I know the volatility is picking up because it was only a week ago I last posted about Bitcoin,
Needless to say, the daily demand or the weekly demand didn't hold.
Bitcoin has tumbled down 30% in a month, 50% in six months and about 80% since December of last year. About $700 billion has in valuation has vanished since January. And the cypto pessimists are having a ball with the continued downward march. One in particular is Nouriel Roubini.
It doesn't help that Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), recently announced that it would delay the launch of its much-anticipated bitcoin futures product until at least late January. At this point, although Bitcoin is a bargain at these prices, there are no immediately catalysts for buyers to step in and buy. What we are witnessing are the weak hands exiting their positions. Are you one of them?
Although ICE delayed their product, Fidelity Digital Assets is launching in early 2019. Fidelity Digital Assets will provide institutional storage solutions, products, and services. Also, because of the demand, the SEC continues to flush out and create policies surrounding the crypto space. It's also worth noting, Google updated their ad policy last month, allowing some crypto businesses to advertise on its platform again.
Despite all the things going on behind the scenes, sentiment remains negative. Unless price is able to take out the daily supply at $4500, the chart suggests price will continue to fall, at least to the pivot low at $3000 (pink dashed line).
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Published on
by rollandthomas
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Published on
by rollandthomas