Bitcoin price remains in a delicate situation on Tuesday. Unlike yesterday, where the bulls took a decision to surge past USD 9,000, and only briefly held the ground above that, today, there was no such attempt to gain significant footholds. If anything price has declined even further in optimism, with the daily high only at USD 8,784 and price right now closer to the daily low of USD 8,670 (CoinDesk).
Nevertheless, traders will take comfort that the worst that could happen in a day has not, and the volatility within that narrow range suggests there is still a lot to trade first before Bitcoin price can decide where to settle down in preparation for its next significant move.
There have been some wild rides in the altcoin markets in the past 24 hours, with NEO making a surprise 10% surge to record USD 11.90, while Decred has almost forced double-digit growth valuations, setting at 9.67% at USD 22.61. The rest of the altcoins in the Top 20 by market capitalization have shown a tendency to go either side of neutral, within a 1% range, as if waiting to see what Bitcoin will do mid-week first before going on their own run or slide.
Well, first level nicely holding here. Could continue the ranging here.
For bulls; break back above $9,050 required.
If not, I'm still aiming both green zones for a potential long (down till $8,400 if the market provides that opportunity). pic.twitter.com/rtbZeTtle7
— Crypto Michaël (@CryptoMichNL) November 11, 2019
Not much is coming out of social media that is any different from what we are used to seeing, but in general, the Bitcoin price sentiment is that of wait and see. Crypto commentator Michaël van de Poppe believes there is a chance for a further fall to USD 8,400, but bulls can also see a surge upwards if they can break and stay above USD 9,050. This, he believes, is practically textbook behavior of bulls and bears finding where to go next.
The Chinese central bank, meanwhile, has promised there will not be a “war on cash” with its plans to launch a digital yuan. Head of digital currency research at the People’s Bank of China Mu Changchun was quoted by Reuters today as saying:
“We know the demand from the general public is to keep anonymity by using paper money and coins… we will give those people who demand it anonymity in their transactions… But at the same time we will keep the balance between the ‘controllable anonymity’ and anti-money laundering, CTF (counter terrorist financing), and also tax issues, online gambling and any electronic criminal activities. That is a balance we have to keep, and that is our goal.”
If the Chinese yuan digital counterpart comes true, it would be, along with Tunisia, one of the first to issue a digital currency for domestic use. The Chinese government has been generally accepting of digital money, but with a huge caveat on privacy, as users of WeChat Pay and Alipay will know that verification is extensive.
In Singapore today, during crypto data aggregator CoinMarketCap’s (CMC) inaugural conference, the site announced a new live tool on its homepage that will show off a new metric to users: liquidity.
CMC said that the new tool will take data from about 3,000 crypto assets, and adapt it to show a new liquidity metric, that aims to try and filter out market manipulation. The website has regularly come under fire from the public and other critics for misrepresenting coin rankings since they are ranked by market capitalization, which is the value of the coin’s total supply multiplied by its market price.
CMC has been accused of publishing data as is, without verifying it the data supplied by coins and exchanges are in fact true. In this way, critics say newcomers especially are susceptible to buying poorly performing coins based simply on their ranking on CMC.
And now, with this latest tool, each asset will also have a liquidity metric that can help traders better distinguish how liquid coins listed are. CMC chief strategy officer Carylyne Chan explained the methodology that hoped to mitigate opportunities for fraudulent data reporting:
“We believe our adaptive methodology will make our metric very difficult to ‘game’ as orders would need to be placed close to the mid-price, or risk being counter-productive to the Liquidity metric scoring.”
According to the website, this would reduce the dependence on volume reporting, vulnerable to wash trading and other manipulative practices. Chan said this was one step closer to proving that “volume has lost its value as a metric”.
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