Bitcoin price hovered between $4500 and $4600 levels on Wednesday after it reached an all time high of $4693 the day before. Even though there is a small resistance at $4630, Bitcoin price will likely to rally and break pass $5000 levels — where it should face stiff resistance since it’s a major psychological barrier.
It is important to note that RSI is showing the first signs of a negative divergence, which could lead to bearish development if confirmed by a fall in price. If that happens, we could see a steep decline in Bitcoin price to test resistance level at $3800.
Notably, while Bitcoin price is shooting upwards, its dominance in the crypto market has gone down to 45.4%. It just goes to show that alt coins are catching up in the crypto market and investors are investing in other cryptocurrencies just not Bitcoin.
Top Stories from the Crypto World
1. Ethereum Foundation Strikes Deal with Russian Development Bank
Ethereum Foundation is a non-profit organization dedicated to support development of the ethereum protocol. It has signed a partnership with Russian state-owned development bank Vnesheconombank (VEB).
In a joint statement, the Ethereum Foundation will work together with the VEB to support its new blockchain research center, providing specialist training for distributed ledger technology and the ethereum platform.
2. China’s regulators visit US on Blockchain research trip
The People’s Bank of China (PBoC) has visited Coinbase and Ripple on a US research delegation about the “significant” issue of cryptocurrency.
This visit to various San Francisco startups was part of a mission to understand US approaches to Blockchain regulation.
A good thing to know: The regulations surrounding ICOs in China are stricter than the US. Due to this, few ICOs in the past had to disallow Chinese citizens from participating in the token sale. Since China cannot stop its citizens from using cryptocurrencies because of their decentralized nature, they are opting for the next best thing — creating their own version of cryptocurrencies. Just like we’ve have seen Chinese version of Facebook and Twitter, there is NEO which is being promoted as Chinese Ethereum.
3. UAE Remittance Giant Taps Ripple Blockchain
A major UAE forex and remittance house is in the process of partnering FinTech firm Ripple for real-time cross border payments using blockchain technology.
One of the region’s earliest remittance operators with some 800 offices across 31 countries, UAE Exchange, is looking to partner San Francisco-based FinTech firm Ripple to facilitate instant international money transfers.