BTC E-Commerce use tumbles BTC e-commerce use has fallen 85% from $411m last September to a low of $60m in May this year. This rapid decline gives us an interesting look into one of the factors that preceded and followed the bull market run at the end of last year. Firstly let’s consider some of the factors that would have contributed to this decline. The most prominent being the transaction cost. BTC has been notoriously bad at scaling resulting in absurdly high transaction costs. High transaction costs and transaction cost volatility simply do not make BTC a viable form of currency. Speaking about volatility, since last September BTC has risen from $4,000 to $20,000 then back down to $7,000 today. Price volatility is also a major problem for vendors as they may charge $50 in BTC for goods on Monday and that amount of BTC could be worth $30 by Wednesday. Payment companies like Stripe removed BTC payment as an option in January of this year claiming that transactions were too slow and too expensive. This is seemingly a move in response to difficulty experienced by the BTC network during periods of high volume. This 85% decline is no cause for concern as these issues with the BTC network can and will be solved with innovative scaling solutions, the lightning network is a good start. One noteworthy consideration is the paradigm shift from BTC being a currency to BTC being a store of value. With this new categorisation of BTC came new innovative cryptocurrency solutions well equipped to handle the scaling issues that BTC could not. Tokens such as Nano or Fantom which are built on DAG network architecture can facilitate hundreds of thousands of transactions per second with no transaction fees. These new high speed and low cost alternatives are still in their infancy however. E-commerce usage of BTC may have dropped but it has been transferred elsewhere to tokens built for the purpose of acting as a currency. The river will flow through the path of least resistance.  |
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BTC E-Commerce use tumblesBTC
BTC e-commerce use has fallen 85% from $411m last September to a low of $60m in May this year. This rapid decline gives us an interesting look into one of the factors that preceded and followed the bull market run at the end of last year.
Firstly let’s consider some of the factors that would have contributed to this decline. The most prominent being the transaction cost. BTC has been notoriously bad at scaling resulting in absurdly high transaction costs. High transaction costs and transaction cost volatility simply do not make BTC a viable form of currency.
Speaking about volatility, since last September BTC has risen from $4,000 to $20,000 then back down to $7,000 today. Price volatility is also a major problem for vendors as they may charge $50 in BTC for goods on Monday and that amount of BTC could be worth $30 by Wednesday.
Payment companies like Stripe removed BTC payment as an option in January of this year claiming that transactions were too slow and too expensive. This is seemingly a move in response to difficulty experienced by the BTC network during periods of high volume.
This 85% decline is no cause for concern as these issues with the BTC network can and will be solved with innovative scaling solutions, the lightning network is a good start. One noteworthy consideration is the paradigm shift from BTC being a currency to BTC being a store of value.
With this new categorisation of BTC came new innovative cryptocurrency solutions well equipped to handle the scaling issues that BTC could not. Tokens such as Nano or Fantom which are built on DAG network architecture can facilitate hundreds of thousands of transactions per second with no transaction fees. These new high speed and low cost alternatives are still in their infancy however.
E-commerce usage of BTC may have dropped but it has been transferred elsewhere to tokens built for the purpose of acting as a currency. The river will flow through the path of least resistance. BTC
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BTC E-Commerce use tumbles
BTC e-commerce use has fallen 85% from $411m last September to a low of $60m in May this year. This rapid decline gives us an interesting look into one of the factors that preceded and followed the bull market run at the end of last year.
Firstly let’s consider some of the factors that would have contributed to this decline. The most prominent being the transaction cost. BTC has been notoriously bad at scaling resulting in absurdly high transaction costs. High transaction costs and transaction cost volatility simply do not make BTC a viable form of currency.
Speaking about volatility, since last September BTC has risen from $4,000 to $20,000 then back down to $7,000 today. Price volatility is also a major problem for vendors as they may charge $50 in BTC for goods on Monday and that amount of BTC could be worth $30 by Wednesday.
Payment companies like Stripe removed BTC payment as an option in January of this year claiming that transactions were too slow and too expensive. This is seemingly a move in response to difficulty experienced by the BTC network during periods of high volume.
This 85% decline is no cause for concern as these issues with the BTC network can and will be solved with innovative scaling solutions, the lightning network is a good start. One noteworthy consideration is the paradigm shift from BTC being a currency to BTC being a store of value.
With this new categorisation of BTC came new innovative cryptocurrency solutions well equipped to handle the scaling issues that BTC could not. Tokens such as Nano or Fantom which are built on DAG network architecture can facilitate hundreds of thousands of transactions per second with no transaction fees. These new high speed and low cost alternatives are still in their infancy however.
E-commerce usage of BTC may have dropped but it has been transferred elsewhere to tokens built for the purpose of acting as a currency. The river will flow through the path of least resistance.
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August 04, 2018
BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.
We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.
We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.
On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.
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August 04, 2018
BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.
We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.
We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.
On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.
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UPDATE: August 04, 2018
BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.
We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.
We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.
On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.
