Bitcoin: Extreme fear or extreme potential
Once again the fight for bitcoin revolves around a threshold of $10,000. For the last day of the reference cryptocurrency loses more than 2%. The decline in prices comes amid rising trading volumes. The effect of the imminent launch Bakkt came to naught, and now the game returned recent “tug of war”.
If the pressure bears in the direction below the lows of mid-August for $9,500, the participants of the stock market will hear a very disturbing call. By the way, the next significant support level seen only at $6,200, which passes through a 200-day average.
The index of dominance of bitcoin is close to 69%. However, the cryptocurrency market is flooded with illiquid cryptoprocta. In the list of CoinMarketCap, almost 2,500 cryptocurrency. If we ignore all the illiquid and stabilini, the share of bitcoin in the market may go beyond 90%.
The index of fear and greed, fell recently to a minimum value of 5, which corresponds to the designation of “extreme fear. Judging by the index, it may indicate the prospect of a sharp decline. As a rule, RSA causes panic from one side of the stock market and creates the possibility of purchase a discount for the second. Currently, the market really sold off, but the decline of bitcoin is not as dramatic as it demonstrates the mentioned index.
While market participants are watching the fluctuations in BTC to Tether thought about creating another stablein based on the Chinese Renminbi – so popular became this direction. Against the background of a trade war with the United States, the actions of the Chinese government and the Hong Kong protests, Chinese merchants increasingly prefer stable crypto-currency for transactions, while at the moment they have the opportunity to exchange USDT for Fiat currency at home. It is likely that this scheme is already controlled by the Chinese government.
Russian project Waves can get growth momentum of the trade volume by placing the coins on the crypto currency exchange Kraken, whereas earlier such plans were made and the largest American crypto currency exchange Coinbase. The last significant price momentum Waves received in December 2018 after updating mobile app that allowed you to buy cryptocurrency with a banking card.
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