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How Brexit Might Affect Bitcoin And The Crypto-Climate

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If you are among the people asking yourself “how Brexit will affect the fate of Bitcoin?” you are not the only one. With the latest Bitcoin news showing that a slight recovery for the most dominant cryptocurrency is underway, there is still a lot of scrutiny regarding BTC as a network and cryptocurrency – especially in a weak economic climate like the current one.

Depending on who you ask the question, the answer to how Brexit will affect Bitcoin is different. With the UK leaving the European Union, we can expect a lot of changes to the BTC/GBP market.

The answers to these questions obviously depend on whether or not UK crashes out of the EU without a deal on October 31. If it does, it is very likely that the value of the British pound will decline on the currency markets. This may lead a lot of Brits to flock towards Bitcoin (BTC) and keep their GBP in a digital form (BTC) as a safer haven.

The truth is, how Brexit might affect Bitcoin is very different. What’s certain is the fact that Bitcoin affects as a safe haven in times of inflation and recession. If a deal is approved by the UK parliament at the eleventh hour, the crypto news may be positive for traders.

“A no-deal Brexit would shake confidence in the pound and send investors into a panicky search for safe-haven assets,” said Glen Goodman, a cryptocurrency expert and author.

At the time of writing, the UK government has secured a new withdrawal agreement with the EU. However, the chances of a no-deal Brexit are still high.

British lawmakers on Saturday voted for a new proposal to withhold support for Prime Minister Borish Johnson and the Brexit deal until formal ratification legislation has passed. This, according to analysts, is a step that will oblige him to ask the EU for a Brexit delay for three months, according to Reuters.

In either case, how Brexit may affect Bitcoin is different. What’s certain is that the markets reacted to the new agreement positively and GBP rallied against USD recently, reaching the level last seen in May 2019.

“For investors, the problem with no-deal is it makes the future for Britain much more uncertain, and of course markets hate uncertainty,” Goodman added.

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Analysis

BTC May Dip Below $7,000 Before Post-Halving Rally: Analyst

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One analyst named Tone Vays recently claimed that BTC may dip to lower regions before the halving event after which it is expected to visit new heights. According to Vays and his statement in the latest crypto news, BTC may dip below $7,000 before the mining reward halving.
“At the moment, I still see lower prices,” Vays noted in an interview with Block TV. “I still think we’re going to go lower than USD 7,000 before the halving. But after that, that would be the final secondary low. Hopefully it’ll be higher than the USD 3,000 low back in December. And then we can finally start a bull market after the halving.”
If the analyst is right, this means that BTC may dip and may drop pretty soon as the Bitcoin halving is expected to happen in May 2020. While the halving price has always been factored, there are still spikes. If the price of the most dominant coin falls, there will be another hype cycle going into the halving.
“It’s all about the proximinty of the halving and where the price is,” the analyst said when he told the media that BTC may dip lower.
Vays does not think that BTC will hit its all-time high in 2020 - in a year from now he sees it a bit over $10,000. Nonetheless, once the barrier of $20,000 is broken, $50,000 and $100,000 can follow "pretty quickly" but it won't be next year he said.The analyst also said that BTC may dip and that he was skeptical about BTC's recent rally when it hit new heights. Many pressured and said that BTC will keep rising - but the analyst notes that he knew that the big run up was "caused by the exodus out of the old coin space, Ethereum (ETH), Litecoin (LTC), Ripple (XRP) – and eventually that stopped.The latest Bitcoin news updates show that the leading cryptocurrency is below $8,200 and trading slowly. When it comes to external factors, the analyst said that Facebook's “Libra is not a competitor to BTC” and China does not drive the market much.
“Maybe an ETF (exchange-traded fund) is actually coming. Things like that are very, very bullish for the space – the more comfortable traditional financial markets are with Bitcoin [and] the more regulated products that appear, the better it actually is for the price of Bitcoin,” concludes Vays.
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Altcoin News

