Cryptocurrency is Part of the Global Currency War, Says Federal Reserve Branch Head

Cryptocurrency has found itself on the center stage of the global political sphere over the past several weeks, which first began when Fed Chair Jerome Powell compared Bitcoin to gold. Shortly after this, US President Donald Trump shared his thoughts on BTC, which sparked what appears to be a regulatory crackdown on the nascent markets.
Now, the President of the St. Louis Federal Reserve is noting that cryptocurrencies are the newest entrants to the ongoing global currency competition, which means that, in his view, crypto is increasingly becoming a competitor to fiat currencies like the US Dollar.
Cryptocurrency Can and Is Competing with Fiat Currency, Claims St. Louis Fed President 
Many cryptocurrency advocates have long claimed that the decentralized aspects of Bitcoin are what make it a better alternative to the US Dollar and other fiat currencies, but as of late it has become unclear as to whether or not Bitcoin is like a “Dollar 2.0”, or more like a “gold 2.0.”
Recently, Fed Chairman Jerome Powell explained during a recent testimony in front of the US Senate that as of now Bitcoin is more comparable to gold, as it is primarily used as a “speculative store of value,” and that its somewhat infrequent use for transactions negate its status as a currency.

How far we've come. The Chairman of the Federal Reserve just compared bitcoin to gold
Folks, it's happeninghttps://t.co/onVmTj4hUk
— Barry Silbert (@barrysilbert) July 11, 2019

Despite this, James Bullard, the President of the St. Louis Federal Reserve, recently noted that cryptocurrencies are still creating a movement towards having a non-uniform currency in the United States, which signals that they are in fact competitors to fiat currency.
“Cryptocurrencies are creating drift toward a non-uniform currency in the U.S., a state of affairs that has existed historically but was disliked and eventually replaced,” he explained during a recent presentation.
Furthermore, Bullard also explained that he believes cryptocurrencies are the newest entrants into what he describes as the “ongoing global currency competition.”
“I want to view cryptocurrencies of various types as new entrants into the ongoing global currency competition,” he said.
Crypto Trend Could Lead to a Non-Uniform International Currency System
One key aspect of Bitcoin that makes it unique from fiat currencies is that it is borderless, and its utility is not limited by geographical regions.
That fact has led Bullard to believe that the increasingly popular crypto trend is ushering in a new era of global finance, which could result in the formation of a non-uniform global currency system.
“I am arguing that the current cryptocurrency wave may be driving the U.S. uniform currency system toward something more like the international non-uniform currency system,” he boldly stated.
Although only time will tell as to whether or not the rapidly growing popularity of the crypto markets will be enough to start altering (or moreover, modernizing) the global finance system, there’s no question the Bitcoin helped create, and is largely the result of, the global population yearning for a more decentralized world.
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35% Bitcoin Price Drop to $9,100 is Historically Natural, Don’t Worry: Analyst

Bitcoin and the aggregated crypto markets have been incurring significant volatility as of late that has made it increasingly unclear as to which direction BTC is heading and has even made it difficult to know whether bulls or bears are in control.
Although Bitcoin’s recent drop to $9,100 certainly signaled that the crypto’s bears have significant strength, the subsequent price surge past $10,000 signals that bulls are still in control, and one analyst believes that the recent pullback is both natural and necessary for the uptrend to continue.
Bitcoin Climbs Towards $10,400 as Bulls Step Up
At the time of writing, Bitcoin is trading down slightly at its current price of $10,370, which is down slightly from its daily highs of roughly $10,700.
Although its price has dropped from its daily highs, it is important to note that it is trading up significantly from its weekly lows of $9,100 that were set earlier this week.
The positive reaction to the recent dip into the four-figure price region signals that buyers are still in control, and that there is a significant amount of buying support that exists below $10,000.
While looking at Bitcoin’s near-term price action, analysts are noting that the cryptocurrency might be forming an inverse head and shoulders pattern, which could mean that BTC will drop slightly before surging up towards $13,000.
“$BTC Since the H&S worked so well on the down side then maybe the inverse H&S will work just as well on the upside where a measured move from the head to neck line would take #bitcoin up to the established resistance line…note the formation of the right shoulder tests $10K again,” Chonis Trading, a popular crypto analyst, noted in a recent tweet.

$BTC Since the H&S worked so well on the down side then maybe the invers H&S will work just as well on the upside where a measured move from the head to neck line would take #bitcoin up to the established resistance line…note the formation of the right shoulder tests $10K again pic.twitter.com/ffDIYOXzkW
— Chonis Trading- (@BigChonis) July 18, 2019

BTC’s Latest Pullback Could Be Entirely Natural
Although the recent pullback marked the end of the recently incurred bull market in the mind of many investors, one prominent analyst is now explaining that 30-40% pullbacks during the course of an uptrend are entirely natural.
CryptoThies, another popular analyst on Twitter, spoke about this in a recent tweet, explaining that it is part of a “rinsing/repeating” pattern that has been seen several times throughout Bitcoin’s history.
“$BTC Bull run in 2015-2017 included run-ups, typically followed by a retrace to touch the top of the prior high. These drops ranged from 31-40%, before rinsing/repeating onward. Looks very similar to what we are seeing now,” he explained.

