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Bitcoin is in a steady uptrend and is making a quick pullback to its ascending channel support to gather more bulls. If the support holds, price could bounce back up to the resistance closer to the $10,000, which is major psychological level.
There is a good chance the uptrend will resume than reverse. A larger pullback could still find a floor at the 200 SMA dynamic inflection point around $8700.
Stochastic is indicating oversold conditions already, which means that sellers are already exhausted and willing to let buyers take over. The current support also lines up with a short-term area of interest, which means that bulls are waiting around this level. A break below the 200 SMA, though, could mean that a much deeper correction is underway.
There is no reason to panic so long as Bitcoin is trading above $8,000. At the time of writing, the largest cryptocurrency is trading at $8,852, representing a market cap of $150 billion.
The cryto market is only getting good news from all sides. For instance, Goldman Sachs has already made the first move as it has hired a crypto trader, Justin Schmidt, to head its digital asset markets division. As soon as one investment bank enters this space, the others will also take the plunge.
In a conference in Sohn, serial investor and entrepreneur John Pfeffer talked about how bitcoin could rise to at least $90,000 or significantly higher. He also declared that bitcoin is “better than gold” and that decentralization, as well as censorship resistance, are the core pillars of bitcoin prominence.
According to an informal survey conducted by Wall Street strategist Fundstrat Global Advisors — institutional investors that have already invested in crypto assets and are long-term bullish on the industry believe that the Bitcoin price has already bottomed out and will end the year above where it is currently trading.
Meanwhile, German Gref, the head of Sberbank, the largest state-owned Russian banking and financial institution, joint the chorus of cryptocurrency critics, describing digital assets as “immature and overvalued”
In the altcoin charts, Kyber Network (KNC) and OmiseGo (OMG) surged more than 73% and 32.5% respectively upon the announcement of South Korea’s biggest cryptocurrency exchange Bithumb’s integration.
While the long-term picture is impressive, the short-term volatility remains for Bitcoin.
Top Stories from the Crypto World
1. Show ‘Basic Respect’: Kraken CEO double down on his words
Kraken CEO and co-founder Jesse made headlines recently for his strongly-worded response to the New York Attorney General’s request for information on the Kraken exchange, the largest bitcoin exchange based on euro volume in the world.
The NYAG sent out a statement insisting that exchanges be more transparent, and issued 13 exchanges a 34 point questionnaire with a 2 week deadline for return. Kraken was one of those exchanges.
Powell fired back at the NYAG calling the questionnaire insulting, and stated that the startup company could not address all 34 points without diverting resources needed to fulfill their promises to customers to meet their roadmap goals on time.
He also refused to answer the questionnaire, suggesting that the US government make an appointment and send officials to San Francisco in person if they wanted to learn more about his business.
Powell elaborated on the decision to do this in a blog post on Sunday, stating:
“We left our cushy jobs as founders of another successful company out of an ideological motivation to build that legitimate, professional exchange which would be capable of bridging crypto with traditional financial institutions and bringing it to the mainstream. That is still our mission today.”
2. Japanese finance giant SBI invests in regulated ICO platform Templum
Japanese financial services giant SBI Holdings has invested in fintech company Templum, which focuses on offering regulated securities token offerings.
SBI Holding’s investment concluded a $10 mln fundraising round, which Templum reportedly will use to bring in institutional and accredited investors. SBI Holding did not disclose the exact amount they invested.
Templum’s website describes the company as providing “regulatory compliant solutions for Tokenized Asset Offerings (Initial Coin Offerings as securities) and subsequent secondary trading.”
3. Philippine government to allow country’s first crypto business in special economic zone
The Philippine government will allow 10 Blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone.
The companies will reportedly be the first Blockchain and crypto-related firms to legally operate in the Philippines after the Cagayan Economic Zone Authority (CEZA) established a fintech hub with the goal of creating an Asian “Silicon Valley”. CEZA is a state-owned corporation that manages the Cagayan Special Economic Zone and Freeport.
Chief of CEZA Raul Lambino stated that they will permit cryptocurrency exchanges, mining, and Initial Coin Offerings (ICOs):
“We are about to licence 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans. They can go into cryptocurrency mining, Initial Coin Offerings, or they can go into exchange.”