Forecast: cryptocurrency has a huge growth potential

Forecast: cryptocurrency has a huge growth potential

Verge partners Royal Queen, GMO becomes a sports sponsor, insurance companies don't accept crypto, ING research, Spencer Bogart remains super bullish, Binance loses its leadership, Bitcoin key will be revealed, opinion of the world's leaders, $300 million crypto fund


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Bitcoin Price Analysis: BTC Showing Weakness, Struggling For $10,000. New Lows Coming Up?

Since reaching the $11K resistance area three days ago, we saw Bitcoin slowly decreasing over the past days. As of writing these lines, the crypto king struggles to maintain the 5-digit price region. As we stated in our previous analysis, the $11K was the real test for the bulls and failing to break above means one thing – the bears are in control of the market. This is exactly what had happened. Looking at the bigger picture, Bitcoin is about to breakdown the critical mid-term ascending trend-line (on the daily chart), which started forming since May 2019. As can be seen, since reaching the 2019 high at $13,880, the coin is producing lower highs pattern, which is bearish. Hence, the first test to revert the trend is the $11,000 area (as mentioned above). Remember, trading under those uncertain market conditions sometimes can be tough and frustrating. Total Market Cap: $274 billion Bitcoin Market Cap: $179 billion BTC Dominance Index: 65.1% *Data by CoinGecko Key Levels to Watch – Support/Resistance: Bitcoin is now struggling to stay on top of the $10,000 support area. Breaking down and the next immediate targets are $9,800, $9,600 and $9,400. Further below is $9,000 (which is the low from the past week), $8800 and $8500 significant support line (along with CME’s futures gap). From the bullish side, the first resistance is now the 50-days moving average line (marked in purple) which is roughly around $10,200. Further above is $10,500 – $10,600 area, before the $10,800 and the problematic $11,000 region. – Daily chart’s RSI: The RSI is showing weakness. Over the past days, the RSI couldn’t overcome the 50 levels, and as of writing this, the indicator is hovering at the bearish territory, and there is large space to go further down. The Stochastic RSI oscillator is at its oversold area, however, looking very bearish as well. – Trading Volume: Over the past four days, since reaching the $11,000 weekly peak, the volume has been boring and low. Not much interest, traders are waiting aside. Besides, the news coming from US exchanges’ investigations can explain some of it. BTC/USD BitStamp 4-Hour Chart BTC/USD BitStamp 1-Day Chart The post Bitcoin Price Analysis: BTC Showing Weakness, Struggling For $10,000. New Lows Coming Up? appeared first on CryptoPotato.

Crypto exchange exec says Bitcoin ban in India not final yet, is there any hope?

This week, the inter-ministerial committee (IMC) of India officially recommended the imposition of what has been considered a blanket ban on crypto assets like bitcoin. According to Reuters, the panel led by finance secretary Subhash Chandra Garg has suggested a fine of $3.63 million and imprisonment for both individuals and businesses that engage in any crypto-related activity including mining, investing, transfers, and issuance. Is there any hope to bitcoin ban turnaround? The official report submitted by the IMC to the finance industry obtained by Inc42 explicitly stated that crypto-assets lack underlying intrinsic value, an argument critics have consistently brought upon to describe the speculative nature of the asset class since the inception of bitcoin in 2009. The document read: “There is no underlying intrinsic value of these private cryptocurrencies. These private cryptocurrencies lack all the attributes of a currency. There is no fixed nominal value of these private cryptocurrencies i.e. neither act as any store of value nor they are a medium of exchange. Since their inceptions, cryptocurrencies have demonstrated extreme fluctuations in their prices. Therefore, the Committee is of clear view that the private cryptocurrencies should not be allowed.” If the report is accepted by the finance ministry and the ban goes through, executives fear it would effectively put an end to the potent crypto market in India, restricting the ability of companies in dealing with crypto assets. Already, most leading crypto exchanges in India have closed operations in India and moved to other markets. Since April 2019, local reports indicated that due to regulatory uncertainty, funding for exchanges in India has started to dry up. Sathvik Vishwanath, CEO of Unocoin, told ET at the time: “We did ask people to leave last week, but our operations will continue for the foreseeable future. We have some amount of reserves to push through for the next couple of months and will wait for the Supreme Court’s verdict.” However, Nischal Shetty, the CEO of WazirX, a bitcoin exchange based in India, said that the ban on crypto has not been finalized yet and that there still is hope that the government could turn around the suggestion of the IMC. He added: “Crypto is not banned in India,” said Nischal Shetty. “Crypto Ban is a suggestion by the IMC report Section 1.1 of the report suggests the government should form a standing committee to revisit this Everyone loves talking the negatives but let’s understand this is not over yet.” Negative sentiment Upon the re-election of Prime Minister Narendra Modi in 2019, many analysts speculated that the government of India could take a tougher stance on the crypto market as the Modi administration has done throughout the past two years. Related: India Stalls Cryptocurrency Regulations, Uncertainty Continues Whether it is a blanket ban or strict restrictions, continued uncertainty in the crypto industry of India is likely to lead to a decline in confidence for investors and an impractical ecosystem for local startups. While industry executives have expressed hope in recent months, Sathvik Vishwanath, the co-founder of Unocoin, one of the biggest bitcoin exchanges in India, said that shall the ban go through as proposed by the IMC, it would result in the crypto sector of India significantly falling behind other leading markets. he said: “If the government decides to take such a drastic step then India will stand to lose out significantly on the technology front.” The post Crypto exchange exec says Bitcoin ban in India not final yet, is there any hope? appeared first on CryptoSlate.

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