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1  Economy / Economics / India is the flagship for the blockchain implementation. on: October 17, 2018, 12:02:25 PM
India’s Largest Internet & Mobile Body Forms a Blockchain Committee

In a marked move to advance the development of the domestic blockchain ecosystem in India, the country’s influential internet industry association has formed a committee dedicated to the decentralized technology.

With the new blockchain committee, the Internet and Mobile Association of India (IAMAI) is looking to engage with the government, the wider industry and startups in the burgeoning sector to develop the ecosystem, India’s most-read business daily the Economic Times report.

A pointed focus is to use blockchain tech to facilitate job creation for the new digital economy in the country, the report added.

The new committee within the influential non-profit will be chaired by Tina Singh, digital chief at private lending giant Mahindra Finance.

https://www.ccn.com/indias-largest-internet-mobile-body-forms-a-blockchain-committee/

Give other examples of the primacy of India on the introduction of blockchain technologies. I invite you to discuss the achievements of India in this area.
2  Bitcoin / Bitcoin Discussion / Next Bitcoin Bull Run Will See Crypto Market Rise ‘10x’: Pantera CIO on: October 17, 2018, 04:25:56 AM
Next Bitcoin Bull Run Will See Crypto Market Rise ‘10x’: Pantera CIO

The co-chief investment officer of one the cryptocurrency industry’s largest investment firms said that he expects the next bitcoin bull run to carry the cryptocurrency market cap 1,000 percent above its current valuation.

Pantera Capital’s Joey Krug made this prediction during an interview with Bloomberg, forecasting that the next upswing could propel the cryptocurrency market cap to more than $2 trillion.

“If you look at that next bull run, I think the crypto space overall could hit 10x from here.”
https://www.ccn.com/next-bitcoin-bull-run-will-see-crypto-prices-rise-10x-pantera-cio/

Everybody shouts about a quick bull market. It bothers. How not to see us a new bottom.
3  Economy / Economics / Planning for Brexit: Crypto Exchange Giant Coinbase Opens Office in Ireland on: October 16, 2018, 09:15:28 AM
Planning for Brexit: Crypto Exchange Giant Coinbase Opens Office in Ireland

Cryptocurrency exchange Coinbase has opened a new office in Dublin to mark its latest expansion into Ireland as a marked effort to “plan for all eventualities for Brexit,” according to a top Coinbase executive.

In an announcement on Monday, San Francisco-based cryptocurrency exchange Coinbase – the industry’s first ‘unicorn’ – said Dublin “was the clear choice” in its ongoing expansion effort. The new office in Dublin will compliment Coinbase’s existing operations in London, the base for its EU operations.

Ireland’s minister for financial services and insurance Michael D’Arcy stated:

“I am delighted that Coinbase is opening an office in Dublin. This decision highlights the completive offering and attractiveness of Ireland for financial services.”
https://www.ccn.com/planning-for-brexit-crypto-exchange-giant-coinbase-opens-office-in-ireland/

It seems that Ireland is becoming attractive for financial services.
4  Economy / Economics / IMF: Rapid Growth of Bitcoin and Crypto Will Impact Global Financial System on: October 15, 2018, 04:39:28 AM
IMF: Rapid Growth of Bitcoin and Crypto Will Impact Global Financial System
The International Monetary Fund (IMF) has stated in a recently released report that the rapid growth of Bitcoin and crypto could impact the international finance system.

The report entitled “World Economic Outlook: Challenges to Steady Growth” published by the IMF read:

“Cybersecurity breaches and cyberattacks on critical financial infrastructure represent an additional source of risk because they could undermine cross-border payment systems and disrupt the flow of goods and services. Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”
https://www.ccn.com/imf-rapid-growth-of-bitcoin-and-crypto-will-impact-global-financial-system/

"Bitcoin and crypto could impact the international finance system."----  Ha-ha-ha!!!  He in the near future will destroy the usual financial and banking system !!!
5  Economy / Economics / China Threatens Overseas Tax Havens, Will Investors Flock to Crypto? on: October 15, 2018, 04:35:36 AM
China Threatens Overseas Tax Havens, Will Investors Flock to Crypto?
Since early 2018, the government of China has tightened policies targeting millionaire investors in the country holding their wealth overseas to avoid large taxes, and it may lead local investors to alternative assets like crypto.