$BTCBull run in 2015-2017 included run-ups, typically followed by a retrace to touch the top of the prior high. These drops ranged from 31-40%, before rinsing/repeating onward.
Looks very similar to what we are seeing now. pic.twitter.com/vd5grw1bVC
— CryptoThies (@KingThies) July 18, 2019

Whether or not this pattern is a natural one or one that spells trouble for BTC will likely grow increasingly clear in the coming days as weeks as the cryptocurrency continues to struggle to hold above $10,000.
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BitMEX May Be the First Target of the U.S.; Which Crypto Platform is Next?

The crypto industry was taken aback earlier today when news broke regarding popular leveraged crypto trading exchange, BitMEX, being investigated by regulatory authorities in the United States.
Importantly, news regarding this investigation came about shortly after top officials within the US government criticized the nascent crypto markets, with the Treasury Secretary warning that they would be implementing and enforcing “very strong” regulations in the near-future.
Crypto Trading Platform BitMEX Under Instigation by CFTC 
Earlier today, news broke that BitMEX is currently being investigated by the United States Commodity and Futures Trading Commission (CFTC) for allowing Americans to utilize the platform without having the proper licensing and registrations.
The news, which was first reported by Bloomberg, came closely on the heels of comments from top officials within the US government, who offered a less-than-positive perspective on the crypto markets, deeming them as markets rife with crime and fraudulent activity.
HDR Trading Limited, BitMEX’s parent company, declined the opportunity to comment on the investigation, but BitMEX CEO, Arthur Hayes, has previously stated that the company does ban users from the US who attempt to undermine the company policy – which technically does not allow US residents to access the platform.
It remains unclear as to where this investigation could lead, or as to what the consequences could be. But prominent critic of both crypto and BitMEX, Nouriel Roubini, noted in a recent tweet that be believes the allegations set forth by the CFTC are just a “fraction of the sleeze going on in BitMEX.”

Crimes probed by @CFTC are a fraction of sleaze going on in BitMEX:
U.S. Regulator Probing Crypto Exchange BitMEX Over Client Trades. Trading platform known for 100x leverage futures contract. Probe comes as regulators ramp up scrutiny of crypto sectorhttps://t.co/X0JDU5Ge46
— Nouriel Roubini (@Nouriel) July 19, 2019

US Government About to Crackdown on the Nascent Markets
The CFTC’s probe of BitMEX comes just one day after US Treasury Secretary, Steven Mnuchin, told CNBC in an interview that the government would begin policing crypto with “very, very strong” regulations.
Mnuchin further added that the goal of these regulations would be to ensure that Bitcoin and other cryptos don’t become the equivalent of “Swiss-numbered bank accounts.”
Because it is not possible to actually regulate decentralized cryptocurrencies themselves, it is highly probable that the first target of regulators will be crypto exchanges, as many of them have been operating in the shadows beneath the nose of regulators.
In other countries that have more progressive regulations, like Korea, federal regulators first started targeted crypto exchanges, forcing them to adhere to the strict rules that govern the banking industry.
Although it still remains clear as to when and how the US will go about slapping the “very strong” regulations on the markets, it is likely that more exchanges will begin facing increased scrutiny from groups like the CFTC in the near-future.
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Bitcoin Volatility Surges Since February of 2019; Is Another Big Move Imminent?

There’s no question that the past several months have been a wild ride for Bitcoin and the aggregated crypto markets, with BTC surging from 2019 lows of roughly $3,400 to highs of $13,800, which has proven to be a strong level of resistance in the time since.
This meteoric rise, and subsequent drop, has marked one of the most volatile periods in Bitcoin’s history, just slightly lower to that seen in late-2017 during the massive bull run.
Bitcoin Experiences Massive Volatility as Bulls and Bears Battle
At the time of writing, Bitcoin is trading up nearly 8% at its current price of $10,550, which is up significantly from its daily lows of $9,300 that were set earlier today.
This massive upwards movement came about after an extended period of downwards pressure on BTC, which has sent it reeling lower over the past several weeks from $13,800 – which remains a local top for the cryptocurrency.
Importantly, although the recent pullback has certainly spelled trouble for Bitcoin’s bulls, it is important to note that the cryptocurrency is still in a firm uptrend, as it is currently trading up a whopping 215% from its 2019 lows.
This level volatility has been largely unrivaled in the cryptocurrency’s history and has only been seen once in the latter part of 2018, and once during the massive bull run witnessed in late-2017.
“Bitcoin volatility is back to levels not seen since the end of the great 2017 bull market,” Skew Markets explained in a recent tweet.

Bitcoin volatility is back to levels not seen since the end of the great 2017 bull market pic.twitter.com/2CfKOOjPOo
— skew (@skew_markets) July 18, 2019

BTC May Experience a Significant Pullback Before Uptrend Continues 
Although the volatility experienced as of late has been largely bullish, one prominent analyst is now noting that BTC may incur a significant pullback during the course of its next uptrend, which could send it to below $7,000.
Dave the Wave, a popular cryptocurrency analyst on Twitter, spoke about this uptrend cycle in a recent tweet, noting that Bitcoin may drop below $7,000 before finding support, a move that could be followed by a surge to fresh all-time-highs.
“Never fear, TA is here. A feasible scenario for a five year cycle going forward [lengthening cycles],” he said while referencing the below chart.

