ICE CEO Jeffrey Sprecher says crypto winter has been “helpful” to bitcoin futures exchange Bakkt by letting it buy firms on the cheap.
Cryptocurrency markets are moving again today as fresh
enthusiasm, and around 5 billion dollars, flows back into digital assets.
Yesterday’s dip had all the signals of a larger drop off as
the crypto community squabbled over the fate of BSV following the Binance
boycott. Kraken followed
suit after an online poll
gathered over 70,000 responses and secured a 71% community vote to ditch the
Bitcoin to $5,600 Before Any Pullback
Those shenanigans have been forgotten today as markets
bounce back and Bitcoin ramps up to its next resistance level. Analysts have
been looking for signals in the recent range bound chart patterns for the next
direction Bitcoin will take. Many of them are optimistic that it will make a
move higher before retreating;
Bitcoin needs to break resistance at $5,400 before any
further gains will be made. This is the highest point it reached on Thursday
last week so a retest of this level is highly likely in the next day or so. The
next resistance zone is around $5,600 but once this has been broken BTC could
surge to $6,000 very quickly.
Trader and analyst Luke Martin has eyed the $4,600 to $4,800
level as a more attractive entry point than current prices.
At the time of writing Bitcoin was trading at a five day
high of $5,250, up 3.3 percent on the day. Daily volume over 24 hours has
remained stable at over $11 billion and the move has pulled the rest of the
crypto market up with it. Since the beginning of April Bitcoin has gained 28%
and has remained above $5k for the best part of the month. BTC dominance has
also climbed to 52.3 percent as it drives market momentum today.
Total market cap is currently at $177 billion which is jump
of 3 percent on the day with an inflow of over $5 billion. Monero is performing
well at the moment with a gain of 6 percent on the day to reach $68. Tezos is
also back in bullish territory as it climbs over 9 percent to $1.15. BAT also
seems to be on a roll as it surges 12.5 percent today reaching $0.329.
Daily volume for the entire market is still over $40 billion
which is a bullish sign that further gains could be forthcoming. Since the
beginning of 2019 crypto markets have gained 40% as all memories of crypto
winter begin to fade with the coming of spring.
The post Markets Moving: $5 Billion Flows Back In As Bitcoin Bounces Back appeared first on Ethereum World News.
Valerie A. Szczepanik, Senior Advisor for Digital Assets and Innovation at the U.S. Securities and Exchange Commission is confident that very soon the crypto market will overcome the winter that began during 2018.
Speaking at the SXSW in Austin, Texas, Ms. Szczepanik commented that over time, the SEC is becoming clearer about the nature of cryptocurrencies and the type of treatment they should give to all the different kind of digital assets. This clarity in the criteria of the regulatory agencies will directly result in a boost to the crypto markets by increasing the safety and confidence of users:
I do think if we hope to smell the crypto spring in the air, it will take people walking with the regulators … But I do think the spring is going to come.
SEC is Working Hard (But Slowly)
Over the preceding months, administrative changes within the SEC show to be yielding positive results. The new commissioners have a more proactive stance and suggest to be aligned with the vision of other senior U.S. government officials who see cryptocurrencies as an opportunity to boost the country’s economic and commercial system.
However, she is aware that the work is gradual and that it will probably be difficult for the regulatory bodies to keep pace with the various technological initiatives that are flourishing today thanks to the blockchain hype. She explained that a slow but successful work is better than a fast but deficient one:
I think if you were to propose a new regime of regulations in a precipitous way without really studying it, you might end up steering the technology one way or another.
For the community of cryptocurrency users, the SEC plays a particularly relevant role in two scenarios that have sparked high expectations for users and investors:
- Determine whether or not a particular token or ICO is a security by nature. This has taken on particular relevance in well-known cases such as Ethereum and XRP.
- Determine if there are appropriate conditions to approve a crypto ETF. This is especially important for the Bitcoin community (BTC) as to date all attempts have been unsuccessful.
The post SEC’s Valerie A. Szczepanik: Crypto Spring “is Going to Come” appeared first on Ethereum World News.
The price of Bitcoin (BTC) may be up slightly Wednesday, but that hasn’t exactly raised the spirits of the asset’s most avid investors.
Rather, with the market now down roughly 70 percent from 2017’s highs, many HOLDers, the bitcoin faithful who have vowed never to sell, are becoming convinced they might have seen the last big rally before another long-time bear market (as happened in 2014).
In crypto lingo, it’s time to put on some gloves for another “crypto winter.”
Put more simply, investors now think they’ll face a long period where the market might be unable to attract new investment. Adding to the reasoning? It’s happened before.
The cryptocurrency once dropped by 70 percent in a seven-month time period from June to January 2015 – the longest bear market time period in crypto. At the time, many people panicked and sold.
Except this time, bitcoin’s faithful say they will stay more optimistic.
To remind themselves of what happened in the past (and to prepare for a possibly tough time ahead), an online meme titled “things I did during the 14/15 bear market” is trending on social media right now.
Soon, it was over all Twitter.
Some of the posts were pretty serious and inspiring:
Still, it’s important to remember why the meme is still trendy, as it reflects how HODLers have learned how to stay calm during tough times. In some ways, this means even the most sophomoric might actually be a sign that the industry is maturing.
So, how are you HODLing up?
Ice image via Shutterstock
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