Crypto Markets Continue The Drop: BTC Below $8,200, Alts Following

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A major sell-off occurred earlier today, resulting in a lot of pain for cryptocurrency traders this morning. As the crypto markets continue their drop, Bitcoin (BTC) is now at a new price level below $8,200.At the time of writing, it seems like all of the top 20 cryptocurrencies are in the red and seeing significant losses. The altcoin news show that Tezos (XTZ) which is the 17th largest altcoin by market cap is resisting this bearish movement and is still up by 1% over the past 24 hours despite the massive sell-off occurring on the market.As we can see from the charts, Bitcoin failed to reclaim $8,500 earlier today which caused its price to continue dropping. As the crypto markets continue the drop, BTC managed to visit lows of $8,104 per coin earlier on the day.At press time, Bitcoin (BTC) is trading at around $8,160. The latest Bitcoin news indicate that there has been a decline which is south of 5% as the major cryptocurrency is flat over the past 30 days.The fresh decline in the market is considered by some analysts as one that could expose Bitcoin to a potential return to $7,400 as we reported today. In contrast to this, other analysts suggested that Bitcoin's recent trading into a falling wedge is typically a bullish pattern which has a success rate to break to the upside in around 68% of the cases.Ethereum is losing 4% on the day, Ripple's XRP token is down by ore than 5%, Bitcoin Cash has lost ground and keeps falling with 8.31% minus so far, and EOS is in similar pains with a 7.53% drop. The Bitcoin Cash news today now seem to pinpoint BCH as the biggest loser of all in the altcoin markets.Last week, the CEO and co-founder of Distributed Lab made waves in the industry when he claimed that the Bitcoin price could "crash to zero" in the event of mass adoption by institutions.The total market capitalization right now amounts to $225 billion and keeps dropping. While industry experts hoped for another bullish run this week, the Tuesday proves painful. The only optimists in the space are the renowned bull Tom Lee who recently reaffirmed his prediction about BTC hitting $25,000 by 2022.
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Bitcoin News

LocalCryptos Adds Support For Bitcoin (BTC) And Ether (ETH)

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One of the largest competitors of the P2P Bitcoin (BTC) exchange LocalBitcoins has taken more of its market share as the Finnish company seeks regulatory compliance. The latest cryptocurrency news show that LocalCryptos adds support for Bitcoin as well as Ethereum.In what the company described as a pivotal step of adding support for both cryptocurrencies, LocalCryptos (formerly LocalEthereum) announced the following in a blog post:
“The platform is a one-stop shop for fiat-to-crypto ramps worldwide, beginning with BTC and ETH." Later on, the blog post describes this as a “large milestone.”
After LocalCryptos adds support for BTC and ETH, the company said that in the future even more cryptocurrencies will join its offering.
“LocalCryptos will list some of the most popular Ethereum-based tokens over time. We’ll develop a new smart contract to handle ERC20s, and, in the more distant future, ERC721s,” the exchange said.
Meanwhile, what's interesting is that this move comes roughly a week after LocalBitcoins announced its registration with regulators in the home country of Finland. This is part of a multi-year scheme to formalize its compliance - we can now see that LocalBitcoins is now an official virtual currency provider in the eyes of the Finnish Financial Supervisory Authority or FIN-FSA.Executives have so far phased out a lot of ways of trading on LocalBitcoins without revealing the identity of the trader. Cash trades are now banned and ID submission is obligatory. By contrast, LocalCryptos adds support for BTC and ETH and stays away from such requirements, operating as a non-custodial resource under which no financial liability is taken.Furthermore, the setup will allow the platform to retain features which LocalBitcoin does not have. When cash trades disappeared, LocalCryptos made the most of the decision and saw that it is a major PR opportunity on social media.There are other operators in the space which also saw a surge in popularity during the change which occurred in June this year.Meanwhile, the latest Bitcoin and Ethereum news show that both of the cryptocurrencies are vulnerable in today's trading. Ethereum (ETH) is trading at a price of $177 in a dump of 4.10% while Bitcoin (BTC) has lost 4.52% and is now below $8,200.
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Bitcoin News

US SEC With Another Look At Rejected Bitwise ETF Proposal

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The United States Securities and Exchange Commission is in the latest Bitcoin news. As we can see, the US SEC commission is reviewing its decision to reject the Bitcoin (BTC) exchange traded fund (ETF) filing from Bitwise Asset Management and NYSE Arca.An official announcement shared on November 18 shows that the commission said that the ETF filing from Bitwise Asset Management and NYSE Arca will return to review the proposal, following the earlier rejection which did not meet the necessary requirements.In October, the US regulators noted that the applicants did not meet the necessary requirements regarding possible market manipulation as well as illicit activities. As the US SEC commission wrote at the time:
"The Commission is disapproving this proposed rule change because, as discussed below, NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section6(b)(5), and, in particular, the requirement that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices.”
We can clearly see that one of the US SEC commission's main concerns when evaluating new commodity-based ETFs is to determine whether the underlying market is resistant to manipulation. In the order which rejected the Bitwise ETF application, the commissioners clearly wrote that the evidence insufficiently supports the claim that the "real" spot market for Bitcoin - when “fake and/or non-economic data is removed" - is sufficiently resistant to manipulation.Today, the regulator announced that it is currently reviewing the proposal once again. As the US SEC commission noted, any party or person may file a statement in opposition to (or in support of) the action that was made pursuant to the delegated authorities. The statements, however, must be filed no later than December 18, 2019.Many analysts are setting timelines for the first cryptocurrency and Bitcoin ETF approval which is seen as something that will shake up the industry in a positive way and provide a lot of benefits for it. Industry professionals seem to have a certain level of optimisim believing that at some point, the US SEC commission will have to approve a Bitcoin ETF. 
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