated. Russia is, however, preparing a crypto bill that will provide stable cryptocurrency regulation in the next two months. The Duma State will be drafting a regulatory framework in February to regulate ICOs and crypto crowdfunding.
Nearly 1.5 Million People Used dApps In 2018, More Than A Half Being On Ethereum
"TRON is the most ambitious in the dapp field, with a $2 billion Project Genesis launched in the second half of the year. In addition, it spends $100 million on TronArcade to promote its dapp ecosystem."TRON (TRX) launched 97 decentralized applications in 2018, while its ecosystem and community have been growing at an alarming rate. This week, TRX was added to OKCoin, which is one of the largest US exchanges, in order to be traded against fiat, Bitcoin and Ethereum. The report also showed that gambling accounted for $3 billion in transactions over the course of 2018 in dApps.
Brave Browser About To Start Paying Users To View Ads
"A Brave feature called Brave Rewards allows people who use Brave to contribute BAT to the sites they visit. When someone turns on Brave Rewards, their browser will tally the time and attention they spend on each site, and divide up that person’s monthly BAT contribution among the sites they visit. Brave Ads will allow people to opt in to earn BAT based on their attention. When someone turns Brave Ads on, their browser will begin learning their preferences in order to show occasional relevant ads as system notifications," an excerpt from the website states.This is definitely one of the steadiest performance models for Brave. Previously, the browser worked on a model of blocking all ads but figured that replacing ads with their own ads is a significantly better option.
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