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  • Legendary Investor Paul Tudor Jones is More Interested in Bitcoin than Ever Before

    Legendary Investor Paul Tudor Jones is More Interested in Bitcoin than Ever Before

    Paul Tudor Jones is a legendary investor who currently manages Tudor Investment Corp. He rose to prominence in 1987, when he predicted a collapse in the equities markets. Jones also works as the chairman of Just Capital, which classifies US firms based on communal and environmental standards. Jones is a respected figure in the investment world, and many people from across the globe are imitating his strategies. 

    Jones first entered the Bitcoin market in 2017, but he exited after he doubled his invested. In May of 2020, he started advocating for Bitcoin again. At the time, he discussed the aggressive money printing policies of central banks as a reaction to the COVID-19 and called them the “Great Monetary Inflation”. Jones claimed: 

    “We are witnessing the Great Monetary Inflation — an unprecedented expansion of every form of money, unlike anything the developed world has ever seen”. 

    Paul Tudor Jones is bullish on bitcoin 

    Jones was recently interviewed by CNBC and expressed his bullish instance of Bitcoin. He reiterated that considers BTC as a haven against the quantitative easing policy of central banks. Jones also said he thinks Bitcoin plays an important role in maximizing the yield of his fund. He sees Bitcoin investment similar to investing in high-profile stocks like Apple. 

    Now, Bitcoin’s price action is in a good position as BTC has made a tremendous recovery from its March lows. PayPal made headlines in October when it authorized its users to purchase, sell and hold crypto. It was a massive piece of news, and it attracted a lot of attention from experts and large firms. After PayPal’s entrance to crypto space, many finance giants have started to take cryptocurrencies much more seriously.

    Paul Tudor Jones pointed to the fact that a lot of smart people are in the Bitcoin space. Earlier, he had talked about some fundamental properties of bitcoin, and the scarcity of this currency attracted him. Bitcoin has a limited supply, and only 21 million bitcoins will be available at the end. No one can print bitcoin more than this determined supply, and a central authority does not control it. 

    Jones has his reasons for suggesting Bitcoin as an investment. He compared Bitcoin to assets like copper and gold, and he even thinks Bitcoin can be valuable than these kinds of assets. We can transfer bitcoin around the world very rapidly, and we can easily divide it into smaller units called Satoshi. 

    In the interview, he revealed that his view on Bitcoin become even more bullish than before:

    “I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin, and it’s got a long way to go.”

    Jones thinks the quantitative easing policy and the COVID-19 pandemic will prepare a background for inflation to increase. We’ve seen unprecedented money printing activity by central banks lately, and it will have its consequences. Conversely, Bitcoin is a store of value that has deflationary properties baked right into its code. 

  • Jack Ma Predicts a Bright Future for Digital Currencies

    Jack Ma Predicts a Bright Future for Digital Currencies

    Jack Ma is the founder of Alibaba, a major Chinese e-commerce company. In a speech at the Bund Summit in Shanghai, Ma global regulations and expressed his support for digital currencies. He believes digital currencies are very significant for a new economy and financial system. 

    He called digital currency something that can create value and encouraged thinking about a new kind of economy through the power of digital currency. However, it is not exactly clear what Ma meant by »digital currency«. When we talk about digital currency, there’s many possible interpretations.

    The crypto world reacts to Ma’s statements 

    The cryptocurrency community quickly reacted to Ma’s comments, but there were many different interpretations. 

    Binance CEO Changpeng »CZ« Zhao tweeted about Ma’s digital currency comments, and even Ethereum creator Vitalik Buterin joined the discussion. After CZ’s tweet, Buterin asked him about the meaning of the term »digital currency« in Ma’s statements. Zhao answered that “the meaning is up for interpretation.” 

    While China has very strict regulations for cryptocurrencies, Bitcoin and other cryptocurrencies are still bought and sold in the country. The biggest BTC miners are still located in China, and they mine most of the new BTC. This is a form of centralization, and it may be problematic for the crypto community in the long term. However, many also believe that the concentration of Bitcoin mining in China is not problematic and miners can migrate from China whenever they want. 

    Potentially, Ma was talking about central bank digital currencies (CBDCs) during the speech. There’s a competition between different countries regarding this issue, and China has been in the lead so far. China’s digital yuan, which is often called DC/EP, is in the testing phase now. 

