BitHarp launches latest mining rigs, Lyre Miner and Harp Miner

BitHarp, a renowned manufacturer announced new mining rigs Lyre Miner and Harp Miner. These newly introduced mining rigs promise to deliver high-performance along with the advanced features aimed at reducing electricity consumption and improved usage capabilities for miners. The first mining rig Harp Miner, a Direct Liquid Cooling [DLC] rig, is built for delivering maximum […]
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Source: AMB Crypto

Bitcoin’s price may remain dormant before halving but research suggests coin to peak after

It’s no secret that Bitcoin halving is supposed to take place in 2020 and according to several experts, price is expected to rise right before the halving, as it happened before its first and second halving in 2012 and 2016, respectively. However, this might not be true. According to research by Strix Leviathan, there was “no […]
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Source: AMB Crypto

Bitcoin Inches Lower, but $10,800 Target Remains

Bitcoin and the aggregated crypto markets have been facing a period of consolidation after posting a decent sized rally earlier this week. Although this rally has stalled in recent times, it is important to note that BTC’s main level of resistance still exists at $10,800.
One analyst, however, believes that an inability to validate a bearish rising wedge that BTC is currently trading within could spell trouble for the cryptocurrency in the near-term.
Bitcoin Inches Lower After Facing Rejection
At the time of writing, Bitcoin is trading down marginally at its current price of $10,320, which marks a slight retrace from its daily highs of $10,450.
Ever since BTC bounced from its support level at $10,000, the cryptocurrency has been facing a bout of consolidation after its upwards momentum stalled, which may mean that its bulls do not have enough strength at the moment to push the cryptocurrency higher.
The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes Bitcoin is currently caught within a rising wedge, which could spell trouble for its near-term price action.
“$BTC: Short and simple analysis… Rising wedge. One final touch approx 10.4k – Looking at target approx 10k,” she concisely noted while pointing to the below chart.

Short and simple analysis …Just like I am sure many of you are
– Rising wedge– One final touch approx 10.4k – Looking at target approx 10k
— The Cryptomist (@TheCryptomist) September 13, 2019

If this pattern does ultimately have bullish implications for the cryptocurrency, $10,000 will be a key support level that analysts closely watch, as any break below this level could spell trouble for its mid-term price action.
BTC May Still Target $10,800 
Although BTC found some resistance in the mid-$10,400 range, its nearest major resistance level currently exists at roughly $10,800, and a break above this price level could spark a massive upwards movement.
Chonis Trading, another popular analyst, spoke about the $10,800 resistance level in a recent tweet, explaining that a decisive break above this price level would be notable and could set a positive tone for the rest of 2019.
“$BTC – yesterday’s Bullish move closed right under the MA50, breaking thought puts the next notable #bitcoin resistance around $10,800+ area…if it can break that is,” he said. 

$BTC – yesterday’s Bullish move closed right under the MA50, breaking thought puts the next notable #bitcoin resistance around $10,800+ area…if it can break that is…
— Chonis Trading- FTG (@BigChonis) September 13, 2019

As the week continues on and Bitcoin continues to consolidate around $10,300, it is likely that its trend for the rest of the year will soon grow increasingly clear.
Featured image from Shutterstock.
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Source: New

Bitcoin may hit all-time-high if equity markets hit all-time high

The narrative around Bitcoin has changed a lot of times in 2019. From its gains being correlated to trade, geopolitical tensions to its potential as a safe haven due to its decentralized nature, the largest asset has been the topic of discussion frequently. Thomas Lee, co-founder of Fundstrat Global Advisors, discussed significant macro factors which […]
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Source: AMB Crypto