Never fear, TA is here. A feasible scenario for a five year cycle going forward [lengthening cycles]. pic.twitter.com/FUrwfWTi8o
— dave the wave (@davthewave) July 18, 2019

As the week continues on and Bitcoin continues to face increased levels of volatility, it is highly probable that Dave the Wave’s cycle outline will either be validated or invalidated, which could spell trouble for some investors who are expecting BTC to surge towards $20k in the near-future.
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Bitcoin Could Drop Towards $6,100 While Still Maintaining Parabola

Bitcoin’s recent bout of downwards pressure has now sent its price decisively below $10,000, which appears to have marked the end of the long period of bullish momentum that BTC has experienced over the past several weeks.
Importantly, the recent drop has been leading many analysts to believe that the cryptocurrency has violated the parabolic formation it has formed in the past several months, but one prominent trader is now noting that BTC could possibly drop towards $6,100 and still maintain its parabolic formation.
Bitcoin Plunges Nearly 10% as Bears Take the Wheel
At the time of writing, Bitcoin is trading down over 7% at its current price of $9,680, down significantly from its recent highs of $10,600.
BTC’s recent move to the four-figure price region was first sparked in late-June when the cryptocurrency failed to decisively move past its 2019 high of $13,800, which proved to be a strong level of resistance that sparked the recent sell-off.
Although the drop below $10,000 is certainly negative for Bitcoin’s bulls, it is important to note that the crypto is still trading up significantly over a three-month period, as it is currently up from lows of $5,000, which were set in late-April.
Importantly, many analysts have been closely watching to see if Bitcoin violates the parabola it has formed in recent days, but Mr. Anderson, a popular cryptocurrency analyst on Twitter, explained that BTC may have several parabolic trend lines that could act as strong support, with the lowest one existing around $6,100.
“$BTC Parabolic Curve: Calling the end of a large Parabolic Curve is NOT EASY. It seems obvious & that is why it is hard. We already have a couple of fairly logical para-trend lines that we had to cancel & we have a cpl more that may end up being canceled as well,” he explained while referencing the below chart.

$BTC Parabolic Curve
Calling the end of a large Parabolic Curve is NOT EASY. It seems obvious & that is why it is hard
We already have a couple of fairly logical para-trend lines that we had to cancel & we have a cpl more that may end up being canceled as well#TrueCrypto28 pic.twitter.com/crZivyb6vO
— Mr. Anderson (@TrueCrypto28) July 16, 2019

BTC Bears Celebrate as Selling Pressure Ramps Up
Although many Bitcoin critics had been quiet during its recent ascent, the same critics are now celebrating its recent losses, with Nouriel Roubini, a renowned economist and one of the most outspoken critics of the cryptocurrency, boasting about the fact that BTC is down 55% from its all-time-highs.
“BTC down 33% from June peak & 55% from ATH. It must hurt to get rekt so much! Calling bitcoin a currency, let alone 1000s of shitcoins down 95% from ATH, is a joke: not a unit of account, not means of payments (5tps); no stable store of value (-15% in a day),” he exclaimed in a recent tweet.

BTC down 33% from June peak & 55% from ATH. It must hurt to get rekt so much! Calling bitcoin a currency, let alone 1000s of shitcoins down 95% from ATH, is a joke: not a unit of account, not means of payments (5tps); no stable store of value (-15% in a day). CRYPTO-ZOMBIE-LAND!
— Nouriel Roubini (@Nouriel) July 17, 2019

Nouriel’s framing of Bitcoin’s recent price action is quite interesting, however, as it also signals just how far its price has come in recent times, recovering significantly from where it was at in December of 2018, where it was trading down over 83% from its all-time-highs.
As the week drags on and BTC reacts to its newfound position within the four-figure price region, analysts and investors alike will hopefully gain greater insight into where the aggregated markets are heading next.
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Institutional Crypto Demand Abounds Despite Volatility and Regulatory Woes