    Ma called world regulations regarding banking and finance old and outdated. He also criticized The Basel Accords as something old. Basel Accords are a series of banking regulations that were last updated  in 2010. 

    Regulation is necessary and vital in the financial world, but some regulations stifle innovation, and they are a sort of hindrance. Technology is making progress, and we need flexible rules. Technology is like a double-edged sword, and regulations should control it. 

    Ma considered World regulations as an obstacle in front of China’s progress and development. He thinks the rules are not suitable for the young generation and developing nations. Ma’s comments have roots in reality. Many global regulations are mostly relevant to US and European citizens. Meanwhile, many people in developing countries are underbanked, and there’s no place for them in international finance. Blockchain’s mission is revolutionizing this world and realizing democracy in its full sense. Cryptocurrency can help a lot in this context, and it can create open markets around the world. 

  • Bybit becomes new International Champion Partner of Borussia Dortmund

    Bybit becomes new International Champion Partner of Borussia Dortmund

    Dortmund, Germany (November 5, 2020): Borussia Dortmund (“BVB”) is further driving its international marketing and expanding its presence in Asia. The club is excited to launch a global multi-year partnership with the innovative tech company Bybit.

    Borussia Dortmund has experienced rapid growth internationally and was able to expand its fan base around the globe as well as establish fruitful partnerships. Heavily involved in the club’s international efforts and new businesses were its Singapore and Shanghai offices, which are just some of the touchpoints BVB shares with its new international Champion Partner Bybit.

    Established in 2018, Bybit is an ambitious challenger in the market and one of the fastest growing cryptocurrency platforms. Like Borussia Dortmund, Bybit’s corporate colors are black and yellow; like Borussia Dortmund, Bybit focuses on the fundamentals and never stops to improve; like Borussia Dortmund, Bybit values talent and commits to building a supportive playing field, on which talents can meet the moment and rise to the occasion; therefore, it was a natural choice for Bybit to connect with BVB to further expand its European business.

    “We are thrilled to be a Champion Partner of Borussia Dortmund. As a young and ambitious company, we identify with the authenticity and youthful energy for which BVB is well-known around the globe, as well as the diligence and relentlessness that Borussia Dortmund players radiate. It is no wonder the club has one of the most passionate fan communities in the world,” stated Bybit’s co-founder and CEO Ben Zhou. “The intensity and the passion of BVB go beyond the football field. Through this partnership, we want to demonstrate to everyone that we are here for the long run. With a storied history, a proven record of success, and deep ties with its community, BVB is our ideal partner. From one black and yellow to another — we are proud to call ourselves firstly fans of Borussia Dortmund and secondly Champion Partner.”

    Carsten Cramer, managing director of Borussia Dortmund, said: “BVB is both a club of long tradition and one that is open-minded and innovative. We are impressed by how responsibly Bybit acquits itself in its business approach, and glad to be a first-mover in Germany to collaborate with a brand in the cryptocurrency sector. We look forward to seeing this partnership help build trust and confidence in the sector and in our community.”

    BVB is looking forward to collaborating with the rising player in the cryptocurrency market in the upcoming years. This new partnership is an equally clear signal for sport to embrace innovative technologies in an increasingly digital world, and for innovative technologies to connect with the sporting world. 

    About BVB

    Borussia Dortmund is one of the most successful football clubs in Germany: as well as eight German Bundesliga titles and four German Cup victories, Dortmund has also won the European Cup Winners’ Cup, the Champions League in 1997, and also the Intercontinental Cup (World Cup Championship) in that very same year. With over 159,000 members in total, it is one of the five largest sports clubs in Germany and is the seventh largest worldwide.

    About Bybit

    Bybit is a cryptocurrency trading platform established in March 2018. The company provides online trading services to international individual retail clients as well as professional traders.

    For more information please visit: https://www.bybit.com/   

    For updates, follow Bybit’s social platforms on Twitter and Telegram.

  • Is a 30% Retracement in the BTC Market Possible?

    Is a 30% Retracement in the BTC Market Possible?

    Cryptocurrency market analyst Josh Rager says that formidable resistance could be forming in front of Bitcoin`s rising movement. If we look back at the Bitcoin price history, there have been many significant corrections, with BTC sometimes dropping as much as 30%. These kinds of pullbacks have usually been seen after huge bull-runs.