Bitcoin Maturing as CME Doubles BTC Futures Contract Limits

The markets surrounding Bitcoin may be incurring increasing maturity, as the Chicago Mercantile Exchange (CME) is now opening that gates for traders to begin holding a significantly higher number of open BTC contracts than is currently allowed.
This change comes about as Bitcoin’s hash rate just set a fresh all-time-high and may be emblematic of improving fundamental conditions that will ultimately allow BTC to surge to new highs.
CME Futures Traders Will Soon Be Able to Hold 2x the Amount of Bitcoin Contracts
Currently, futures traders on the CME are able to hold 1,000 spot contracts per month, and the upcoming potential increase – should it be approved by the CFTC – will allow traders to hold up to 2,000 spot contracts per month.
Each contract is worth five BTC, so assuming that the increase is allowed, traders will be able to hold positions worth a maximum of 10,000 Bitcoin.
In an application to the CFTC, the CME Group notes that the “increased spot month limits shall go into effect at the close of trading on Monday, September 30, 2019 for the October 2019 contract month and all contract months thereafter.”
This change signals that the group believes that there is room for the Bitcoin futures market to grow, even though its growth has been hampered by the ongoing downtrend that has ensued since its crash in late-2017.
It is important to note that some analysts have drawn correlations between the introduction of CME Bitcoin futures and the cryptocurrency’s crash, but it remains unclear whether or not this is coincidental or if there is truly a correlation.
BTC Fundamentals Improve
The increase in CME Bitcoin futures comes as the cryptocurrency is incurring increasing fundamental strength. This is crystalized while looking towards its hash rate – a metric that is often considered a key indicator of network strength – which just set a fresh all-time-high yesterday.
According to data from, BTC’s hash rate hit highs of over 98 million tera-hashes per second (TH/s) yesterday, which marks a sharp increase from its annual lows of just over 30 million TH/s that were set in December when the crypto was trading in the lower-$3,000 region.
Because the cryptocurrency is currently expressing significantly robust technical strength, it is highly likely that its price will soon reflect this, which could lead to an influx of new market participants.
Featured image from Shutterstock.
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Source: New

Poll: More Than Half of Bitcoin Investors Expect Triangle Breakout

Bitcoin price has for months now been locked inside what many crypto analysts believe to be a triangle pattern. However, they are torn as to the type of triangle the pattern is – descending or symmetrical.
Crypto investors themselves who are also watching the pattern are also torn, not by the shape of the formation, but on which direction it may resolve. However, the largest portion of crypto investors and traders are expecting the chart pattern to break to the upside, which could potentially cause Bitcoin price to retest its former all-time high at $20,000.
Poll: Nearly 60% of Crypto Traders Expect Bitcoin Formation to Break Up
There’s much confusion across the crypto market currently. Bitcoin price has been said to be starting its next bull run, yet the first-ever crypto asset is currently consolidating in a tight trading range, suggesting there is indecision in the market, and that bears may be once again taking control.
Related Reading | Bitcoin Price Forming Descending Triangle, Market Showing Consumption of Demand
The result is a triangle forming on higher timeframes on Bitcoin price charts. Analysts are torn as to if the formation is a descending triangle or symmetrical triangle – with some even saying that it’s a bull flag and not a triangle at all.
Just as conflicted are crypto investors and traders themselves, according to a recent poll shared by crypto analyst Josh Rager. The poll reveals that as much as 59% of crypto investors and traders are expecting the triangle pattern to resolve to the upside, while the remaining 41% expect the formation to breakdown, and lower prices to be reached.

The ultimate question :
Bitcoin breaks out of this large compressed pattern (triangle)
— Josh Rager (@Josh_Rager) September 13, 2019

According to Bulkowksi, known for being the definitive expert when it comes to identifying chart patterns, symmetrical triangles are continuation patterns that typically resolve to the upside. This would suggest that if Bitcoin price is indeed in a symmetrical triangle, it’ll do as crypto traders are expecting and break upwards.
However, Bitcoin could also be in a descending triangle pattern. Most believe that descending triangles are bearish structures due to the 2018 bear market being a massive descending triangle that broke down, taking Bitcoin price to its final bottom in December, but Bulkowski’s data shows that even descending triangles break upward as much as 53% of the time – which gives a higher probability the current trading range breaking to the upside, as the poll respondents believe.
Related Reading | Crypto Analyst: Bitcoin Price Forming Symmetrical Triangle, 60% Chance of Continuation
Should Bitcoin price break down, the structure would likely be confirmed as a descending triangle much like what was seen during the 2018 bear market, and it would make the contrarian group of crypto traders profitable, given how much of the market is currently expecting bullish continuation from Bitcoin.
Featured image from Shutterstock
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Source: New

Analyst: Friday the 13th Daily Close Could Set Future Bitcoin Price Trend

Each and every daily close on Bitcoin price charts is important, as the price level where the candle closes and even the shape of the candle can help crypto analysts predict future movements and trend changes.
Today’s daily close one crypto analyst says is exceptionally important, and will likely choose the trend direction in the short term for Bitcoin price.
Bitcoin Price: Friday the 13th Daily Close Especially Significant
Technical analysts inside and out of the crypto market not only use indicators and review chart patterns, but they also look at individual candles themselves. Depending on their open, close, and the Bitcoin price action that takes place within the candle can help analysts make sense of what’s to come, and predict potential trend changes taking place before they actually occur.
Related Reading | Mark Your Crypto Calendars, Here Are Bitcoin Dates To Watch
Candle closes on higher timeframes, such as the monthly, weekly, 3-day, and daily are often used to determine greater periods of price action. Therefore, crypto analysts pay even closer attention to candles closing on these highest timeframes.
Today’s daily close, one crypto analyst says, is particularly important for Bitcoin price, and could determine the direction of the short to medium-term trend ahead.

Support and resistance clusters have already taken a heavy beating. I think next significant daily close trends.
— CryptoGainz (@CryptoGainz1) September 13, 2019

The reason for this belief is due to what the analyst claims are both support and resistance clusters being heavily exhausted. This means that these supports and resistances have been weekend in both directions, and whichever one gives way first will likely result in a powerful move in that direction.
Could Superstition Have Anything To Do With Today’s Significance?
While the analyst’s belief is driven by the price action playing out on Bitcoin price charts, could today’s daily close being so important have something to do with superstition or astrology?
Today’s date just so happens to be Friday the 13th, a day known for bad luck and extreme superstition. Most believe that the superstition around the date was conceived after the film of the same namesake, however, the fear of the date may have arisen during the middle ages.
The number 13 itself is even considered unlucky, to the point where often multi-story buildings are built sans a 13th floor altogether.

usually on full moon people get more emotional .. which also has effect on peoples trading decisions … looking at the past and comparing new moon and full moon … btc usually was lower on the full moon … people tend to buy towards new moon
— Mischlichter (@Lichtmischer) September 11, 2019

Making matters all the more spooky is the fact that today is a full moon. Not just a full moon, but today is what scientist refer to as a “micromoon” that appears dimmer and smaller than regular full moons.
Related Reading | Major Bitcoin Move Coming? Bakkt Launch Date Coincides With Gann Pivot Points 
According to astrology, full moons are often times where significant change occurs. Could this full moon cause Bitcoin price to moon and set the trend for the weeks ahead? Or will Bitcoin price fall victim to the unlucky day that is Friday the 13th.
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Source: New

Bitcoin begins consolidation after a break from a bullish pattern

On a macro scale, Bitcoin has been consolidating for over 2 months; however, a much lower timeframe of 1 to 4 hour indicates that Bitcoin broke bullish after more than 3 days of descent. The price of Bitcoin tapped a higher $9,800 level and broke out of a falling wedge. The price rose by 5.41%, […]
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Source: AMB Crypto

Binance Bitcoin Futures Debuts with $170M Trading

Binance has launched a new futures platform, where speculators can bet on bitcoin price going down or up, after announcing it earlier this year. And service is already witnessing trading volumes worth hundreds of millions of dollars.

Looks like a strong start for Binance futures – $170mln trading in last 24h with max leverage 20x
— skew (@skew_markets) September 13, 2019

Data analytics firm Skew tweeted a 24-hour trade report of bitcoin futures, showing Binance processing about $170 million worth of trades on the day of its debut. The figures almost matched the volumes recorded following Binance Futures beta launch. The Malta exchange noticed about $150 million worth of futures transactions across the two test phases, which prompted it to go full-fledged on Friday, with a special gift attached.
“In order to show our appreciation for your continued support towards Binance Futures, all users will receive a 50% discount on trading fees when trading on Binance Futures for the first 3 months after the go-live date,” said Binance in its blog post published Thursday.
The exchange further stated that users that participated in the Battle for Binance Futures competition and voted for Futures A would enjoy a further discount. It would equate to a total 75 percent trading fee discount on Binance Futures for a month from 2019/09/16 00:00 AM to 2019/10/15 23:59 PM.
Fees on the Binance Futures will be paid in BNB, a native utility token on Binance exchange. The team announced that it would burn 20 percent of the income it makes from its Futures platform as a part of an existing practice. The quarterly move would take a portion of BNB tokens out of supply. That means, assuming Binance Futures would make profits, Binance will now burn more of its native asset.
Binance Coin (BNB) surges more than 2 percent against bitcoin | Image credits:
The Season of Bitcoin Futures
Binance’s multi-million dollar debut outperformed two existing bitcoin futures services: CryptoFacilities and BitFinex. Nevertheless, it got beaten by other, broadly-accessed exchanges, including Deribit, CoinFlex, BitFlyer, and especially BitMEX, a bitcoin derivative giant that processed about $2.52 billion in futures trading volume.
Last 24 hours trade volume across Bitcoin Futures platforms | Image credits: Skew
Nevertheless, the existing market players are gearing up for stiff competition by Bakkt. The digital assets platform, backed by the Intercontinental Exchange, is launching two regulated physically-settled bitcoin futures contracts on September 23. The move, as many expect, would make it easier for institutional investors to speculate on bitcoin prices.
But unlike exchanges in the cryptocurrency space, Bakkt will not offer margin trading, a feature which allows traders to borrow money when making trades. BitMEX, for now, provides the highest margins on its derivatives contracts – up to 100x. At the same time, Binance offers up 20x margins, making it a least attractive alternative to traders with a higher appetite for risks.

Looking at the UK's latest white paper, they are very likely to make margin oveer 3x illegal.
Europe may follow.
So it's going to be interesting to see BitMEX volume play out and other exchange cull those features for major markets.
Impact on price?
— CryptoArbitrage (@CrytoArbitrage) September 13, 2019

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Source: New

Global Financial System can Adopt Bitcoin: Circle CEO

Three weeks back, the Bank of England Governor Mark Carney made an alarming comment on the global reserve currency, the US dollar. The economist said that the world’s reliance on the greenback “won’t hold” and a new global monetary and financial system backed by many more global currencies would replace it. Carney called the bundle a Synthetic Hegemonic Currency (SHC).
The comments sparked a fresh wave of discussions over the dollar’s inability to offer a cushion to growing macroeconomic risks. Many suggested bringing back the old Gold standard system, while others said that China’s yuan should become the ringleader of the next global reserve asset reserves pool.
Welcoming Bitcoin
Jeremy Allaire, the CEO & co-founder of Boston-based Circle, sees the emergence of fiat-backed digital currencies as a significant step towards attaining an SHC-like reserve. Speaking to CNBC, Allaire said that China is already advancing in creating a digital yuan, which would propel the currency’s use not only inside China but across international borders.
“This becomes a mechanism by which (the yuan) can be used in everyday transactions all around the world,” added Allaire. “It’s ultimately a foundation for the internationalization of the yuan.”

CNBC Squawk Box Asia Interviews Circle’s Jeremy Allaire on China’s Digital Currency Initiative, the Rise of Stablecoins & More @SquawkCNBC @cnbcSri @MandyCNBC
— josh_hawkins (@josh_hawkins) September 12, 2019

Allaire also slipped into the substantial similarities China’s digital yuan shares with non-sovereign blockchain assets, such as Bitcoin and Ethereum. He said the global financial system could support a reserve pool of similarly-created digital assets intended to break the dollar hegemony. Bitcoin, being the benchmark cryptocurrency, could become a part of that basket. Excerpts:
“We are in a phase where the major central bank currencies will get expressed as cryptocurrencies. We will be able to utilize them with the same speed and efficiency as you can with other cryptocurrencies. But eventually, we believe that there will be a global unit of account that brings together difference reserve currencies. And probably, these universal baskets will include bitcoin.”
The bitcoin narrative fits well into the idea of an independent, distributed global currency reserve system. The cryptocurrency is non-sovereign. Nevertheless, there are some limitations.
First, a global reserve currency needs to have an unfixed supply. The reason the financial system switched from the gold standard to the dollar was it lagging behind the economic growth, which led to its destabilization. Second, bitcoin is too volatile to become a global settlement mode.
Meanwhile, Facebook came closer to bring an alternative that could shake up the US dollar dominance. The social media giant’s Calibra project proposes to back its Liba cryptocurrency with a group of assets. But regulators’ stark distrust over Facebook’s corporate motives has dragged down Calibra.
Another such model is the International Monetary Fund’s Special Drawing Right (SDR). This basket of currencies, according to many economists, is positioned to become a unit of account in the future. Nevertheless, SDR backers have revealed no plans about including bitcoin to their basket till date.
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Source: New

Dash Launching on Coinbase Pro Cryptocurrency Exchange

Dash Launching on Coinbase Pro Cryptocurrency Exchange
The announcement of Dash’s impending listing on Coinbase Pro comes slightly over a month after an announcement that the platform was exploring the addition of eight new digital assets.
Dash Launching on Coinbase Pro Cryptocurrency Exchange

