Day: July 15, 2019

Trump Banning Bitcoin Is Feasible But Highly Unlikely, Says Economist

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United States president Donald Trump would cause a Bitcoin (BTC) price crash if he banned it, but the law would likely prevent him, economist and trader Alex Krueger concluded on Twitter July 15. Trump, who announced his distaste for cryptocurrency in general last week, initially failed to impact market sentiment. A subsequent breakdown over the weekend sent Bitcoin below $10,000. Publishing a dedicated thread on the chances of Trump banning the cryptocurrency, Krueger argued he could theoretically have some success. By targeting entry and exit points for retail and institutional…

Bitcoin (BTC) Run is (Was) Driven by Retail Investors

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Bitcoin Still Somewhat Retail-Driven Over the past few months, there has been a whole lot of talk about Bitcoin becoming the next trend for institutions. Like mom & pop investors fueled 2017’s monumental run, investors today expect institutional money, the “smart money”, to drive cryptocurrencies upward. Thus, a narrative has formed. “The herd is here“, some that abide by this narrative may say. According to Changpeng “CZ” Zhao, the beloved founder of Binance, this is not the case though. Speaking to Bloomberg for a recent interview, the Chinese-Canadian businessman suggested…

Bitcoin Price Clings to $10K Support After a Volatile Weekend

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Bitcoin price (BTC) traded above $10,000 July 15 after a weekend of heavy losses spelled disaster for cryptocurrencies across the board. Market visualization courtesy of Coin360 Data from Coin360 showed BTC/USD holding onto support above the key barrier Monday, having temporarily dropped as low as $9,912.  The 9.7% daily losses compounded a worrying weekly trend which saw the pair fall rapidly from above $13,000. Bitcoin 7-day price chart. Source: Coin360 Driving the bearish sentiment, analysts broadly claimed, was a mixture of criticism by United States president Donald Trump and overall…

Drug Trafficking Group in Spain Used Crypto ATMs for Money Laundering

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With cryptocurrency came a lot of innovative developments. One of such innovations is the creation of ATM-like machines specifically for dispensing virtual currencies. These machines function like the conventional automated teller machines (ATMs). You can put in a specific amount to get the equivalent worth in crypto coins or convert the cryptocurrencies in your wallet to fiat currency and withdraw the hard cold cash. This development was highly welcomed in the crypto community, only that it happens to fall short of some basic financial rules. During a police investigation in…

Bitcoin Price (BTC) Breaks Key Support: $8,800 Bearish Target Could Be Real

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Bitcoin price extended its declined and broke the key $10,800 support level against the US Dollar. The price even broke the last swing low and a major support area near the $10,500 level. There is a key bearish trend line forming with resistance near $10,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price remains in a strong target and it seems like the $8,880 bearish target seems real. Bitcoin price started a fresh decline below the $10,800 support against the US Dollar. BTC is…

Crypto Market and Bitcoin Signaling More Downsides: BCH, EOS, TRX, ADA Analysis

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The total crypto market cap is down more than $50.0B and it recently tested the $255.0B support. Bitcoin price is down more than 10% and even spiked below the $10,000 support level. EOS price broke the $4.50 support level and traded towards the $4.20 support zone. BCH price is down around 20% and it even traded below the $300 support level. Tron (TRX) price jumped around 10% and is currently trading above $0.0350. Cardano (ADA) price broke the key $0.0700 and $0.0600 support levels. Bitcoin price declined heavily below $10,500…

Ripple Price (XRP) Holding Ground While Ethereum & Bitcoin Takes Hit

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Ripple price broke the key $0.3200 support level to extend losses against the US dollar. The price even spiked below the $0.3000 support area and traded to a new monthly low at $0.2955. There is a major bearish trend line forming with resistance at $0.3200 on the hourly chart of the XRP/USD pair (data source from Kraken). The price could correct higher, but it is likely to face sellers near $0.3150 and $0.3200. Ripple price remained in a bearish zone against the US Dollar, but recovered vs bitcoin. XRP price…

Ethereum Price Dives 20%: ETH/BTC Breakdown The Main Driver

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ETH price declined heavily below key supports against the US Dollar and bitcoin. The price broke the key $260, $230 and $222 support levels to register 20% losses. There was a break below a short term declining channel with support near $227 on the hourly chart of ETH/USD (data feed via Kraken). The pair is heading towards the $200 support area, where the bulls may take a stand. Ethereum price fell significantly below $250 and 0.0250 versus the US Dollar and bitcoin respectively. ETH price remains at a risk of…