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Most cryptocurrencies began the week in red. Various technical indicators and momentum oscillators are pointing towards short-term stability of Bitcoin price.
The relative strength index (RSI) and Williams’ Percent Range (WPR) demonstrated significantly oversold conditions, as the RSI neared 30 and WPR remained relatively high at 75%.
Even after the oversold conditions, bears continued to push sell volumes across major cryptocurrency exchanges, leading Bitcoin to record a slight drop in value. The bitcoin price recorded a bounce at $6,610, rising by more than $100 and leaving the opportunity to recover back to the $8,000 region soon.
This current bear market will most likely turn out to be useful in the long run. The rally in 2017 had become frothy and attracted mostly retail traders who dreamt of becoming rich overnight. This was not good for the longevity of the virtual currencies.
Fundamentally, Bitcoin remains strong, with increasing adoption in regions like the US, Japan, and South Korea. Institutional investors, who have not been interested in the cryptocurrency market throughout the entirety of 2017, have started to enter the cryptocurrency sector.
A name that stands out is that of the legendary investor George Soros. Bloomberg’s sources confirmed that Adam Fisher, the person in charge of global macroeconomic investing at Soros Fund Management, has received the green signal to proceed with cryptocurrency investing.
Another very prominent investor to enter into the crypto world is the Rockefeller family, through their official venture capital arm Venrock.
As of now, Bitcoin remains stuck in a downtrend. It is currently sliding towards the support of $6,757.26, after failing to break out of the resistance line of the descending channel. If the bears break below the support, a fall to $6075.04 is possible.
If the bulls take control, the $6757.26 levels and subsequently break out of the 20-day EMA, it will signal strength.
Top Stories from the Crypto World
1. Bithumb posts 171x revenue spike in 2017
BTCKorea, the parent company of Bithumb, is a public company that is being traded on South Korea’s stock exchange KRX. It is required to publicly release its earnings and given that its only subsidiary company is Bithumb, the revenue and profit margins of BTCKorea are automatically that of Bithumb.
Bithumb has increased its revenue by 171-fold in 2017, in comparison to its revenue in 2016. Bithumb takes 0.15 percent of every order as its operating fee, and the fee model remains as the main revenue stream of the cryptocurrency exchange.
In 2017, especially in its fourth quarter, the trading volume of South Korean cryptocurrency exchanges rose exponentially, as the demand for cryptocurrencies like Bitcoin and Ethereum skyrocketed. Same year, Bithumb recorded a net income or profit of $420 million but recorded a revenue of 330 million.
2. Nona Foundation sponsors legal fund to provide Bitgrail victims with representation
The Nano Foundation has announced it will sponsor a legal fund to provide all victims of the hack of cryptocurrency exchange BitGrail with equal access to representation and pursue their legal interests associated with BitGrail’s insolvency.
In February, the Italy-based digital currency exchange BitGrail suffered a loss of one of its hosted tokens, Nano, and afterwards froze trading. The trading platform claimed that 17 mln Nano had been stolen in the hack, amounting to about $187 mln at the time the losses were detected.
To ensure all victims would receive proper legal support and have a chance to recover their assets, the Nano team reportedly contacted Espen Enger at the end of February to launch a legal fund. At the time Enger represented the interests of almost 600 BitGrail hack victims .
3. Gemini adds block trading to reduce impact of large orders on Bitcoin price
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has added a new feature that will reduce the impact that large buy and sell orders have on the Bitcoin price.
Gemini Block Trading will allow cryptocurrency “whales” to execute large trades outside of the exchange’s continuously-updated order books, where a single trade can have an outsized effect on the market as a whole.
Using the new platform, customers can place block orders that are only published to market makers, who can decide whether to make a market for the trader’s indication of interest.
Transactions made using the block trading platform will be published on a 10-minute delay, ensuring that all market participants have access to pricing and liquidity information while also reducing the data’s propensity to have a cascading effect on the Bitcoin price