Continue reading at Coinspeaker
Source: CoinSpeaker

CME Group Seeks CFTC Permission to Double Its Bitcoin Futures Trading Cap

CME Group Seeks CFTC Permission to Double Its Bitcoin Futures Trading Cap
Citing massive open positions and interest for its Bitcoin futures contracts, CME Group requested CFTC to double the limit of monthly contracts traded.
CME Group Seeks CFTC Permission to Double Its Bitcoin Futures Trading Cap

Continue reading at Coinspeaker
Source: CoinSpeaker

Central Bankers Ready to Boost Bitcoin Price Sky-High; Here’s Why

According to its proponents, the value proposition of Bitcoin (BTC) was dramatically accentuated on Thursday, when central bankers continued their march towards debasement and uncharted monetary territory.
Related Reading: Bitcoin’s Next Bull Run May Be Sparked By S&P 500 Uptrend, Claims Analyst
Why Crypto: European Central Bank Cuts Rates, Commences QE
For those who missed the memo, the European Central Bank (ECB) on Thursday revealed that it would be activating yet another round of dovish monetary policies.
While cryptocurrencies were created to be abstracted from the ins and outs of the fiat world, analysts say that this move by the ECB, coupled with similar steps from other leading central banks, should only prove the need for Bitcoin.
According to a report from CNN, the monetary body overseeing the Euro cut its interest rate for deposits by 10 BPS (0.1%) to -0.5%. Simultaneously, the central bank revealed that it would be starting another round of quantitative easing (QE), promising to purchase some 20 million Euros worth of bonds and “other financial assets” (not Bitcoin, that’s for sure) every month in hopes that the economy will remain stimulated.
This comes after President Trump called for the Federal Reserve, which is technically not a governmental organization, to “get our interest rates down to ZERO, or less”. What’s crazy is that Alan Greenspan, the former chairman of the American monetary authority, has argued that it won’t be long before rates go negative in the U.S.
Also, the ECB’s move to inject more liquidity into their flagging economy comes amidst news that the People’s Bank of China will start cutting rates “as early as next week”. 
Related Reading: Buy Bitcoin: Legendary Hedge Fund Manager Bashes QE, Low Interest Rates
Dovish Central Banks to Only Boost Bitcoin
Bitcoin proponents immediately responded to all this news with dismay, showing the irrationality of these policies, which they claim will amount to a catalyst for an increase in the value of non-fiat monies.
Travis Kling, a former institutional investor turned head of crypto fund Ikigai, wrote that the ECB, by buying 20 million Euros worth of assets, is injecting more money into the economy than the 30-day circulating supply of Bitcoin.

Today the ECB cut rates to -0.50% & restarted QE at €20bn/month OPEN-ENDED.
The ECB is buying more bonds every month than the 30-day circulating supply of BTC
Fed is cutting next week. PBoC is cutting next week.
A race amongst central bankers to devalue their currencies ASAP.
— Travis Kling (@Travis_Kling) September 12, 2019

Kling writes that all the money printing mentioned earlier is effectively “a race amongst central bankers to devalue their currencies ASAP”.
He writes that with the “entire world racing” to see who can devalue their fiat currency the fastest, assets with “PROVABLE SCARCITY” should begin to shine. By this, he is obviously referring to something like Bitcoin. As Kling said at a recent event:
“Bitcoin is currently a risk asset. But it’s a risk asset with a specific set of investment characteristics that will only become more attractive the more irresponsible monetary and fiscal policy becomes.”
Indeed, countless analysts have said that the further central banks try and print money, the further Bitcoin will climb. Tom Lee of Fundstrat has stated that these moves from the Federal Reserve and its ilk to cut rates will only increase the level of capital entering the Bitcoin markets.
Henny Sender of the Financial Times has corroborated this. She wrote in a column for the Nikkei Asian Review that the cutting of rates and the use of open market operations, “which amount to competitive currency devaluations in the name of reflating economies”, are driving up the price of Bitcoin.
Featured Image from Shutterstock
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Source: New

Bitcoin QR Code Scams Found Flooding Google Search Pages

The crypto industry has not been without its fair share of scams and cons. Bitcoin has battled this reputation since its inception and FUD-fueled mainstream media outlets do not help matters. Social media and search giants are equally to blame but that doesn’t stop the Bitcoin bashing.
More Fake Google Results For Bitcoin
Researchers have discovered that the majority of links returned in Google search pages for Bitcoin QR code generators are for fake or scammy websites. Forbes, in its usual Bitcoin-bashing stance, reported that it is just another crypto scam that has hindered adoption.
What it should have reported was that it is a Google scam for allowing these fraudulent links on its search engine in the first place. The study reported that 4 out of the first 5 results presented when querying Google were leading to scammer’s website.
According to the researchers from crypto wallet provider ZenGo, the QR codes generated from one of these fake websites will send the Bitcoin to the scammers address. The QR codes are used to capture the data by mobile phone cameras, in this case to quickly share a Bitcoin address. The researchers added;

“These sites generate a QR code that encodes an address controlled by the scammers, instead of the one requested by the user, thus directing all payments for this QR code to the scammers. Scammers do not even bother with generating their fake QR themselves, instead they shamelessly call a blockchain explorer API to generate the QR for their address.”