Bitcoin and the aggregated crypto markets have been incurring extreme volatility as of late which has caused many analysts and investors alike to question the longevity and long-term significance of the recent bull run that has ensued for the past several months.
Now, recently released data from Grayscale regarding the eb and flow of funding into their various crypto market funds signals that institutional and retail interest in the crypto markets is still high, despite regulatory woes and massive volatility.
Institutions Still Interested in Crypto, Despite Recent Volatility 
One key takeaway from Grayscale’s Q2 2019 Digital Asset Investment Report is that institutional demand for Bitcoin and other cryptocurrencies is still incredibly high, which is positive while considering that some analysts feared regulatory concerns and volatility would drive them away from the nascent markets.
“This quarter, institutional investors comprised the highest percentage of total demand for Grayscale products (84%) since we began publishing this report in July 2018,” Grayscale explained.
Although the trend of institutions foraying into the markets has been on the up-and-up for the past year, it is important to note that Bitcoin’s recent parabolic rise to $13,800, and subsequent drop towards its current price around $10,000, may have reminded many institutions as to just how immature and volatile the crypto markets still are.
In some ways, however, this volatility could be viewed as a positive thing for institutions, as it diversifies their portfolio’s daily performance due to BTC and other cryptos being uncorrelated with the traditional markets.
Additionally, the risk-return ratio on most cryptocurrencies is significantly higher than that found within the traditional markets, which means that the potential for profit is massive.
Regulatory Concerns May Ultimately Slow Institutional Entrance
Although volatility could be seen as both a pro and a con of the crypto markets, one concern that is likely to have a larger impact on the number of institutions that enter the markets is bourgeoning regulatory concerns.
Recently, the crypto industry has faced a torrent of less-than-positive commentary about Bitcoin and other cryptocurrencies from major political leaders, including US President Donald Trump and US Treasury Secretary Steven Mnuchin, who both critiqued the nascent markets, with the Treasury Secretary deeming crypto a “national security issue.”
Although analysts are noting that these comments seemed to rule out any type of Bitcoin ban, it does signal that a regulatory crackdown is looming on the horizon, and that Facebook’s recently announced Libra initiative may not ever come to fruition.
“On the positive side, a bitcoin ban seems out of the question. However, a US ban was unthinkable 5 days ago, before the Trump tweet. On the negative side, Libra (which is positive for $BTC) seems toast, while institutional interest in the asset class may diminish,” Alex Krüger, an economist who focuses primarily on crypto, said in a recent tweet.

On the positive side, a bitcoin ban seems out of the question. However, a US ban was unthinkable 5 days ago, before the Trump tweet.
On the negative side, Libra (which is positive for $BTC) seems toast, while institutional interest in the asset class may diminish.
— Alex Krüger (@krugermacro) July 15, 2019

As the week drags on and the world further reacts to the possibility of a sudden influx of new federal regulatory measures, it is likely that it will soon grow clear as to what impact it may have on institutional interest in the markets.
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Ripple (XRP) Outperforms Crypto Markets as Price Stabilizes Above Historical Support

Ripple has been able to once again find strong buying pressure in the upper-$0.20 region, which has historically been a region of strong support for the cryptocurrency. After touching this region, XRP climbed slightly higher, and is currently outperforming the markets.
Analysts are now torn on whether or not this price region marks a long-term floor that will allow the crypto to surge higher, or if it is simply a weakening support level that will ultimately lead to a significant drop lower.
Ripple (XRP) Plunges Over Past Few Weeks, But Nears a Critical Support Region
At the time of writing, Ripple is trading up nearly 2% at its current price of $0.32 and is currently outperforming the aggregated crypto markets.
Although XRP has been able to climb slightly today, its price action over a several week period has been incredibly bearish, as it has plummeted from its late-June highs of nearly $0.50 to its recent lows of just below $0.30.
This price action has closely mirrored that of Bitcoin’s, as BTC quickly surged to highs of $13,800 in late-June before subsequently plummeting to its recent lows of roughly $9,900.
Peter Brandt, a popular cryptocurrency analyst on Twitter, spoke about XRP’s price action a few days ago, explaining to his nearly 300k followers that Ripple could plummet as low as $0.16 if Bitcoin continues to face downwards pressure.
“If $BTC has intermediate correction then $XRP will go to $.1600,” he explained.

If $BTC has intermediate correction then $XRP will go to $.1600 pic.twitter.com/tqQ0nuHZr4
— Peter Brandt (@PeterLBrandt) July 11, 2019

Is XRP Forming an Accumulation Base Around Current Prices?
Although it does seem as though Ripple is currently sitting on the edge of a precipice that could result in a serious drop, other analysts are noting that the price region that lies just below where it is currently trading at could mark a long-term accumulation base.
Credible Crypto, another popular analyst on Twitter, recently spoke about this possibility to his nearly 50k followers while replying to another analyst’s bearish assessment of the cryptocurrency.
“I don’t know about this one Don. $BTC was resting on a level that had 20 days of consolidation as support. $XRP is resting on a level that has nearly 7 months of consolidation as support. Looks more like we are building an accumulation base here,” he replied.

I don't know about this one Don. $BTC was resting on a level that had 20 days of consolidation as support. $XRP is resting on a level that has nearly 7 months of consolidation as support. Looks more like we are building an accumulation base here. pic.twitter.com/Im0tRfx9hI
— Credible Crypto (@CredibleCrypto) July 14, 2019

Although it remains unclear as to whether or not XRP will closely follow Bitcoin’s price action in the near-future, it is highly probable that it will take a significant influx of selling pressure for the crypto to drop below its long-established support level around $0.30.
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Bitcoin Downtrend Could Persist Through 2019 as Bears Roar; Here’s Why

After a long period of facing downwards pressure, Bitcoin’s bulls finally caved in to the selling pressure, which sent BTC reeling into the $10,000 region. This drop sent the aggregated crypto markets plummeting lower, which may spell significant trouble for the year ahead.
Now, analysts are noting that Bitcoin is highly likely to extend this downwards pressure further in the coming weeks and months, which could result in a drop back into the four-figure price region.
Bitcoin Plummets Nearly 10% as Bears Come Out Swinging 
At the time of writing, Bitcoin is trading down just under 9% at its current price of $10,420, which is down significantly from its daily highs of roughly $11,500, which were set yesterday.
This recent drop marks an extension of the downwards pressure that BTC first incurred when it swiftly rose to $13,800 in late-June, which subsequently led to a massive drop that halted the upwards momentum the markets had incurred for the past several months.
Since this drop, Bitcoin has found strong support in the upper-$9,000 region, and analysts are noting that it will likely continue to drop until it reaches this price level again.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that it is critical BTC holds strong above $10,577 today, or else a drop towards $9,000 is imminent.
“$BTC – the [bears] woke up from hibernation and are pushing the price down to major support area. Really need to see it close above $10,577 level or my next target will be in the low to mid $9ks at a weekly support level. Bulls have until 11:59PM UTC for daily/weekly close,” he said.