Chinese investors rely on the Swiss offshore banking industry, Hong Kong real estate market, and foreign stock markets to hoard millions of dollars worth of properties, assets, and cash outside of mainland China.

But, local financial authorities have started to crackdown on investors that amass significant wealth in overseas markets.

Will Investors Move to Crypto? https://www.ccn.com/china-threatens-overseas-tax-havens-will-investors-flock-to-crypto/


Blockchain is an open ledger! And if you manage to prove the connection between a person and a wallet, then all his money will be in full view.
6  Bitcoin / Bitcoin Discussion / AARP Tells Retirees that Bitcoin is Mainly Used by ‘Bunch of Criminals’ on: October 15, 2018, 04:30:04 AM
AARP Tells Retirees that Bitcoin is Mainly Used by ‘Bunch of Criminals’
The American Association of Retired Persons (AARP) has ascribed a bizarre definition to bitcoin in a caustically worded article on its website published on Wednesday, Oct. 10. In the slideshow post titled “Improve Your Financial Literacy With This Glossary,” a heavy dose of contempt is specifically reserved for the description of bitcoin and blockchain in their respective slides, while other terms like “emerging markets” and “exchange-traded funds” are defined using regular financial language.

‘Criminals, Idealists and Speculators’ https://www.ccn.com/aarp-tells-retirees-that-bitcoin-was-created-by-bunch-of-criminals/

Unfortunately, when people do not understand something, they try to denigrate it. The clash of generations really does take place. It's just like saying that a car is bad, criminals drive it, but the cart is very good.
7  Alternate cryptocurrencies / Altcoin Discussion / Boxing Legend Manny Pacquiao’s Cryptocurrency Could Launch This Year on: October 14, 2018, 12:47:20 PM
Boxing Legend Manny Pacquiao’s Cryptocurrency Could Launch This Year

Manny Pacquiao’s long-awaited cryptocurrency could launch by the end of the year.

According to a StraitsTimes report, Singapore based Global Crypto Offering Exchange (GCOX) is in charge of the launch of the Pac Tokens, the cryptocurrency that leverages on the popularity of the Philippine boxing legend.

The news outlet quoted GCOX chief communications officer Evan Ngow who said the only delay being experienced is with the Phillippine Securities and Exchange Commission who is yet to finalize its rules regarding initial coin offerings. The regulations should be ready before year-end, according to Ngow. The company is also working hand in hand with Pacquiao’s team on the volume and value of Pac Tokens to be issued out to members of the public.
https://www.ccn.com/boxing-legend-manny-pacquiaos-cryptocurrency-could-launch-this-year/

I still do not know a successful example of cryptocurrency, which is advertised by a media personality. Athletes, showmen, politicians, they are drawn into the advertisement of the next deception in order to cash in on their name. I really hope that with this famous boxer everything will be different.
8  Economy / Economics / Watch out Wall Street, Blockchain is Coming: Fmr. JPMorgan Exec. Blythe Masters on: October 14, 2018, 12:40:34 PM
Watch out Wall Street, Blockchain is Coming: Fmr. JPMorgan Exec. Blythe Masters

Blockchain innovator and former JPMorgan head of commodities Blythe Masters spoke at the London Metal Exchange annual dinner during the LME Week to say that blockchain is coming to commodity markets to introduce heightened confidentiality, reduce paper waste, and improve provenance and productivity.

Masters — who became managing director at JPMorgan at the age of 28 before becoming the head of global commodities — is not without her share of controversy in the financial space. She’s widely credited with creating a credit derivative vehicle known as the credit default swap, which has been identified as one of several investment vehicles responsible for the global economic crash of 2008. Her creation has been described in the media as a financial weapon of mass destruction.

