Can Bitcoin Make a Big Rally Around Thanksgiving?

AlexH

For the first time since October 25, Bitcoin has broken below the $7500 mark. The currency is very unstable at the moment and is constantly hovering around the $7000 zone, with no major indication of getting back to the previous value. However, a wide consensus of cryptocurrency experts predicts that the leading crypto can make a comeback in the following days. But, can Bitcoin stop its drastic fall and stabilize itself in the upcoming period? Continue reading to find out.

Recent Bitcoin Trends

Earlier this week, Bitcoin pulled a rather unpleasant surprise for the faint of heart. Dropping below $7000 in more than a year, it stopped at $6550 before stabilizing again. The following few days after the big price dump, the crypto was averaging sideways around the $7000 mark, unable to hit above $7200. Analyzing this price drop trend through three different metrics, we can say the following:

  • 50 Moving Average – After the initial drop, the following 50 hours didn’t see any dramatic value rises or drops.
  • 200 Day Moving Average – Observing the value through a 200 day moving average lense, it appeared that the coin has leveled out in overall value. This means that in the weeks after this, it could continue to go south.
  • 50 Week Moving Average – Unfortunately, the 50-week average doesn’t look much better than the 200 days one. It reads that this cryptocurrency might drop to $5 if nothing changes.

Learning from Past Trends

Of course, no matter how bleak these predictions might seem, it’s still fairly early to say anything. The current trend line needs to hold the coin’s value above $7000 if any gains and improvements, in the long run, can be measured and calculated. Also, it should be mentioned that long term calculations usually have bullish tendencies, while shorter one tends to be bearish.

Since this article has so far been pessimistic to some extent, let’s take a look at the situation from the other side. The reality of the current situation is that Bitcoin is still ready to resume its stable long-term growth, despite occasional drops in value. The current trend line looks much like it did before the big boom in 2015. To be more specific, the coin remains on the edge of falling out of a secular bull market while the relative strength index is above 50, just like it was back then.

The Crypto Market in General

The overall situation of the crypto market hasn’t changed drastically over the past couple of weeks. The remainder of the altcoins are still pretty much at the same distance from Bitcoin as before. With that said, the crypto market has managed to make a slight recovery in the previous period and is now hovering around $197 billion. This is good news, although the market likely needs to face further consolidation before any major spike can be expected.

With the current Bitcoin value being as it is now, and if we were to trust the wide consensus, now might actually be a great time for Bitcoin owners to add more coins to their wallets before the coin returns to its previous value. Coincidentally, the timing of this drop could also play a big factor in Bitcoin’s value increase, as many online users might decide to treat themselves by buying this crypto when shopping fever hits on Black Friday. While there’s no telling for sure how the situation will unfold, there’s no reason for panic, as the leading cryptocurrency will most likely return to its recent high, the only thing remains to be seen is when.

Omni Shutting Down after Four Years

AlexH

Despite having a very promising start, the Ripple-backed startup recently announced that it will be shutting down its business by the end of the year. The company announced that it will be completely going out of business, with Coinbase hiring at least 10 of their current employees. According to trustworthy reports, this decision came as a result of a dwindling 2019, a year that saw staff layouts, physical store sales and many other efforts put into keeping the business afloat. 

A Brief Overview of Omni’s History

As a reminder, Omni has originally launched a little over four years ago, in 2015. It started as a unique service for personal storage, collecting items from their customers and storing them in a warehouse until they need them again.

 Two years later, in 2017, Omni introduced a new feature of its service by letting users rent out what they were storing to provide them with extra money-making opportunities. It also moved into helping retail stores run their programs. Unfortunately, as this change required from both users and merchants to make a drastic shift without significant rewards, this attempt didn’t fare well on the market.

It 2018, it seemed that the company finally managed to gain some ground and that it will finally be able to establish itself as a significant player, as it raised $25 million from the crypto company Ripple. One of the biggest reasons why Omni went out of business were the ballooning storage prices and invaluable storage prices, especially because users could get a much more efficient delivery system from Amazon.

During its relatively short existence, the service has managed to make a dent in the industry. However, despite its performance on the market, we are still left with a question of whether the investors and ex-partners will get any of their cashback.

