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Bitcoin Price May Test $7,750 as Selling Pressure Grows
Bitcoin’s bearish daily candle close (UTC) on October 16 has increased the likelihood of further price drops.
The monthly chart has similarities to that of November 2018 when volumes favored a bullish outlook, before dropping to new yearly lows.
The bulls need to drive prices back above $8,300 quickly or risk conceding full market control to the bears in the short term.
Bitcoin is looking increasingly weak, having dropped nearly 2 percent on rising trading volumes Wednesday.
The top cryptocurrency by market value fell from $8,150 to $7,912 in the early U.S. trading hou...
Next Bitcoin Halving Could Squeeze out Retail Miners, But Jury’s Split on Price
Is the next halving going to send bitcoin to the moon?
Well, maybe not that fast. As the programmed reduction of the miners’ reward is approaching (expected to happen in May next year), people are disagreeing about its probable effects.
Bitcoin has gone through the halving two times before, in November 2012 and July 2016, and both times the events marked the beginning of the next bull market. But, it’s an open question if the halving brings an uptrend and if so, how strong that uptrend will be.
Miners took the stage to debate the issue last week at the recent World ...
Bitcoin Faces Drop Below $8,000 Despite Beating Price Resistance
Bitcoin has crossed the 20-day moving average (MA) hurdle but remains in bearish territory below the long-term resistance of the 200-day MA.
Daily and weekly charts indicate scope for a drop to $7,750.
A UTC close above the 200-day MA at $8,718 is needed to weaken the bearish case.
Bitcoin appears likely to drop below $8,000, despite having scaled a widely tracked technical resistance level.
The top cryptocurrency by market value is trading above the 20-day moving average for the first time since mid-September. The MA line was crossed multiple times over the weekend, but on each o...
Facebook’s Calibra Sued by Mobile Banking App Over Similar Logos
Facebook’s Calibra is being sued for trademark infringement by mobile banking app Current, adding a potential legal showdown to the beleaguered Libra digital currency project’s growing list of woes.
The complaint, filed Thursday in the U.S. District Court for the Southern District of New York, alleges that the Calibra logo is too similar to Current’s own, which the fintech firm has been using since August 2016. Calibra is developing the Libra project’s digital wallet.
Current is seeking a preliminary injunction and monetary damages. It alleges:
Is Bitcoin a Safe Haven Like Gold? These Four Charts Say Not Yet
Galen Moore is a member of the CoinDesk Research team. The following article originally appeared in Institutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets. Sign up for free here.
Investors are beginning to have a clear sense why bitcoin exists: it’s digital gold, a narrative that has emerged clearly as other assets flounder, gasping for air in the muddy water of shallow memes.
Ethereum has hopped from story to disjointed story; now it’s “money” (OK). Nobody knows what Ripple, er, XRP is.
If bitcoin is...