However, there’s no denying that Masters is an expert in the field of finance and commodities, and with her new role as CEO of Digital Asset Holdings, which develops blockchain solutions for financial services, there are few people better qualified to speak on the application and adoption of blockchain in the commodities industry.

“Supply chains are notoriously complex and inefficient,” Masters said during her London speech. “This is especially true in the metals and mining industry where many operational and commercial practices remain inefficient and antiquated, leading to critical data omissions, security vulnerabilities, expenses, corruption, and unethical provenance.”
https://www.ccn.com/watch-out-wall-street-blockchain-is-coming-fmr-jpmorgan-exec-blythe-masters/

Blockchain has entered our lives in many areas. This is a reality, in many countries it is used at the household level. (land cadastre, registration of cars)
9  Bitcoin / Bitcoin Discussion / What’s Causing 2% Bitcoin Premium on Bitfinex? Possibility of Arbitrage on: October 14, 2018, 12:34:26 PM
What’s Causing 2% Bitcoin Premium on Bitfinex? Possibility of Arbitrage

On Bitfinex, a leading cryptocurrency exchange, Bitcoin is being traded with a 2 percent premium based on the current price of $6,285.

As BitMEX Research revealed, the premium of Bitcoin on Bitfinex continued to increase throughout the past week, during a period in which Tether (USDT) started to demonstrate a decline in price.

Currently, on Bitfinex, all traders are requested to purchase or sell major cryptocurrencies like Bitcoin and Ethereum with USDT, due to the suspension of deposits into the exchange’s HSBC banking account.

As the price of USDT fell from $1 to $0.098, by around 2 percent, the premium of Bitcoin on Bitfinex increased by a similar margin.
https://www.ccn.com/whats-causing-2-bitcoin-premium-on-bitfinex-possibility-of-arbitrage/

While someone reasons why, others earn on it
10  Alternate cryptocurrencies / Altcoin Discussion / Ripple (XRP) Marks the Best Correction as Crypto Market Recovers on: October 13, 2018, 02:10:45 PM
Ripple (XRP) Marks the Best Correction as Crypto Market Recovers

The Ripple-to-Dollar (XRP/USD) exchange rate on Friday was the earliest to recover from its latest downtrend move. It surged as much as 19 percent from yesterday’s low at 0.377-fiat, which is higher than other top coins.

Ripple, the company that issues XRP tokens, is reportedly heading towards forming a partnership with SWIFT, a global banking protocol. Spain-based Santander, one of the Ripple’s partners, has partnered with SWIFT to expand its banking services to Argentina, Poland, Spain, and the United Kingdom. Ripple is scheduled to attend SWIFT’s SIBOS 2018 Conference this year where both the payment protocol organizations could enter an agreement.

XRP/USD, meanwhile, has formed a new intraday high towards 0.449-fiat and is in a pullback action at the time of this writing.
https://www.ccn.com/ripple-xrp-marks-the-best-correction-as-crypto-market-recovers/

I am sure that Ripple will still please his holders
11  Bitcoin / Bitcoin Discussion / Bitcoin Futures Helped Cryptocurrency Market Achieve ‘More Sustainable Level’: C on: October 13, 2018, 02:05:06 PM
Bitcoin Futures Helped Cryptocurrency Market Achieve ‘More Sustainable Level’: CFTC Chairman


Just days later, the yearlong bitcoin price rally stalled, and the flagship cryptocurrency — followed soon after by the wider market — entered a decline that has continued throughout 2018.

According to researchers at the San Francisco branch of the Federal Reserve, the bitcoin futures launch triggered the decline, as it provided institutional investors with their first real opportunity to short the bitcoin price.

bitcoin futures price
BTC Futures | CME
Alluding to this research in an interview with Fox Business’s Maria Bartiromo, CFTC Chairman J. Christopher Giancarlo credited the futures launch — and the CFTC’s “do no harm” strategy in allowing those products to begin trading in the face of criticism — with helping pop the bitcoin price bubble and bring the market back to what some would characterize as a more sustainable level.

