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Bitcoin price is on a roller coaster ride. It fell to a low of $3520 before starting the weekend, and soon gained 5% reaching to reach $3780, fell again today to $3600, but is now back up again $3700 level. It seems that Bitcoin has found strong support at $3500.
Although, if the prices fail to move above $3850 level, there can be another downside wave. Key support level being $3500, in case that is broken, Bitcoin may retest $3200 level in the near term. As the week draws to a close, anything above $4000 would be great bullish sign.
The cryptocurrencies are giving back some of their 2017 gains. This correction is a healthy sign for the entire crypto market. Had the spike continued any longer, it could have resulted in a bubble-like situation. Therefore, both traders and investors should welcome this correction. There are still plenty of buying opportunities on various cryptocurrencies.
At any point if Bitcoin manages to cross $4150, there is high chance it can rally up to retest $5000.
Top Stories from the Crypto World
1. Cryptocurrency trading volumes set to surpass Apple stock
Stock market strategist Jens Nordvig, the founder and CEO of Exante Data, predicts that daily cryptocurrency trading volume will “soon surpass” that of Apple, the most-traded company stock.
He said, “Cryptocurrency trading volume is now more than of $3bn/day on average, and will likely soon surpass that of the world’s most liquid stock: Apple ($4bn/day).”
2. Mastercard looking to implement Blockchain Settlement System
The U.S. Patent and Trademark Office (USPTO) published a new application from mastercard this week that outlines a solution for a “uniform settlement system” – one that would help ease some of the friction involved with business-to-business payments.
Mastercard is perhaps looking to integrate blockchain into its payments infrastructure.
3. Roger Ver wants to establish an independent nation
Olivier Janssens, founder of Freedom Investments, and Roger Ver (Bitcoin Jesus) of Bitcoin Foundation, along with a trove of attorneys and other professionals, are seeking to establish their own independent nation, governed by libertarian values.
The country, reminiscent of Ayn Rand’s Galtian paradise, is intended to be a place where those who reject governmental controls and seek to maintain libertarian freedoms can gather and promote a truly free society.