    The long-term prospect of Bitcoin is bullish, but a bearish scenario could materialize in the meantime. The cryptocurrency market has experienced a significant upward movement in 2020, and Bitcoin reached around $14,000 this year. It is currently trading at its highest prices since January 2018. 

    Many analysts believe in Bitcoin`s capability to protect against inflation, and they think this capability is the main reason for its bull-run in 2020. Unlike fiat currencies, BTC has a limited supply, and no one can control and print it. Bitcoin is increasingly being perceived as a store of value with the ability to preserve purchasing power. Therefore, many people see Bitcoin as a safe haven, similarly to gold.

    The COVID-19 pandemic has had severe consequences on global finance, and central banks have to follow quantitative easing policies and print a lot of money. This money printing process can lead to the erosion the purchasing power of fiat currencies. In response, many people are shifting their cash to other assets such as Bitcoin or stocks. 

    Dips are impending 

    In Josh Rager’s view, corrections are natural for healthy bull-runs. They are normal reactions to rallies, and these dips will attract many new investors to the market. The pullbacks can be a great opportunity for investors to obtain an asset like BTC at a more favorable rate. 

    Most of the investments will come from traditional markets. The recent Bitcoin bull-run has attracted many traditional firms, who now have cryptocurrency on their radar. Bitcoin`s futures markets have also grown significantly in 2020, indicating that institutional interest in Bitcoin and cryptocurrency is increasing. 

    PayPal`s recent decision to add cryptocurrencies in the list of its offerings was also a great bullish signal for the cryptocurrency market. 

    More money printing and more bullish prospects for Bitcoin 

    If the US government releases the second stimulus package, Bitcoin`s bullish movement could become even faster. This quantitative easing policy will accelerate BTC adoption, and it is because of the advantages of Bitcoin compared to fiat currencies. 

    The stimulus package could deteriorate the status of the US dollar and decrease its purchasing power. It means more positive points for the king of cryptocurrencies, and indeed, we can say that Bitcoin`s adoption is imminent. 

  • Brave Browser Now Has 20 Million Active Monthly Users

    Brave Browser Now Has 20 Million Active Monthly Users

    The Brave browser and the Basic Attention Token 

    The Brave web browser is popular among cryptocurrency fans, since it supports the Basic Attention Token (BAT). BAT is an ERC-20 tokens on the Ethereum blockchain thats designed to facilitate the transfer value in the digital content and advertising space. 

    Brave browser users can choose to see advertisements in the browser, and earn BAT tokens in return for their engagement. It is an opt-in program, and users are free block the ads. Users can also reward content creators and websites automatically through the BAT token, making it possible to reward websites and content creators in a very intuitive fashion.

    The Basic Attention Token project was founded by Brendan Eich, who is famous as the creator of the JavaScript programming language and as a co-founder of Mozilla. During their ICO, the BAT team raised 156,250 ETH.

    BAT is based on Ethereum, and benefits greatly from Ethereum’s infrastructure – BAT holders can access great wallets, decentralized exchanges, and many unique DeFi applications.

    At the moment, BAT’s value is pretty much strictly related to the Brave browser, but in the future, it could also be used in other browsers and spaces. As mentioned above, Brave users have the option of either blocking ads or seeing ads in exchange for BAT tokens. 

    Brave is making progress

    Last year, the Brave browser recorded 8.7 million monthly active users. The browser has seen significant growth this year, reaching a milestone of 20 million monthly active users. 

    Another encouraging statistic for Brave is that the click-through rate for the browser’s advertisements is around 9%, which is immensely better than the industry average of 2%. 

    In today’s world, privacy is essential for users, and they are tired of being closely observed by tech corporations everywhere they go on the web. Users want to control their searching experience and take back their freedom. Given this context, it’s not too much of a surprise that the Brave browser is gaining popularity.

    Brave is also based on Chromium, and this is a great advantage for users. This feature allows Brave to support all of the extensions supported by Chrome. Google Chrome and Microsoft Edge are other popular web browsers that are built on Chromium. 

    Final thoughts  

    The Basic Attention Token and Brave have the potential to make a major impact on the digital advertising space. Privacy is vital for many internet users, and they are certainly looking to solutions such as Brave. However, Brave is still at the beginning of the road, and it will face a lot of challenges. Its current market share is almost non-existent compared to tech giants like Chrome, which has 66.12% of the market share. 

