Bitcoin’s rally seems to have hit a wall as it struggles to get past $4100. Today, Bitcoin price hit a low of $3811, but soon rebounded to $3900 levels.
It’s not just Bitcoin, every other cryptocurrency is either suffering losses of trading sideways. At the time of writing, the entire cryptocurrency market is at $134 billion, which was $165 billion just a two weeks ago. Dash remains the only cryptocurrency in the top 50 that has gained 8% in the last 24 hours.
Furthermore, the much anticipated FOMC decision turned out positive for dollar. The central bank has confirmed that it would start unwinding its balance sheet next month and that a December interest rate hike is still in play. Although, this news had little to no effect on Bitcoin price. Cryptocurrencies continue to stabilize across the board.
On the other hand, there are rumours of another Bitcoin split happening in November. Segwit2x proposal is gaining momentum day by day. Whether Bitcoin will be able to shrug this spit off or the prices will fall – like we say just before August 1 split – remains to be seen.
That said, there is a good chance whales (High Networth Individuals in Bitcoin speak) are holding off their investments fearing another split in November. We might have to wait until then for Bitcoin to hit a new all time high.
Top Stories from the Crypto World
1. IBM ahead of Microsoft in Blockchain tech
Microsoft might be doing a lot of things right, but when it comes to blockchain IBM is leading the way. A recent survey called “Blockchain Enterprise Survey” market research firm Juniper Research indicates that IBM is most successful at deploying Blockchain technology solutions.
Why it matters: Blockchain enterprise is already a huge industry with the likes of Microsoft, IBM, JPMorgan, Accenture and many other institutions working on various blockchain projects.
IBM recently unveiled the first commercial application of IBM Blockchain, a suite of cloud services to help clients create and manage blockchain networks. Whereas, Microsoft has been adding BaaS modules to Azure, its cloud-computing platform, since 2015, making them available to all users last year.
It is worth noting that while Microsoft is backing Ethereum Enterprise Alliance (EEA), IBM is on the other side of the camp, supporting Hyperledger – EEA’s competitor. Both the companies – EEA and Hyperledger – have been helping Fortune 500 companies implementing Permissioned (or private) Blockchains in a closed Sandbox. The rivalry is great for this space. We’ll continue to see more exciting projects for both the sides.
2. Darknet is moving from Bitcoin to Monero (XMR)
The United States Department of Homeland Security (DHS), told CNBC recently that cybercriminals are “looking more closely at other currencies like Monero and Ethereum.”
Bitcoin has always been pseudo-anonymous, which essentially means you can track back the transaction to the source if you really want to. Monero, on the other hand, is completely anonymous. The is no public blockchain to look at in the first place.
It isn’t surprising to see Darknet, which is famous for illegal activities, opting for an option that leaves no traces behind.
3. South Korea takes over China in Bitcoin trading
Chinese traders are looking for options offshore as the country continues the crackdown on Bitcoin. South Korea has passed China in total Bitcoin trading volume today, as reported by Joseph Young and Tuur Demeester via Twitter: