After a weekend of further price battering, where Sunday looked for a while to have held the bears off, Bitcoin has finally given up on USD 7,000 support levels. In Asian Monday trading, as global stock markets also shuddered in the wake of US-China trade wars, price hit a low of USD 6,524 (CoinDesk).
Altcoins suffered even more, with Ripple hitting it’s all-time low of just below 20 cents, triggering fears that the centralized altcoin would face even further dumping from major holders. Ethereum has also shied away from USD 150, threatening now to shrink back even further to USD 100 if further floors are found.
Crypto influencer Filbfilb is not too worried, however, saying that a Bitcoin price bottom was going to be at USD 6,000, using a descending channel that predicts a bounce after that level is hit. Another Twitter analyst agrees, and advises traders to accumulate at this bottom for the pending bull run expected to follow quickly on the heels of a market bottoming out.
Amid the crypto fervor, there is news that the Libra Association behind Facebook’s crypto project are now thick in the middle of consolidation, helping out each of their own members to strengthen their positions while Libra itself faces down regulatory challenges across the world.
Association Members are not shying away from the headlines, putting out positive news. The latest being that of Bison Trails securing over USD 25 million in a Series A financing round. The company develops provides a secure infrastructure for multiple enterprise blockchain networks, and hopes that its solutions allow customers to spend fewer resources on in-house security, infrastructure and blockchain competencies.
The funding round was led by Blockchain Capital and saw the likes of Kleiner Perkins and Coinbase participate, joined by Collaborative Fund, A Capital, Consensys, and Sound Venture. Bison Trails CEO Joe Lallouz told Forbes that their aim was to introduce transparency and simplicity to entrepreneurs bold enough to build in a decentralized ecosystem, investors wise enough to back a nascent market, and enterprises courageous enough to commit to a technological inevitability”.
Lallouz claims they have become the easiest way to operate across several blockchains and Coinbase COO Emilie Choi seems to agree:
“The team at Bison Trails shares our long-term vision of advancing the crypto ecosystem towards delivering massive utility at a global scale… We believe crypto networks will continue to move towards active network participation models (i.e., staking, voting, signaling, etc.), further reinforcing the need for solutions such as those that Bison Trails provides.”
Apart from that sort of headline-making news from blockchain players, BitcoinNews.com also wrote about yet another mystery whale moving USD 310 million in Bitcoin for the cost of about 32 cents. While it is a strikingly familiar case of how cheap it can be to use Bitcoin as a means of transferring value (not to mention how secure it is), and, as TheNextWeb points out, was done completely independently. Bitcoin never needs permission from state, bank, regulator or anyone to move money to anyone you choose.
But if that’s not of interest to you, then speculators should also pay attention as there are some analysts who are saying that these whale movements are also proof that a Bitcoin bottom is approaching.
The cheeky “Lord Tulips” Twitter user has shown that Bitcoin bulls make their moves at past Bitcoin bottoms, and some of the first people to respond to it agree, calling these price opportunities to get “Bitcoin Black Friday” deals.
BeinCrypto reports that the last massive jump in Bitcoin price which happened last month actually also followed on quickly from large transactions over the Bitcoin network. Some others have pointed out also that prior to this years steady climb up the charts from March, whale movements had also been spotted on the public blockchain, giving strength to claims that whales appear in the market when a bottom is nearing.
One theory is because, as whales buy, liquid supply is sharply and suddenly reduced causing jumps in the market thanks to the “short squeeze”, leading to price pumps.
In any case, let us also not forget that CME Group’s Bitcoin futures are coming up and there is a gap waiting to be filled, as we have written about in the past. Bitcoin price has tended to close to fill in that gap, and currently it is around USD 7,300.
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