  • Crypto2Mobile.com offers top ups and recharges of mobile phone accounts and many other vouchers

    Crypto2Mobile.com offers top ups and recharges of mobile phone accounts and many other vouchers

    Crypto2Mobile.com is a very handy and smart service, where one can buy mobile top ups and recharges of airtime for cryptocurrency. Company is integrated with Reloadly as a partner delivering top-ups and with Paycoiner as a partner delivering crypto payment services. Crypto2Mobile.com also uses its own code depot in order to provide vouchers and recharges in better prices. It will soon be implemented together with the new page layout and new, optimized payment process. Also new categories of vouchers will be available for cryptocurrency. 

    There will be 5 domains of top ups and vouchers:

    • The 1st group of recharges are telecom recharges for BTC, ETH, BCH, LTC or others, airtime and pin codes for over 9000 mobile and fixed operators from 150 countries. The company is delivering recharges for all global players, including T-Mobile, Vodafone, Orange, AT&T, Verizon, NTT, China Mobile, Unicom or Telefonica. From Africa they serve Airtel, MTN, Tigo and hundreds of more. The process is automated, so the customer will be able to make a transaction within 35 secs. Here is a short video of how it works: https://crypto2mobile.com/welcome-to-crypto2mobile/
    • 2nd category are Games and Apps. These include cryptocurrency sales of vouchers for Steam, PSP, Microsoft, Google Play, AppStore, iTunes, Minecraft, Nintendo and many more. Users get their voucher within seconds and can recharge accounts in games or application stores. The company has bought already domain: crypto2game.com
    • 3rd group of vouchers is associated with travel – this means available vouchers for cryptocurrency for Booking.com, Airbnb, Hotels.com, Uber, Bolt and many more travel options. In the future there will be available air and train tickets and more accommodation options. We hope also car-rental vouchers will be available for cryptocurrency with Cypto2Mobile, such as: Budget, Avis, Enterprise, Sixts or Thrifty. This service will be also available under domain crypto2travel.com.
    • 4th group of vouchers sold for crypto on crypto2mobile.com includes marketplaces and shopping options. Here, we will find all giants, such as vouchers for bitcoins to top up Amazon, AliExpress, Ebay, DX, Allegro, Zalando to mention just the biggest. It would be easy to convert cryptocurrency such as Bitcoins or Ethereum into vouchers on the biggest trading platformy and convert value into any sort of physical goods we need. No surprise that also these categories will be accessible from separate domains, in this case which is crypto2shopping.com.

    Crypto2mobile.com will also offer recharges and account top ups for streaming media services, including Netflix, Spotify, YouTube, iTunes and many other sorts of streaming options. For BTC or ETH or BCH users will be able to instantly access streaming services. This category would be also accessible from a separate domain: crypto2media.com.

    To summarizing, there will be a whole family of services, accessible under clear domain segmentation: crypto2mobile.com, crypto2game.com, crypto2travel.com and crypto2shopping.com and crypto2media.com.

    Whole project looks very interesting, also because of allowing 3rd parties to integrate in white label model. Founders foresee that cryptocurrency trading platforms, wallets or payment providers will benefit from the revenue share model and distribution of vouchers will speed-up if parties exclude the necessity of using FIAT money in between. The first partner, coincasso.io, is taking place in pilot implementation. CoinCasso users soon would be able to buy hundreds of vouchers and top ups without leaving their trading platform. More companies are watching the project and are expected here to come after successful implementation with coincasso.io.

  • Top 3 Coins to Watch – Week 45

    Top 3 Coins to Watch – Week 45

    As we make our way through Q4 2020, several cryptocurrency projects are making upgrades to their platforms and other changes that could arouse the interest of the broader cryptocurrency community. As always, we have prepared a selection of top 3 coins to watch. This week’s selection includes a cross-blockchain DeFi platform token, a token of a cryptocurrency derivates exchange and a native token of crypto Visa card issuer. We should warn you, however, that this is not investment advice, since, especially in this week’s selection, the price change is likely to end up in the red.

    1. Kava (KAVA) 

    Developed by Kava Labs the Kava blockchain boasts with the title of the first multi-blockchain DeFi platform. Users are eligible for rewards in the form of KAVA tokens for depositing various cryptocurrencies to the protocol’s multi collateral CDP system. The Kava blockchain utilizes the Tendermint consensus and is secured by 100 validators.