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OWNER OF THE NYSE TO BEGIN BTC TRADING
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There is no telling what effect this news will have as it may well already be baked into the price.
it is strange that news like this doesn't have the effects that they should technically have on the price these days. if this was any other time, something like this could at least trigger a 10% rise and price would have gone up to $8000 but for some reason it seems like there is some sell pressure in the market which is preventing the rise from happening! Yeah, you are very true. It seems that price manipulation is on its finest. The bears are still strong and could possibly retest the all time lows of bitcoin this year. As per my opinion, institutional investors wants to enter in crypto space. |
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BTC
BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.
We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.
We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.
On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.
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Grinding up
BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.
We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.
We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.
On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.
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UPDATE! OWNER OF THE NYSE TO BEGIN BTC TRADINGBTC
Intercontinental Exchange (ICE), owner of the NYSE has announced that it will list a physically settled BTC contract.
ICE had previously hinted that they were exploring BTC trading in New York but nothing was clear cut.
Their new BTC platform named Bakkt has been in development partnered with the likes of Microsoft and Starbucks.
This story is still breaking but it should be seen as good news, allowing more money to flow into cryptocurrency.
There is no telling what effect this news will have as it may well already be baked into the price.
.BTC
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OWNER OF THE NYSE TO BEGIN BTC TRADING
Intercontinental Exchange (ICE), owner of the NYSE has announced that it will list a physically settled BTC contract.
ICE had previously hinted that they were exploring BTC trading in New York but nothing was clear cut.
Their new BTC platform named Bakkt has been in development partnered with the likes of Microsoft and Starbucks.
This story is still breaking but it should be seen as good news, allowing more money to flow into cryptocurrency.
There is no telling what effect this news will have as it may well already be baked into the price.
.
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BREAKING: OWNER OF THE NYSE TO BEGIN BTC TRADING
Intercontinental Exchange (ICE), owner of the NYSE has announced that it will list a physically settled BTC contract.
ICE had previously hinted that they were exploring BTC trading in New York but nothing was clear cut.
Their new BTC platform named Bakkt has been in development partnered with the likes of Microsoft and Starbucks.
This story is still breaking but it should be seen as good news, allowing more money to flow into cryptocurrency.
There is no telling what effect this news will have as it may well already be baked into the price.
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BTC is currently sitting at the $7560 mark and is down approximately 2% since our last TA update.
Selling pressure is weighing down on the overall BTC market however, we did see a strong rebound at the $7480 level.
As can be seen from the chart, this level has historically been a strong resistance level and is now acting as a support.
We’re expecting price to come down and retest the $7,480 level – we will be watching closely for signs of strength at this point and may enter long depending on the price action.
Of course, it is entirely possible that price slips down further to the $7,200 level. - beyond this we could likely be exposed to the low $6,000 levels.
We’re not certain at this point and CIM is happy to be watching from the sidelines. As always, we will be sure to keep you updated with our views.
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Update regarding the technical analysis of BTC.
BTC is currently sitting at the $7560 mark and is down approximately 2% since our last TA update.
Selling pressure is weighing down on the overall BTC market however, we did see a strong rebound at the $7480 level.
As can be seen from the chart, this level has historically been a strong resistance level and is now acting as a support.
We’re expecting price to come down and retest the $7,480 level – we will be watching closely for signs of strength at this point and may enter long depending on the price action.
Of course, it is entirely possible that price slips down further to the $7,200 level. - beyond this we could likely be exposed to the low $6,000 levels.
We’re not certain at this point and CIM is happy to be watching from the sidelines. As always, we will be sure to keep you updated with our views.
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Update!!
BTC is currently sitting at the $7560 mark and is down approximately 2% since our last TA update.
Selling pressure is weighing down on the overall BTC market however, we did see a strong rebound at the $7480 level.
As can be seen from the chart, this level has historically been a strong resistance level and is now acting as a support.
We’re expecting price to come down and retest the $7,480 level – we will be watching closely for signs of strength at this point and may enter long depending on the price action.
Of course, it is entirely possible that price slips down further to the $7,200 level. - beyond this we could likely be exposed to the low $6,000 levels.
We’re not certain at this point and CIM is happy to be watching from the sidelines. As always, we will be sure to keep you updated with our views.
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update.....
BTC is currently sitting at the $7560 mark and is down approximately 2% since our last TA update.
Selling pressure is weighing down on the overall BTC market however, we did see a strong rebound at the $7480 level.
As can be seen from the chart, this level has historically been a strong resistance level and is now acting as a support.
We’re expecting price to come down and retest the $7,480 level – we will be watching closely for signs of strength at this point and may enter long depending on the price action.
Of course, it is entirely possible that price slips down further to the $7,200 level. - beyond this we could likely be exposed to the low $6,000 levels.
We’re not certain at this point and CIM is happy to be watching from the sidelines. As always, we will be sure to keep you updated with our views.
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BTC is currently sitting at the $7560 mark and is down approximately 2% since our last TA update.
Selling pressure is weighing down on the overall BTC market however, we did see a strong rebound at the $7480 level.
As can be seen from the chart, this level has historically been a strong resistance level and is now acting as a support.
We’re expecting price to come down and retest the $7,480 level – we will be watching closely for signs of strength at this point and may enter long depending on the price action.
Of course, it is entirely possible that price slips down further to the $7,200 level. - beyond this we could likely be exposed to the low $6,000 levels.
We’re not certain at this point and CIM is happy to be watching from the sidelines. As always, we will be sure to keep you updated with our views.
keep in touch
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