Crypto Markets Turn Bearish as Bitcoin Bulls Weaken - Bitcoinist

Crypto Markets Turn Bearish as Bitcoin Bulls Weaken - Bitcoinist
Crypto Markets Turn Red, With BTC Price Stuck Below $8,100 - Cointelegraph
Canadian Markets Regulator Gives 3iQ Green Light to Offer Bitcoin Fund - Cointelegraph
Klaytn's Token KLAY Listed on Upbit Singapore - PRNewswire

Posted: 31 Oct 2019 02:01 AM PDT

All appears quiet on crypto social media channels today as the China fervor abates and Bitcoin starts losing steam. $5 billion has left the space over the past 24 hours as altcoin losses accelerate and the bears reemerge from the digital woods.

Bitcoin Hanging by a Thread

BTC is clearly struggling to stay above $9,000 at the moment. Bearish sentiment has returned to crypto twitter and analysts are all painting downward looking charts. The China bulls have run for the hills leaving the bears to feast on those monumental gains.

After hitting an intraday high of $9,250 twice, bitcoin has fallen back to just below $9,100 at the time of writing. The next support level is $8,600 which could be hit pretty quickly as soon as BTC drops below $9k.

BTC prices 1 hour – Tradingview.com

Analyst and trader 'Crypto Dog' has noted the negative sentiment and created a poll for his followers on the state of Bitcoin prices.

The markets and social media have gone perfectly still, quiet. All of the bullish enthusiasm from earlier in the week seems to have dried up. It certainly *feels* like a dump incoming.

Of over 1,200 responses 60% are bearish at the time of writing. Fellow trader 'Credible Crypto' concurs with the sentiment adding that a drop support in the mid $8,000 region is likely to happen soon.

Either way I expect 8600-8800 to be hit sooner or later and if we clear the lows now I ultimately expect 8000-8200 to be met.

Current thoughts on $BTC IF the lows at $8917 (circled) are cleared. If we bounce before that, plan B comes into play. Either way I expect 8600-8800 to be hit sooner or later and if we clear the lows now I ultimately expect 8000-8200 to be met. pic.twitter.com/tkwytUlrdS

— Credible Crypto (@CredibleCrypto) October 31, 2019

Not all are that bearish though. Twitter trader, 'Financial Survivalism', appears to have identified a falling wedge in bitcoin's chart which is usually a bullish pattern.

The current $BTC market structure looks like a confirmed falling wedge, which would provide a target of $12,870.

The current $BTC market structure looks like a confirmed falling wedge, which would provide a target of $12,870. 🧐 pic.twitter.com/2xCRGlkEuu

— Financial Survivalism (@Sawcruhteez) October 31, 2019

Bitcoin dominance topped out at just over 71% during the big spike but has now retreated back to 69.6% according to Tradingview.com. This would not be so bad if the altcoins were rallying but they too are falling back as gains get eroded.

Altcoins Weakening

Around $5 billion has departed from digital assets over the past 24 hours as total market cap falls back to $245 billion. Ethereum has fallen below $185 and still looks a long way away from breaching the $200 barrier again.

Ripple's XRP could not hold above its own $0.30 barrier and has fallen back below it again while Bitcoin Cash, which has been bullish all week on developments at Bitmain, is holding $290. There is more red than green on crypto markets at the moment and altcoins are leading the drop. It is only a matter of time before bitcoin follows.

Will BTC dump back to $8,000 this week? Add your thoughts below.

Images via Shutterstock, Twitter @Sawcruhteez @CredibleCrypto, BTC/USD chart by Tradingview

The Rundown

Crypto Markets Turn Red, With BTC Price Stuck Below $8,100 - Cointelegraph

Posted: 31 Oct 2019 04:01 AM PDT

Tuesday, Oct. 22 — Crypto markets are mostly showing red candlesticks, while Bitcoin (BTC) fails to impress with a sudden drop below the $8,100 price point.

Cryptocurrency market daily overview. Source: Coin360

Bitcoin was trading above the $8,200 price mark for the better part of the day, but has dipped below $8,100 in recent hours. The world's largest cryptocurrency traded at an intraday high of nearly $8,300, before losing ground towards its current trading price of around $8,040. BTC is reporting a loss of almost 2% on the past 24 hours.

BTC daily price chart. Source: Coin360

For the second time, Bitcoin attempted to break above the $8,300 price point only to endure swift rejection. As Cointelegraph previously reported, BTC did not show any impressive price movements since the start of the weekend, when it managed to exit the $7,000 range.

Ether (ETH), meanwhile, is currently sitting at $171.3 per coin. The number one altcoin saw a small dip in sync with BTC and is showing a loss of around 1.3% at publishing time.

Cointelegraph contributor Rakesh Upadhyay recently said that the bulls have been buying the dip close to $169 for the last few days. A positive sign, according to Upadhyay, because that means that buyers are not waiting for Ether to drop to the bottom of the range at $161.056. He added:

"If the bulls can push the price above the moving averages, a rally to the top of the range at $196.483 is possible. A break of this level can carry the price to $235.70 with minor resistance at $223.999."