    Buy/Sell KAVA

    The team Will Patch a Minor Bug in the Kava 4 Gateway Mainnet Release

    The team behind the cross-blockchain DeFi platform successfully launched the much anticipated Kava 4 Gateway mainnet on October 15, which featured Harvest.io, the world’s first cross-chain money market application and brought support for BTC, XRP, BUSD, KAVA, USDX, and HARD Collateral types. Nevertheless, the mainnet did come with a minor bug, which prevented some interchain transfers. Although no user funds are at risk, the team has put a stop on all interchain transfers until November 3, 10:00 UTC, when the patch v0.12.0 will take effect. All network validators must update their software prior to this date. Instructions on how to update can be found here.

    2. FTX Token (FTT) 

    FTT is a token issued by the popular FTX cryptocurrency derivatives exchange, which says that “FTX Token (FTT) is the backbone of the FTX ecosystem”. In reality, users can enjoy fee rebates based on the amount of FTT being held in their exchange wallet, but the exchange’s official cryptocurrency can also be used for other purposes, such as participating the Initial Exchange Offerings (IEOs) or other programs offered by FTX.

    Buy/Sell FTT

    FTX To Gradually Start Rolling Out Crypto/Stock Trading Pairs

    Following the revival of their IEO platform earlier in the year and the launch of their unique Hashrate Futures, which correlate to the total hashpower of the Bitcoin blockchain, the FTX team is set to roll out another interesting set of products. As announced last week, the FTX futures exchange will start to offer so-called “tokenized stocks” of major U.S. companies, including Amazon, Apple, Facebook, Google, Netflix, Tesla, and the SPDR S&P 500 exchange-traded fund. Users will be able to purchase these stocks, or even fractures of them, through several crypto/tokenized stock trading pairs and all the trades will be monitored by and regulated by CM-Equity, a fully licensed German financial institution. The exchange did not provide a more detailed schedule of the launch of specific trading pairs, but the trade is said to start this week. More information regarding the tokenized stock offering can be found here.

    3. Crypto.com (CRO)

    Crypto.com is a Hong Kong-based crypto debit card issuer, which aims to increase the usage of cryptocurrency as a payment method for everyday purchases. The company, which started out under another name – Monaco, conducted a token sale between May and June of 2017 which raised $26.7 million of funds.

    Buy/Sell CRO

    Crypto.com Discontinues the MCO Token and now only operates with CRO

    Up to now Crypto.com used two tokens: the MCO token, which was linked to the functionalities of the MCO Visa card and the CRO token, which could be utilized on the Crypto.com exchange for fee discounts, discounted purchases of crypto as well as staking and other earn programs. Crypto.com decided it is inefficient to maintain two native tokens and announced the discontinuation of the MCO token in August 2020. Holders had to swap their MCO for CRO prior to November 2, 2020, 23:59 UTC, when the swap program concluded and all unswapped MCO tokens became useless.

    However, the merger of the tokens seems to have only accelerated the decline of Crypto.com. Many users jump onto the CRO bandwagon early on due to their insane offering of cryptocurrency debit cards and perks and discounts that came with them. Although users had to stake CRO to receive these benefits, the offered staking deals were very lucrative compared to those offered by rivals. It has now become obvious that these perks could not be sustained over the long term and Crypto.com had to reduce them as well as lower the interest rate on its earn scheme and slash the referral program bonus in half, dropping it from $50 to just $25. The fall of Crypto.com empire became inevitable when industry giant Binance rolled-out its own Visa debit card on top of the already lucrative staking, earn and launch pool deals. This resulted in many Crypto.com’s customers selling their CRO and leaving the platform. The negative sentiment can be observed in the CRO price movement as well since the value of the token is down by almost 50% since October 13. In addition, Crypto.com offered a 20% early swap discount for users wanting to swap their MCO for CRO at a better rate. However, the deal was offered under one important condition – the users were required to stake their CRO tokens for a period of 6 months. Once these contracts unlock, the freed CRO is likely going to end up being sold on the market, thereby significantly increasing the sell pressure, and decreasing the token’s price. If Crypto.com does not find a way to drive the demand for CRO up, which can be generated by the influx of new users, the CRO is set to plunge even lower.