It has been estimated that around $20,000 has been lost to QR code scams however that figure could be much higher.
Just like the copy/paste malware that infected computers a couple of years ago in order to alter Bitcoin addresses, this scam is just quicker version. There will be others and the misreporting that it is ‘furthering negative public perception around bitcoin and cryptocurrency’ is pure FUD. The internet itself is awash with scams yet look how adoption of that has gone.
The bottom line is common sense here, Google search results cannot be trusted, and neither can anything posted on Facebook. Both US tech giants have been the largest disseminators of scams and fake sites, most of which have given the crypto industry its bad name.
Of course there are bad actors out there, but we don’t need huge web monopolies broadcasting them while profiting off our personal data and searching habits. Stay safe out there.
Image from Shutterstock
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Source: New

Cryptocurrency Market in Uncertain Times, Claims Report

A monthly report published by exchange platform SFOX (San Francisco Open Exchange) identifies an air of uncertainty within the industry about cryptocurrency’s place in the future of finance. With both bullish and bearish news events occurring over the last month, the price still appears to be in limbo around the $10,000 mark.
Conflicting Signals Leave Cryptocurrency Market Directionless
The report, published today by SFOX, focuses on various market and sentiment indicators observed over the last month. These include volatility indices, prices, trade volume data, as well as more fundamental developments surrounding the industry.
BTC is not sure whether to break up or down.
The picture the report paints is one of uncertainty. Despite cryptocurrency becoming more attractive to institutional interests – Bakkt launch and CME Group expanding crypto products, there doesn’t seem to be any fresh money flooding into the industry yet.
Even though it identifies an uncertain market, an in-house indicator, the SFOX Multi-Factor Market Index, did flip to “mildly bullish” this month. Previously, the indicator, which looks at market sentiment, price momentum, and developments within the sector, read “neutral”.
However, SFOX points out the following about the reading, which they describe as bullish:
“… while BTC and other cryptocurrencies are seeing sustained development and investor interest, there appears to be a new sentimental wave of uncertainty as the market remains unsure of precisely how crypto will fit into the broader global financial landscape of 2020 and beyond.”
The report identifies multiple news events during the month of August that have contributed to the uncertainty in the market. These include Vitalek Buterin saying that Ethereum was full and the Crypto Greed and Fear Index switching to “extreme fear” on August 17.
Additionally, the report shows that inconsistencies with Bitcoin price rallies in connection with Chinese currency moves versus the dollar cast doubt over the utility citizens in the nation are finding in Bitcoin as a safe-haven asset.
Potentially creating more uncertainty around cryptocurrency’s place in the future financial system are the efforts of major companies to create their own digital currencies. Despite bringing greater attention to the space, there is no telling whether true cryptos, like Bitcoin, will ever be anything but a fringe interest alongside a fully-digitised economy of these company-backed currencies. The report identifies MasterCard’s recently advertising a job with the company’s blockchain division and Allianz Insurance developing a blockchain-based payment system of its own as developments that could impact crypto’s utility going forward.
That said, other massive names, Bakkt and the CME Group are in the process of expanding options for institutional investors to allow them greater exposure to the space. The long-awaited Bakkt platform will offer physically-backed Bitcoin futures contracts. By carefully ensuring regulatory compliance, it also hopes to bring transparency to the process of Bitcoin price discovery – something it believes will bring greater legitimacy to the industry.
Finally, the report identifies a few key dates to watch out for during the rest of September. These are the proposed date for the Ethereum Classic hard fork to Atlantis on September 13, the launch of Bakkt (September 23), and September 27 since it’s the last-trade day of both BTC futures and BitMEX futures. The researchers muse that this latter event might invite greater volatility than usual since it will be the quarterly close of these products.
Related Reading: Bitcoin to Boom As Macroeconomic Backdrop Worsens; Here’s Why
Featured Image from Shutterstock.
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Source: New