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Bull Run: Reasons why Bitcoin can reach 6K very soon

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Here are a series of positive developments for bitcoin which were announced in the Consensus event this week which probably led to the price rise.

After a miserable month for the cryptocurrency market, the bear market seems to have finally come to an end with bitcoin now trading above the $4000 support range currently trading around $4200 according to CoinGecko Chart and is expected to rise further. Here are a series of positive developments for bitcoin which were announced in the Consensus event this week which probably led to the price rise.


 

Nasdaq Bitcoin Futures

Nasdaq, the 2nd largest stock exchange in the world is planning to launch bitcoin futures that will be traded on its stock exchange. The announcement was made by Gabor Gurbacs, the director at VanEck on the consensus event in New York this week. In the announcement, he stated that VanEck has partnered with Nasdaq to bring a¬†regulated cryptocurrency 2.0 futures type contract to the market. This will lead to a massive growth in the cryptocurrency, especially bitcoin’s market capitalization which may further result in a massive price increase in 2019.

 

World’s First Cryptocurrency Index ETP Launched

The Amun Crypto Basket which was in the news lately for being traded on ‘SIX EXCHANGE’ based in Switzerland has received a massive volume in the market.

The ETP currently tracks 4 cryptocurrencies i.e. Bitcoin, XRP, ETH and Litecoin backed with the index provided by the MVIS. The ETP is trading around $400,000 daily which is a good volume for the start and is ranked high in the Switzerland ETP Markets. Also, most of the investors are using the ETP for holding and not trading.

 

Securities and Exchange Commission on ETF

In the Consensus event, Jay Clayton, the SEC Chairman laid emphases on the Bitcoin ETF proposed by VanEck. VanEck Bitcoin ETF price index will use the data from 3 largest OTC markets that are Genesis Trading, Circle Trade, and Cumberland as they believe that these are the least manipulated markets. However, the SEC Chairman had some doubts to whether the Bitcoin ETF will be approved until the markets were totally free from the risk of manipulation.

 

The Bitcoin market looks quite bullish at the moment with the price significantly rising and may soon be able to break the resistance at around $4200 after which is the price is expected to rise massively.

#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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