$BTC – the 's woke up from hibernation and are pushing the price down to major support area
Really need to see it close above $10,577 level or my next target will be in the low to mid $9ks at a weekly support level
Bulls have until 11:59PM UTC for daily/weekly close pic.twitter.com/kPON0FsgFW
— Josh Rager (@Josh_Rager) July 14, 2019

Will Downtrend Persist Throughout the Rest of 2019?
Although it does seem as though this downtrend is simply a flash in the pan before Bitcoin continues its upwards ascent back towards its previously-established all-time-highs, one analyst is noting that it is highly likely this trend persists for the rest of 2019.
Dave The Wave, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, saying:
“A lower low, and under 10K, could very well see a major trend change. Six months spiking… possibly the rest of the year correcting. But on the positive side, the bottom looks in. Support: Growth curve, mean curve, medium and long term averages.”

A lower low, and under 10K, could very well see a major trend change. Six months spiking… possibly the rest of the year correcting. But on the positive side, the bottom looks in.
Support: Growth curve, mean curve, medium and long term averages. pic.twitter.com/kRUsu8Lx88
— dave the wave (@davthewave) July 14, 2019

Only time will tell as to whether or not the recent bout of BTC selling pressure is truly emblematic of a long-term trend, but it is probable that the crypto will return to the four-figure price region in the near-future.
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Analyst: Bitcoin Could Hit $9,000 Should Bearish Breakdown Occur; Here’s Why

Bitcoin and the entire cryptocurrency markets have been caught in the throes of volatility as of late, which has resulted in the formation of a period of consolidation for BTC.
This period of consolidation has left many traders scratching their head as to where it is heading next, but analysts are now noting that the formation of several bearish technical formations could point to the strong possibility that the crypto will drop below the $9,000 region in the near-future.
Bitcoin Slowly Descends Lower, But a Sharp Drop Could be Imminent
At the time of writing, Bitcoin is trading down nearly 2% at its current price of $11,420, which is down significantly from its 24-hour highs of nearly $12,000.
BTC’s upwards move towards $12,000 yesterday, and subsequent drop today, signals that bulls have not been able to regain control over the cryptocurrency, which may mean that significantly further losses are imminent.
This downwards pressure that Bitcoin has been experiencing as of late first began with it sharply moved to $13,800 in late-June, which sparked a torrent of selling pressure that has led it down to its current price levels.
Now, one prominent cryptocurrency analyst is noting that BTC has formed a bearish head and shoulders pattern, which could result in a sharp and sudden drop to below $9,000, should its neck line break.
“$BTC – if that neckline breaks down,” Chonis Trading ominously noted in a recent tweet.

$BTC – if that neckline breaks down …#bitcoin pic.twitter.com/ltvWAyL0fs
— Chonis Trading- (@BigChonis) July 13, 2019

Analyst: BTC Must Hold Above $10,900 in Order for Price to Maintain Stability
Chonis is not alone in his bearish outlook on Bitcoin, as other prominent cryptocurrency analysts are noting that the cryptocurrency is currently resting on the edge of a precipice that could result in significantly further losses.
Josh Rager, another analyst on Twitter, spoke about BTC’s recent price action in a tweet, explaining that he is looking towards the lower-$9,000 region as a near-term price target, assuming Bitcoin is unable to hold strong above the upper-$10,000 region.
“$BTC Daily perspective: Really want price to stay & close above $10,900s to maintain hope. Any break & close below $10,577 would signal a change in trend short term & I’d be looking at low $9ks as the next target on the daily. Still bull market IMO (would only be a pullback),” he said.

$BTC Daily perspective
Really want price to stay & close above $10,900s to maintain hope
Any break & close below $10,577 would signal a change in trend short term & I'd be looking at low $9ks as the next target on the daily
Still bull market IMO (would only be a pullback) pic.twitter.com/qchEn93mqA
— Josh Rager (@Josh_Rager) July 13, 2019

It is highly likely that analysts will soon understand whether or not Bitcoin and the aggregated crypto markets will soon face a sharp drop, or if bulls will step up and push the cryptocurrency’s price higher in the near-future.
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Retail Investors Could Be Behind the Recent Bitcoin Rally, Despite Lack of Interest in BTC