More info: https://www.theblockcrypto.com/linked/48512/ripple-backed-omni-is-reportedly-shutting-down-sells-engineering-team-to-coinbase

Cryptocurrency Executives Make A Massive Entry In China’s Billionaire Rich List

AlexH

The Asian country, which leads to this continent’s economy, China, happens to have no shortage of billionaires, and according to Forbes, this list is quite long. This brand-new rich list has shown up, and blockchain and cryptocurrency executives who are a part of it are growing exponentially. If you put the market prices aside, it is pretty obvious that a vast majority of people still make some big money out of this industry, which is still developing.

Binance And Bitmain Top Crypto Rich List

As claimed by Forbes, Jack Ma of Alibaba is the richest man in China with a whopping net worth of $35 billion. Nevertheless, the cryptocurrency rich list, which was recently released by Hurun, stated that the number of crypto giants is increasing on the wealth charts. As by today’s report, which included twelve crypto industry executives, and the founder of Bitmain, Micree Zhan is on top of the chart with an impressive net worth consisting of 30 billion yuan or $4.2 billion. The forty-year-old Mecree Zhan is the genius who made Bitmain, the largest supplier of the mining hardware in the whole world, as well as the wealthiest man in China in the crypto market.

Although this is not even close to Ma’s e-commerce fortunes, it clearly shows that the cryptocurrency industry is extremely profitable, and there are more billionaires because of it.

The second man on that very list is the mysterious boss of Binance, Changpeng Zhao, whose net worth was somewhere around 18 billion yuans or approximately $2.4 billion. That is great because this company didn’t exist for more than two and a half years. Zhao has moved up for thirty-five positions since the whole list was published and also continues to expand his wealth as Binance is rising like it’s the Google of the crypto world.

Bitmain is currently third in the world of crypto’s richest with the co-founder Jihan Wu whose net worth is just behind Changpeng Zhao’s with 17 billion yuan. The fourth and fifth man on the crypto rich list are the founder of OKEx, Star Xu, with a net worth of 10 billion yuan, and Leon Li of Huobi with a net worth of 7.5 billion yuan.

Global Expansion

A vast majority of these new billionaires have concluded that global expansion is crucial in their success. Although oppressive regimes like one party in China aims to crack down on cryptocurrency, they can’t defeat the growing appetite of the rising population. Every one of these three exchanges, which are mentioned before, went to expand out from China and in much more friendlier climes. For instance, Malta Hong Kong and Singapore, where no restrictions exist to slow down the business. Totalitarian governments have to realize that if they ban something, it will increase the demand for it, which is quite evident in the case of China. Two popular payment platforms enable yuan deposits, WeChatPay and Alipay, the exchange has successfully opened crypto up to potential two billion investors and traders.

SocGen, A French Lender Issued A $110 Million ETH Bond To Itself

AlexH

Six months have passed since Societe General issued its very first bond on a public blockchain. It still has to offer the instruments to its clients or to take advantage of the whole potential of the smart contract, which mediates the sale. Although, this French financial institution with a big reputation claims that it didn’t forget regarding the €100 million bond or approximately $110 million. They sold the bond to itself, and they’ve said that they’re still quite interested in trialing the blockchain technology in the long run. 

eth

“Our intention isn’t to resell this at this particular time,” as said by Jean-Marc Stenger, who is the Chief Executive Officer (CEO) of Societe General subsidiary Forge Digital Capital Markets. That happens to be one of many startups that are a part of the “intrapreneurial” program in this financial institution. This bank has placed covered bonds on the well-known cryptocurrency, Ethereum, all the way back in April this year.  It is one of a couple of established companies that experimented with the issuing debt with the help of one of the biggest public blockchains by market cap.

In November last year, BBVA has recorded a massive $150 million loan on ETH. This September, Santander has settled both sides of a colossal $20 million bond transaction on ETH, which means that it didn’t just issue a token to represent the debt, but it has also settled the price amount with the assist of other tokens representing cash. Although Societe General is still the owner of the bond which has made, the lender is going to supervise if the Ethereum’s smart contract can indeed automate the usual functions of issuing debt.

“We’re demonstrating that every event of the bond has been written in the smart contract, and every event is managed by it,” by the words of Stenger. “We’re going to see if this particular technology becomes the future.”

With the word “event,” Jean-Marc Stenger means that the before-mentioned smart contract is successfully managing the parameters of the issuance. This happens to include a certain mechanism that extends the maturity of the bond, which was issued by one of the best financial institutions in the world, Societe General. That is an option intended for the issuer, in this case, SocGen, to call the security back if it is necessary and also an automated calculation of the fantastic semi-annual coupon that is paid to the bondholder.