  • Weekly Recap: Bitcoin and Ethereum Go Through High Volatility Ahead of the US Presidential Election

    Weekly Recap: Bitcoin and Ethereum Go Through High Volatility Ahead of the US Presidential Election

    Konstantin Anissimov, Executive Director at CEX.IO

    Bitcoin Rises to a New Yearly High of $13,864

    Volatility has struck back the cryptocurrency market a week ahead of the U.S. presidential election. While most altcoins went through a steep correction, Bitcoin rose to new yearly highs. Its uninterrupted upward price action turned heads as the narrative about BTC’s ability to act as a hedging asset during times of uncertainty resurfaced. 

    The flagship cryptocurrency kicked off the week of October 26th, trading at $13,045. Prices tumbled during the first few hours of Monday’s trading session, but the bulls immediately stepped in. Indeed, BTC dropped to a weekly low of $12,785 around 16:00 UTC, and from that point on, all it did was surge. 

    By the end of Tuesday’s trading session, October 27th, Bitcoin had risen more than 8%. It went from trading at a weekly low of $12,785 to a new yearly high of $13,864. Nonetheless, many market participants who bought BTC around the same price level in June 2019 seemingly took advantage of the bullish impulse to break even in their underwatered positions.

    As sell orders began to pile up, Bitcoin took a 7% nosedive towards the $12,900 support level. The price action that followed was significantly choppy, while the trend remained positive. Regardless, the pioneer cryptocurrency was able to close on Friday, October 30th, at a high of $13,505, providing investors a weekly return of 3.53%. 

    Ethereum Generates 5.70% in Weekly Losses

    Ethereum was one of the altcoins that suffered the most throughout the week of October 26th. As a matter of fact, the smart contracts giant opened Monday’s trading session at a high of $406.32 and quickly began trending downwards. Roughly 16 hours after the weekly open, Ether had dropped nearly 6% to hit a low of $382.21.

    Sidelined investors appear to have taken advantage of the downward trend to enter the market. The spike in buying pressure saw Ethereum rise over 7.7% to hit a weekly high of $411.77 on Tuesday, October 27th, at 16:00 UTC. However, the bears stepped back into the market and regained control of ETH’s price action. 

    The second-largest cryptocurrency by market capitalization spent the next three days of the week losing all the gains incurred. By Friday, October 30th, at 8:00 UTC, Ethereum was trading at a low of $373.40, representing a 9.32% correction from the weekly high. While investors were concerned about a steeper correction, it seems like the 200-day simple moving average on the 4-hour chart was able to keep falling prices at bay. 

    Given this trend-following indicator’s strength, Ether rebounded 2.62% and closed on Friday, October 30th, at $383.20. As a result of the downward price action, Ethereum investors incurred a weekly loss of 5.69%.

    Further Volatility Ahead

    The upcoming U.S. presidential election is estimated to bring higher levels of volatility to the cryptocurrency market. Many analysts argue that a win by the Democratic party will negatively impact the stock market, which may spill over to crypto. Nonetheless, historical data shows that Bitcoin has been able to recover quickly in the previous presidential ballots.

    For instance, the bellwether cryptocurrency took a 20% nosedive approximately two weeks before the election in 2012. But a few days later, it recovered and resumed its uptrend. A similar price action took place in 2016 as BTC dropped nearly 12% five days before the U.S. election to then rebound towards higher highs. 

    Now that the market is still assessing the impact of the supply shock Bitcoin experienced after its halving, history may repeat itself. On-chain data shows that both BTC and ETH sit on top of massive supply barriers that may have the ability to absorb any downward pressure. Therefore, the odds currently favor the bulls.

  • Bitcoin Price Analysis – BTC Whipsaw Price Action Begins As Uncertainty Enters Market With US Presidential Elections Just Days Away

    Bitcoin Price Analysis – BTC Whipsaw Price Action Begins As Uncertainty Enters Market With US Presidential Elections Just Days Away

    bitcoin-price-analysis

    Support:
    $13,221, $13,000, $12,755, $12,600, $12,500, $12,300, $11,870, $11,800, $11,583, $11,500.
    Resistance:
    $13,475, $13,500, $13,665, $13,835, $14,000, $14,135, $14,250, $14,550, $14,750, $15,000

    Key Highlights:

    • Bitcoin saw a small .5% price rise today as it trades around $13,250.
    • Uncertainty revolving around the US Presidential Election is starting to dampen the current Bitcoin bull run.
    • COVID-19 Surges in Europe are causing further lockdowns in Europe, which will be bad for the world economy.