Although Bitcoin and the aggregated crypto markets have been facing a bout of significant volatility over the past few days, while zooming out and looking at its long-term performance, it is clear that BTC is still in a firm uptrend throughout the course of 2019.
Now, one prominent figure within the crypto industry is noting that retail investors – through the use of leveraged positions – have been the driving force behind the recent Bitcoin rally.
Retail Investors, Not Institutions, Have Driven the 2019 Bitcoin Rally 
Throughout the course of 2019, Bitcoin has skyrocketed from lows of $3,400 to highs of $13,800, from which point it has faced a significant correction that has brought its price down to its current position within the $11,000 region.
This massive surge was driven by a sudden influx of funding into BTC, and many analysts had speculated that institutional investors – through recently released investment platforms like the one offered by Fidelity – were driving this rally.
Despite this, Zhao Changpeng, the CEO and founder of Binance, explained in a recent interview with Bloomberg that the crypto markets and Bitcoin have not seen too many institutions begin investing, despite all the hype.
“We have not seen institutions growing faster. What we’ve seen is pickup in both places. The number of institutions coming into this industry has not increased that tremendously in 2019 yet,” he said, dispelling the notion that institutions were driving this rally.
Furthermore, Changpeng also said that he believes that the vast majority of people will be using leveraged trading in some capacity by the end of the year, explaining that it is safer than one might initially believe.
“I would say the majority of people by the end of the year will be using margin in some capacity. It’s quite safe to use to be honest. There will be more trading volume and potentially higher volatility,” he said.
Despite This, Retail Interest in BTC is Currently Lackluster
Although individual investors could sway the markets if leveraged trading was being used by the majority of them, it is important to note that interest in Bitcoin from those who are not currently investing in the markets has plummeted as of late.
The Crypto Dog, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, while referencing the Google Trends chart seen below.
“Buy the dip $btc #bitcoin,” he concisely noted.

buy the dip $btc #bitcoin pic.twitter.com/OEgbXednu1
— The Crypto Dog (@TheCryptoDog) July 12, 2019

As the year continues on and Bitcoin’s price action continues to unfold, it is highly probable that analysts and investors alike will soon understand whether or not there is still a significant amount of funds waiting on the sideline, ready to be funneled into the markets.
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Altcoins Could See a Relief Rally as Long as Bitcoin Price Remains Steady in Near-Term

Bitcoin and most altcoins have been incurring tremendous volatility as of late, which has been primarily driven by BTC’s extended period of consolidation in the lower five-figure price region, where it has been trading at for the past month.
Now, one prominent analyst is noting that many altcoins that have faced severe technical damage from their recent drop may experience a relief rally in the near-term, as long as Bitcoin is able to hold steady around its current price levels.
Bitcoin Faces Strong Selling Pressure, But Holds Above Support at $11,000
At the time of writing, Bitcoin is trading down roughly 1% at its current price of $11,600, which is up slightly from its 24-hour lows of roughly $11,100.
BTC’s ability to hold above the $11,000 level is certainly positive news for the cryptocurrency’s bulls, as it signals that there is some buying pressure around its current price levels that is preventing it from plummeting towards $10,000, which remains a key psychological price level that must be held above in the near term.
While looking at Bitcoin’s micro price action, it is important that the crypto continues holding above $11,100 during the day ahead, and bulls may regain their control if it surges past $12,500.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about the aforementioned price levels in a recent tweet, noting that a break above $12,500 would flip his bias bullish.
“$BTC – 15Min Chart: Struggling to break above $11,760 with the decreasing volume setting up for more volatility (BBands squeezing on lower time frame). Any move and close below $11,138 would be bearish on LTF and for me to get absolutely bullish, I want price above $12,500,” he explained.

$BTC – 15Min Chart
Struggling to break above $11,760 with the decreasing volume setting up for more volatility (BBands squeezing on lower time frame)
Any move and close below $11,138 would be bearish on LTF and for me to get absolutely bullish, I want price above $12,500 pic.twitter.com/gTmBXRbGOW
— Josh Rager (@Josh_Rager) July 12, 2019

Will Altcoins Soon Surge as BTC Stabilizes?
Although it remains unclear as to whether or not Bitcoin will continue consolidating around its current price levels, or if it will soon make a decisive move either up or down, one analyst does believe that many embattled altcoins will soon experience a relief rally.
Luke Martin, another popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, referencing many altcoins that have faced severe technical damage after the recent market downturn.
“Alts have had a steady decline this week with the majority of them stringing together 4 red days in a row. Today almost all of them are crossing above daily open or up about 5%. If $BTC stays still increases chances that short-term relief for alts can have follow through,” he explained in a recent tweet.

Alts have had a steady decline this week with the majority of them stringing together 4 red days in a row.
Today almost all of them are crossing above daily open or up about 5%.
If $BTC stays still increases chances that short term relief for alts can have follow through. pic.twitter.com/yUelBetJaT
— Luke Martin (@VentureCoinist) July 12, 2019

As the week drags on and the crypto markets continue to react to their recently incurred volatility, analysts and investors alike will hopefully soon garner better insight into where the markets are heading next.
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Bitcoin Becomes “Geo-Political Chess Piece” as Global Leaders Air Their Opinions on Crypto