Make Money In Crypto With These Three Ways, Without Investing Much Of It

AlexH

Crypto is back in the game! Even though months ago, the Bitcoin was in the $3,000s which was very low, today it oscillates somewhere around the mark of $10,000 (even less, under $8500 as of writing), which many crypto junkies find to be satisfying. The reality is that the playing field is still alive.

With all seriousness, this isn’t some get rich quick schemes which are quite common nowadays. But for crypto enthusiasts who are connected to their mobile devices all day, some money can be earned in airdrops and also in bounty programs. The objective: crypto companies are going to compensate you with a couple of dollars ( or in their very own tokens) if you happen to spread the word about that particular company on social media.

Telegram airdrop

For instance, here’s an airdrop for the users of Telegram: CUDOS, which happens to be a cloud computing startup, is currently airdropping tokens in $7 value to those who become a part of their Telegram community. All you have to do for some tokens is to accomplish pretty straightforward assignments, chat with a Telegram bot, and give your info to the airdrop form.

Bounty Types

Startups use two bounty types: the pre-offering one and the post-offering. The pre-offering bounty is carried out before the project is launched, and the main focus is on marketing to attract potential investors. The goal of post-offering bounty is perfecting the project, communicating and building a strong community on social media like Instagram, for example.

The disadvantages of bounties and airdrops is that people can find them difficult to sell them for fiat currency or even Bitcoin. They can even be scams.

Referral Programs

Here’s why referral programs are probably slightly superior to the two before-mentioned ways of making money in crypto; you don’t have to invest any money into these programs. The only thing that has to do be done is to create an account on the crypto exchange, which offers the affiliate program. There are many exchanges who are trustworthy. You have to know that those aren’t startups, but legitimate companies.

When you look at the best 44 crypto exchanges, exactly 26 of them will give you some financial prizes and 18 of them have affiliate programs. VinDAX and Currency are the newest exchanges in the year 2019, and referral programs in which they offer to crypto admirers.

Bitcoin Falls To $9.6K

AlexH

Before we get into specifics, first, there’s a couple of facts regarding the recent downfall of BTC:

  • Earlier today, the price of Bitcoin fell to $9,600
  • The Bollinger band breakdown meant that the Bitcoin will probably slide to $9,320
  • Something of the utmost importance is that the break above $10,380 is mandatory to neutralize the bearish setup

The recent low-volatility price squeeze of the biggest cryptocurrency right now, the Bitcoin, has unfortunately ended with a downside break which is probably going to result in an August low of exactly $9,320. The BTC has been trading in a quite narrow range, from $9,600 to $10,500 in a span of eleven days to the 21st September of this year. That resulted that the price volatility of the Bitcoin has reached its lowest level in the previous four months last week. The Bollinger bands represent the two volatility indicators which happen to be placed two standard deviations beneath and also above the price’s simple moving average in a period of 20 days.

The period of volatility usually means that a big move on both sides is quite possible. In the case of the Bitcoin, that big move was directed downwards, unfortunately. On Monday, the price of BTC has fallen by exactly 3.38%. That was the biggest loss in one day since the 29th of August, according to the data of Bitstamp. Also, it closed quite beneath the lower Bollinger band.

Today, at the early morning, the price hit a low of $9.6K, and it is trading beneath the lower Bollinger band, right now, somewhere around $9,767. The conclusion is that sellers take the victory this time in a clash with the bulls and a new low will probably happen very soon. At the moment, BTC trades at $9,730. On the 21st of September, the spread between two Bollinger bands has been narrowed to precisely $656. Since May, it hasn’t been that low- it is a squeeze which has resulted in a complete price breakdown.

But, there’s no time for big discouragements, because Bitcoin is aiming to hit the support at $9,320 in the next few days, which is great news. Also, this famous cryptocurrency could find the support at the level of $9,388- which would be at the lower edge of three months of the contracting triangle.

To make the bearish case stronger is the sub-50 reading on the strength index of a period of 14 days. To add, if a UTC close beneath $9,388 happens, it would only confirm an unfortunate triangle breakdown, and it could also yield a deeper sell-off beneath the level of $9,000. That bearish outlook won’t mean too much if the price of the BTC goes above $10,380- which represented the peak of the bullish hammer on September 19th. It is important that a break happens, just above the upper edge of the three-month contracting triangle, which is now at $10,692. That is needed to successfully revive the bullish outlook and bring stability to the greatest cryptocurrency, the Bitcoin.