The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
Zhao Dong, crypto billionaire, OTC trader: “In the bull market, I don’t persuade people to buy Bitcoin, because it seems easy to make quick money but in fact, it is not. Now, I start to talk people into buying Bitcoin.”
Since the beginning of the week, Bitcoin has been going down. On Monday, it fell below the psychological level at $4,000. Despite the slight recovery on Tuesday, it kept falling and retested the support at $3,617 on Thursday. Today bears managed to pull the price for the digital asset below the $3,617 level. One of the main reasons behind the current panic-selling lies in the postponed decision on the Bitcoin exchange-traded fund (ETF) approval by the US Securities and Exchange Commission (SEC) on Thursday. Another reason may be connected with yesterday's news on a lawsuit against Bitcmain, Bitcoin.com and the Kraken Bitcoin Exchange, which accused them of a plan to take control of the Bitcoin Cash network. If the bearish pressure continues, Bitcoin will fall towards the next support at the September 2017 minimum at $2,970. If the oldest cryptocurrency manages to recover, it will rise above the $3,617 level to the resistance at $4,100.
In other news:
- On December 3-5, 199,000 BTC were withdrawn from users, who were inactive since 2014. Transactions were divided by 660 BTC and then were collected on other addresses. No one knows the reason behind it yet.
- The largest whale who controls 12 million LTC was found in the Litecoin network.
- The share of Tether (USDT) in the market of stablecoins decreased from 90% to 74% during this year.
- After the automatic recalculations, the difficulty of Bitcoin mining dropped by 15%. This is the biggest drop since November 2011.
- Earlier today, Ethereum’s price collapsed from $100 to $13 on Coinbase Pro but managed to recover in an hour. Coinbase representatives have not commented yet on the sudden crash.
- G20 countries will develop the united system for cryptocurrencies’ regulations based on the Financial action task force (FATF) recommendations.
- France, Italy, Cyprus, Malta, Portugal, Greece and Spain signed an agreement on a joint promotion of blockchain technologies.
- The US authorities decided to analyze the anonymous crypto transactions. Let’s wait where it will go.
- NASDAQ vice president of Communications approved the plans of the trading platform to launch Bitcoin-futures at the beginning of 2019.
- Huawei Corporation launched the cloud blockchain platform for the development of centralized applications.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.
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