Bitcoin dramatically recovered overnight on Friday as investors/speculators digested the prospects of central banks’ easing measures.
The benchmark cryptocurrency established a session high of $10,309.84 on San Francisco-based Coinbase exchange. The move upside brought its gains up by as much as $723.98, or 7.55 percent, as measured from yesterday’s session low of $9,585.86. Elsewhere in the cryptocurrency market, altcoins tailed bitcoin gains, with Ethereum surging the maximum by 4.55 percent against the US dollar.
The advantages of blockchain technology are being recognized by various government departments all over the world and the latest one to do so is the US Department of Homeland Security, which is now running a POC using decentralized ledger technology to protect intellectual property.
According to a recent report, over 40% of products that are available on major Chinese online retail outlets are counterfeit and a considerable portion of such goods are said to be entering the US territory, in circumvention of US Trademark Laws.
Bitcoin evangelist Samson Mow is refusing to overcome his hatred for American whistleblower Edward Snowden.
The Blockstream CTO ‘evidently’ asked his social media followers to boycott Snowden’s new book, titled ‘Permanent Records,’reminding the former CIA employee’s love for bitcoin’s rival, Zcash (ZEC). Mow said Snowden recommended to buy ZEC for people looking for financial privacy when a bug in the cryptocurrency later uncovered the users’ so-called private transactions.
Cryptocurrency asset manager Grayscale Investments removed a piece of false information from its official website after the intervention of an economist.
The New York firm had wrongfully maligned fiat currencies, writing that their average lifespan is 27 years. The statement attracted criticism from John Paul Koning, a Canada-based financial researcher, who claimed Grayscale merely misrepresented a long-running internet meme as fact.
Bitcoin has, to put it lightly, seen a helluva past 48 hours. On Wednesday night/Thursday morning, the BTC price plunged by nearly $600 out of nowhere, dropping the cryptocurrency to $9,600 from $10,150.
Many traders immediately saw this as a sign that BTC was going to collapse lower, as it would have then resolved to the downside of a long-term descending triangle that has haunted bulls for months.
BiboxEurope is at it again. The Swiss fiat-to-crypto exchange platform has announced a new set of benefits for its users, in the form of a referral program, enabling them to make the most out of their offering. The program is set to go live on September 18, 2019 and conclude by the end of October 2019. Those users who are participating in the BiboxEurope Referral Program stand to earn a whopping 80% in commissions by referring their friends and family to become part of the Bibox community.
- Bitcoin price started a strong rise after trading as low as $9,637 against the US Dollar.
- The price is trading above the $10,200 level, but it is facing hurdles near the $10,400 level.
- There was a break above a major bearish trend line with resistance near $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is currently correcting lower towards the $10,150 and $10,100 support levels.
For the third day in a row the US Federal Reserve has injected more money into the system sparking widespread fears that things are spiraling out of control. The irony is that US regulators continually harp on about crypto market manipulation when it is happening on a grand scale right under their noses.
Bitcoin and Ethereum Market Caps Combined
Another day goes by and another $75 billion floods US money markets.
There is no doubting that Ethereum has been the shining star this week. There is a glimmer of hope that it may finally be decoupling from its big brother and starting to move independently as it should. New research indicates that the Ethereum ecosystem is strengthening in more ways than one.
Ethereum: Greater Than The Sum …
The latest report from blockchain industry leaders ConsenSys has broken down the current state of the Ethereum network to provide more insight on its status.
- The total crypto market cap bounced back sharply after testing the $245.0B support area.
- Bitcoin price is back above the $10,000 and $10,100 levels, with positive signs.
- Litecoin (LTC) price is showing positive signs and it could soon revisit the $80.00 resistance.
- BCH price is gaining pace and it could rise towards the $325 and $340 resistance levels.
- Tron (TRX) price settled above the $0.0170 level and it could continue to climb higher.
- Ripple price is finding a strong buying interest near the $0.2850 level against the US dollar.
- The price is currently consolidating and it is likely to climb back above $0.3000.
- There is a connecting bearish trend line forming with resistance near $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could start a fresh increase if it surpasses the $0.3000 and $0.3050 resistance levels.
- ETH price completed its downside correction near the $202 support area against the US Dollar.
- The price bounced back and climbed to a new monthly high above the $220 level.
- There is a new major bullish trend line forming with support near $210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently correcting gains, but it remains supported near the $215 and $210 levels.