Bitcoin and the aggregated crypto markets have been facing tremendous volatility over the past few days that has been exasperated by comments being made about BTC and the nascent crypto markets by world leaders and politicians – who undoubtedly will sway how US policy is aimed at the crypto markets from a regulatory standpoint.
Now, analysts are noting that U.S. President Donald Trump and US Federal Reserve Chairman Jerome Powell’s comments on Bitcoin are bullish, as they validate the assets and designate them as “geo-political chess pieces.”
Bitcoin Gains Significant Media Coverage as Political Heavyweights Discuss BTC
Bitcoin’s recent volatility has been widely attributed to the deluge of commentary on it by economic and world leaders, who tend to shy away from discussing nascent technologies.
Federal Reserve Chairman Jerome Powell spoke about Bitcoin during a Senate testimony earlier this week, where he noted that the advent of cryptocurrencies could put the US into a new era of banking.
“If we do see [widespread adoption] you could see a return to an era in the United States where we had many different currencies in the so-called national banking era,” Powell said during the testimony,” Powell explained.
Furthermore, Powell also noted that Bitcoin’s main use at the moment is as a “speculative store of value,” which would make it comparable to gold.
One day after these comments were made, US President Donald Trump also aired his thought on Bitcoin for the first time ever, noting in a tweet that he is not a fan of BTC due to its use for illegal activities.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he said.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019

BTC Becomes a Chess Piece in Global Politics
Although it is clear that world leaders are split on what they think about BTC, it is also clear that what was once considered a small fad with a cult following has now found its way onto the center of the global stage, which seems to validate it as having the potential to shake up the current system.
Luke Martin, a popular cryptocurrency analyst, spoke about all the talk about Bitcoin on the global stage in a recent tweet, saying that the big question now is which country will be the first to promote BTC.
“The intriguing part about this is it creates opportunity for another nation to publicly announce support of Bitcoin. From taboo, to fringe finance, to now a geo-political chess piece that governments & central banks have to consider. Which nation will be first to promote $BTC?” Martin said.

The intriguing part about this is it creates opportunity for another nation to publicly announce support of Bitcoin.
From taboo, to fringe finance, to now a geo-political chess piece that governments & central banks have to consider.
Which nation will be first to promote $BTC? https://t.co/OhnX8jNfXs
— Luke Martin (@VentureCoinist) July 12, 2019

As Bitcoin continues to garner widespread adoption and global leaders continue to hear more about it, it is highly likely that the world will soon know whether or not BTC will begin making its way to the forefront of the political scene.
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No, Bitcoin Did Not Drop Because of Fed’s Concerns with Facebook’s Libra

Bitcoin and the aggregated crypto markets plummeted over the past day after BTC failed to stabilize in the $13,000 region and incurred a sudden influx of selling pressure that sent it spiraling downwards.
Naturally, the world was quick to try to pin this drop on some concrete event – rather than some technical reason – and the mainstream media’s narrative is now that the Fed’s recently pronounced concerns with Facebook’s Libra project sparked this selloff.
Fed Chairman Deems Libra as Dangerous Just Prior to Bitcoin Dropping Below $12,000 
At the time of writing, Bitcoin is trading down over 7% at its current price of $11,550, which marks a significant drop from its 24-hour highs of roughly $12,500 that were set yesterday.
Although it is clear that the price action over the past 24-hours has been negative, it becomes even more clear that bears are in control in the near-term while looking at BTC’s weekly chart, as it is currently down from its recent highs of $13,200.
The latest selloff was likely triggered by Bitcoin’s move into the $13,000 region, as the cryptocurrency has been historically unable to find much buying pressure in the price region.
Despite this, the current narrative circulating on the web is that Fed Chairman Jerome Powell’s recent comments on Facebook’s Libra being dangerous.
“Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,” Powell said while addressing the U.S. House of Representatives Financial Services Committee yesterday.
But Did These Comments Spark a BTC Selloff? 
Although it would be easy to take Powell’s comments out of context and extend the sentiment they contain across all cryptocurrencies, it is important to note that his concerns were specific to Libra, and not necessarily relevant to Bitcoin and other cryptocurrencies.
Moreover, many cryptocurrency proponents similarly share concerns with Facebook’s Libra project, as it entails a whole host of potential problems with centralization and privacy that cryptocurrencies like Bitcoin don’t have.
Despite this, some analysts still believe bearishness regarding Libra is the cause behind the recent drop.
Craig Erlam, the senior market analyst at OANDA, told Reuters that the latest BTC pullback is directly due to Powell’s Libra concerns.
“This is a direct response to the Powell testimony and comments on Facebook’s Libra and the implications that could have for the entire cryptocurrency space,” he said.
In spite of this sentiment, it is important to note that it has been clear for quite some time that those who harbor power within the US government have been concerned with Libra, and there have already been multiple calls for Libra to be shut down that had little to no effect on Bitcoin and the crypto markets.
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Bitcoin Plunges Towards $11,000 as Bull Trend Reverses; Factors & Trends Behind This Move