    The price of Bitcoin has seen somewhat of a rollercoaster today. The coin had surged as high as $13,500 in the early hours of the day but has since dropped lower to reach $13,275. The cryptocurrency has come down from the high of around $13,835 that was seen earlier in the week, and it looks to be struggling to break the resistance at $13,475 over the past couple of days.

    Buy/Sell Bitcoin

    Bitcoin’s price has been surging in October after it broke above a symmetrical triangle pattern at the start of the month. The push higher is primarily driven by fundamental factors such as COVID-19 cases’ resurgence leading to another fiscal stimulus package set of negotiations in the USA. Another $2 trillion is estimated to be printed, which would be harmful to the US Dollar. As a result, sitting on US Dollar reserves would yield a negative return, so investors are looking for safe-haven assets to place their cash – Bitcoin being one of them.

    This has led to several institutions starting to buy BTC with their cash reserves. For example, MicroStrategy increased their holdings of BTC above $500 million, and many other institutions have followed.

    Bitcoin had surged higher this morning after the announcement that the ECB announced that it would be providing further monetary stimulus to the European region. Christine Lagarde, ECB President, stated that the bank would do everything they could to address the unfolding situation. Over the last couple of days, Germany and France both went into full national lockdowns amidst rising COVID-19 cases.

    However, even with this announcement, Bitcoin’s price then fell lower as it broke beneath $13,500 to reach beneath $13,200. It has since bounced higher to trade at $13,275 at the time of writing. The latest drop is down to the fact that there might be another “Risk Off” scenario in the overall broader market. 

    Michelle Meyer, a Bank of America economist, stated that the upcoming US Elections could result in a 20% drop in the US stock market. She noted that the election result is not the biggest threat; instead, if the opposing party would contest the result, it would be a significant threat. On the other hand, a landslide victory would be much welcomed and could lead to a stock market rally.

    One thing we do know is the fact that markets HATE uncertainty. It is the biggest killer for volume as investors choose to pull their assets and wait on the sidelines until the uncertainty has played out. As a result, we might see some whipsaw like price action on Bitcoin until the election has run its course over the next week.

    Let us take a quick look at the markets and see where we might be heading.

    Bitcoin Price Analysis

    BTC/USD – 1 DAY CHART – MEDIUM TERM

    What has been going on?

    Taking a look at the daily chart above, we can see that BTC had reached a fresh 2020 high this week. It was initially struggling to break the resistance at $13,221 until Tuesday when Bitcoin’s price managed to surge as high as $13,800.

    Bitcoin continued to spike higher on Wednesday as it climbed toward $13,835 (1.272 Fib Extension). It could not break this resistance, which saw the coin’s price to head lower as it spiked beneath $13,000.

    Over the next two days, Bitcoin managed to sustain itself above $13,000, but it has struggled to break the resistance at $12,475 (long term 1.414 Fib Extension – orange).

    Today, we can see the whipsaw like price action as BTC surged as high as $13,665 but then dipped beneath $13,200 when the Bank of America analyst predicted a potential 20% stock market drop.

    Bitcoin price short-term prediction: BULLISH

    Bitcoin remains bullish, despite the recent price falls. The coin would need to drop beneath $12,500 before it starts to turn neutral. It would need to continue further beneath $11,000 to be in danger of turning bearish again.

    If the sellers push back beneath $13,220, the first level of support lies at $13,000 (.236 Fib Retracement). Added support is found at $12,848, $12,600 (July 19’ High-Day Close), $12,5111 (.382 Fib), and $12,1216.

    If Bitcoin continues to drop beneath the $12,000 support, further support lies at $11,800, $11,691 (.618 Fib), $11,500, $11,250, and $11,000.

    Where Is The Resistance Toward The Upside?

    On the other side, the first level of resistance to overcome lies at $13,475. Above this, resistance is found at $13,665, $13,835 (1.272 Fib Extension – green), $14,000, and $14,135 (1.618 Fib Extension – orange).

    This is followed by additional resistance at $14,320, $14,551, $14,800, and $15,000.

    What Are The Technical Indicators Showing?

    The RSI is dropping from overbought conditions but still remains above the mid-line to show the buyers still control the market momentum. However, the falling RSI indicates the buying momentum is fading.

    Buy/Sell Bitcoin