Ether seven-day price chart. Source: Coin360

XRP has been trading relatively flat for the better part of the day. The third-largest coin by market capitalization is currently trading at $0.2902 per coin, down 0.54% at press time. The news of San Francisco-based blockchain startup Ripple, adding three new appointments to its global regulatory team and joining the Blockchain Association, did not have any effect on the price of XRP.

XRP seven-day price chart. Source: Coin360

Top 20 altcoins turn red

All of the top 20 coins are showing red candlesticks, with Bitcoin SV (BSV) taking the title of worst top-20 performer of the day, showing a 4.5% loss on the day. Cosmos (ATOM) and Tezos (XTZ) follow closely with losses of more than 3% each.

Although not in the top 20, the number 27 by market cap, Brave Browser's Basic Attention Token (BAT), is showing impressive gains of more than 11% on the day, to trade at $0.24 per coin at press time.

The overall cryptocurrency market cap decreased from $223.3 billion to $218.5 billion, with Bitcoin making up 66.3% of the total.

Keep track of top crypto markets in real time here

Canadian Markets Regulator Gives 3iQ Green Light to Offer Bitcoin Fund - Cointelegraph

Posted: 30 Oct 2019 04:27 PM PDT

Canadian investment fund manager 3iQ will now be able to offer Canadian retail investors a regulated, publicly-traded Bitcoin (BTC) fund.

Bitcoin fund available to retail investors by end of year

In an Oct. 30 press release, 3iQ announced that it had received a favorable ruling from the Ontario Securities Commission (OSC) in regard to its closed-end Bitcoin fund, which is expected to be available on a major Canadian stock exchange by the end of the year.

In February, Canada's markets regulator ruled negatively on 3iQ's proposal to launch its regulated Bitcoin fund. However, the Toronto-based 3iQ appealed the decision and ultimately won approval from the OCS to launch its BTC fund. 3iQ chief executive Fred Pye said:

"Over the past three years, we have worked actively with the OSC's Investment Funds and Structured Products Branch to create an investment fund that we hope will allow retail investors the benefits of investing in Bitcoin through a regulated, listed fund."

Pye, who previously worked as senior VP at Fidelity Investments Canada, told the Financial Post that retail investors will be able to buy and sell the Bitcoin fund through traditional and discount brokers. The investments will also be eligible for Canadian registered retirement savings plans and tax-free savings accounts.

Gemini, the New York-based cryptocurrency exchange and custodian founded in 2014 by twin brothers Cameron and Tyler Winklevoss, will act as custodian of the fund's Bitcoins.

Canada is exploring digital currency

The Bank of Canada is reportedly exploring possible opportunities and challenges related to launching its own digital currency. The central bank purportedly believes that a public central bank digital currency could be the answer to the direct threat that cryptocurrencies apparently present.

Klaytn's Token KLAY Listed on Upbit Singapore - PRNewswire

Posted: 28 Oct 2019 06:00 PM PDT

Developed by Kakao's blockchain unit, Ground X, of South Korea, Klaytn is a public blockchain platform whose mainnet launched this past June. With a mission to trigger mass adoption of blockchain, Klaytn offers high performance and flexible scalability solutions for developers and businesses to smoothly operate BApps (Blockchain Applications) with large traffic. To this date, Klaytn has partnered with a total of 56 service partners, in various industry domains. More than a dozen of its partners have already launched blockchain services, while others are set to open later this year.

Klaytn has secured the first listing of its token KLAY on Upbit Indonesia's Rupiah market last month on September 26. Supporting the trading of over 150 crypto assets, Upbit is the cryptocurrency exchange operated by South Korean fintech firm, Dunamu, with global exchanges in Singapore and Indonesia.

Jason Han, the CEO of Ground X, who heads the development of the Klaytn platform, said, "With the introduction of KLAY on Upbit Singapore and Indonesia, we expect more developers to participate in the Klaytn platform." He added, "We will continue to expand our ecosystem to trigger mass adoption of blockchain experience for millions of users."

The KLAY transfer is currently available between Upbit Singapore and Upbit Indonesia wallets only. For more information, visit the Upbit Indonesia homepage at https://id.upbit.com and the Upbit Singapore homepage at https://sg.upbit.com. Further details of the official transfer of KLAY on other exchanges will be announced only via the official Klaytn webpage at www.klaytn.com and social channels on Medium, Facebook, Twitter, and LinkedIn.

About Klaytn (https://www.klaytn.com/)

Klaytn is a global public blockchain platform developed by Ground X, the blockchain subsidiary of the leading South Korean Internet company, Kakao. Klaytn is a service-centric blockchain platform providing intuitive development environment and friendly end-user experience. It is built upon solid reliability and significant stability with substantial service development for mass adoption. The platform allows real world applications of large scale to be produced right away so that our end-users can make full use of services without much expertise in blockchain or cryptocurrency.

https://medium.com/klaytn
https://twitter.com/klaytn_official
https://www.facebook.com/klaytn.official/
https://www.linkedin.com/company/klaytn

SOURCE Klaytn

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