Bitcoin and the aggregated crypto markets have continued to extend the downwards movement that they incurred yesterday, and BTC is now approaching its next region of psychological importance that exists around $11,000.
Although some bulls may believe that this downwards move could simply be a flash in the pan that traps bears and fuels a short squeeze, one prominent analyst is now explaining that this move could persist for the rest of 2019.
Bitcoin Plunges as Selling Pressure Ramps Up 
At the time of writing, Bitcoin is trading down 7% at its current price of $11,185, which is down significantly from its daily highs of $12,200.
This downwards descent first began on Wednesday evening when Bitcoin rapidly surged to over $13,000, which sparked a significant amount of selling pressure that has extended into today’s trading session.
It now appears that Bitcoin is going to continue dropping further in the near-term and may revisit its July lows of $9,900 before it finds any real buying support that helps it climb higher.
Don Alt, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s price action in a recent tweet, explaining that how it finishes the week is critical, as a red weekly candle could contribute to technical weakness that leads BTC significantly lower in the near-term.
“$BTC update: Uhhh, this is what I expected without the wick. With the wick on top, this looks utter garbage. Pray to god this weekly doesn’t close like this, if it does I’ll be looking for 8000 minimum,” he noted, referencing the below chart.

$BTC update:
Uhhh, this is what I expected without the wick.With the wick on top, this looks utter garbage.Pray to god this weekly doesn't close like this, if it does I'll be looking for 8000 minimum. pic.twitter.com/q5Iu0NpbAF
— DonAlt (@CryptoDonAlt) July 11, 2019

Could Bears Control BTC For the Rest of 2019
Although it is clear that bears are in control of Bitcoin at the current moment, one prominent analyst who has been cautioning about the possibility of a drop like the current one for several weeks is now noting that bears could control BTC for the rest of 2019.
Dave the Wave, another popular cryptocurrency analyst, shared his thoughts on this possibility in a recent tweet, noting that it is possible that this correction extends as long as the parabolic rise that BTC has incurred over the past several months.
“If the correction is as long as the parabolic rise, looking at the end of the year,” he said.

If the correction is as long as the parabolic rise, looking at the end of the year. pic.twitter.com/0sT4B2s1Rs
— dave the wave (@davthewave) July 11, 2019

Currently, it does feel as though BTC is resting on the edge of a precipice that could result in a massive drop back into the four figure price region, but investors should remember that the cryptocurrency has been in a massive uptrend over the past several months, and it will require a significant shift in tides in order for this long-term trend to reverse.
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Bitcoin Hashrate Grows at Fastest Rate Ever; Will BTC’s Price Follow?

Bitcoin has once again incurred a massive amount of volatility that has made it increasingly unclear as to where BTC and the aggregated crypto markets are heading in the future. This volatility, which came about after a bullish move yesterday, may prove to be negative for the crypto if it is unable to find any strong support.
During times of great volatility and unclarity, analysts and traders alike often turn towards an asset’s fundamentals for insight into which direction it is heading next, and one strong fundamental factor may point to a continuation of BTC’s bullish momentum in the near-term.
Bitcoin Hashrate Incurs Fastest Growth in Its History
At the time of writing, Bitcoin is trading down marginally at its current price of $12,430, which is down significantly from its 24-hour highs of $13,000 that were set earlier this morning.
Today’s drop signals that BTC’s bulls are not yet ready to propel the cryptocurrency higher and it may require a longer period of consolidation before it once again begins its upwards journey back up towards its 2019 highs of $13,800.
Although today’s drop came as a surprise to most analysts and investors alike, it is important to note that Bitcoin still has incredibly strong fundamentals that will likely help lead it higher in the near-future.
One of these factors is BTC’s hashrate, which has recently incurred its fastest growth in the history of BTC, which is one robust fundamental factor that could lead the cryptocurrency significantly higher.
“The Bitcoin network hashrate has just recorded its fastest growth in history. Bitcoin’s total hashrate (on a 7-day moving average) has increased by 13.11 EH/S over the past 30 days – its fastest pace ever. What does this mean for the price of #Bitcoin?” Binance Research – the research arm of cryptocurrency exchange Binance – noted in a recent tweet.

The Bitcoin network hashrate has just recorded its fastest growth in history. $BTC
Bitcoin's total hashrate (on a 7-day moving average) has increased by 13.11 EH/S over the past 30 days – its fastest pace ever.
What does this mean for the price of #Bitcoin? pic.twitter.com/0rzENUUdzP
— Binance Research (@BinanceResearch) July 9, 2019

All Eyes on BTC’s Monthly Close
Right now, analysts are closely watching to see how Bitcoin reacts to the downwards pressure it is currently facing, and it is critical that it ends July with a green monthly candle so that its bulls have time to regain their strength and propel it higher.
“$BTC Monthly: The monthly close is still a few weeks away but you can’t deny the bullishness if Bitcoin can close above the previous ATH close at $13,863. On high-time frames it will be clear skies with no price history resistance overhead, only support. Countdown to July 31st,” Josh Rager, a popular crypto analyst, explained in a recent tweet.

$BTC Monthly
The monthly close is still a few weeks away but you can't deny the bullishness if Bitcoin can close above the previous ATH close at $13,863
On high-time frames it will be clear skies with no price history resistance overhead, only support
Countdown to July 31st pic.twitter.com/E1OI6mnZMV
— Josh Rager (@Josh_Rager) July 10, 2019

As the week and month continue on and Bitcoin reacts to the volatility it is currently incurring, it is highly likely that investors and analysts alike will soon understand whether or not BTC will soon surge back up to its all-time-highs.
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