He said on Friday:

“According to the San Francisco Fed, it was the bitcoin futures emergence that actually sapped the bitcoin bubble that emerged at the end of 2017, and we have seen bitcoin, perhaps in some people’s view, achieve a more sustainable level than it was during the bubble period last year.”
https://www.ccn.com/bitcoin-futures-helped-cryptocurrency-market-achieve-more-sustainable-level-cftc-chairman/

I personally disagree. It seems to me that futures are killing bitcoin.
12  Economy / Economics / Breaking: Harvard, Stanford, & MIT Have All Invested in Cryptocurrency Funds on: October 11, 2018, 05:41:40 AM
Breaking: Harvard, Stanford, & MIT Have All Invested in Cryptocurrency Funds

At least five more university endowments have invested in cryptocurrency funds, suggesting that the “herd” of institutional investors is finally beginning to place at least a small bet on the nascent asset class.

As first reported by The Information, a cadre of major educational institutions including Harvard University, Stanford University, Massachusetts Institute of Technology, Dartmouth College, and the University of North Carolina have each invested in at least one cryptocurrency fund through their respective endowments.

Citing an unnamed source familiar with the investments, the publication reported that these five university endowments have invested tens of millions of dollars in these funds, which in turn invest in both physical cryptocurrencies and equity in cryptocurrency companies.

CCN previously reported that Yale University, which controls the second-largest university endowment next to Harvard, had allocated a portion of its $29.4 billion in assets into two cryptocurrency funds operated by Andreessen Horowitz (a16z) and Paradigm.

Even with these investments, the six universities that are now said to have invested in crypto funds still have very little exposure to this asset class. Nevertheless, the fact that they are engaging with the market at all could help legitimize the space.
https://www.ccn.com/breaking-harvard-stanford-mit-have-all-invested-in-cryptocurrency-funds/
13  Alternate cryptocurrencies / Altcoin Discussion / Crypto Startup Pundi X Says That it Made the ‘First Blockchain Phone Call’ on: October 11, 2018, 05:39:49 AM
Crypto Startup Pundi X Says That it Made the ‘First Blockchain Phone Call’

Having launched a crypto-based Point-of-Sale (POS) device earlier this year with the goal of making cryptocurrency payments easier on the go, Pundi X now claims to have made the first blockchain phone call, according to a recent Medium post by the company co-founder Pitt Huang. The call was made on the startup’s newest device, called the XPhone, at the ongoing XBlockchain Summit two-day event at the Inaya Putri, Bali.

The XPhone is a blockchain phone that doesn’t use any centralized mobile carrier to function. It works on the Function X blockchain created by Pundi X. The Function X blockchain is an in-house network developed by the Pundi X team to solve some of the problems encountered with current blockchain platforms such as scalability, easy publishing of decentralized applications (dApps), and decentralization of the internet.

According to Huang, the new blockchain Function X comes with five essential components that make it a truly decentralized solution. These include the Function X OS, Function X Blockchain, Function X IPFX, FXTP Protocol, and the Function X Docker. The developers at Pundi X claim the Function X OS is built off the back of the Android OS 9.0, which makes it compatible with Android apps, making it easier for developers and users to transition to the platform. New dApps will also be easier to create and publish, the startup claims.

“Users will be able to share data in much the same way as they do online securely via the blockchain, while developers can quickly and easily publish decentralized applications via FXTP,” the post reads.
https://www.ccn.com/crypto-startup-pundi-x-says-that-it-made-the-first-blockchain-phone-call/
14  Economy / Speculation / Bitcoin Price: Wait for Clear Bull Trend before Buying More Cryptocurrency on: October 11, 2018, 05:38:27 AM
Bitcoin Price: Wait for Clear Bull Trend before Buying More Cryptocurrency

Wall Street strategy firm Fundstrat Global Advisors is among the mainstream financial industry’s biggest long-term cryptocurrency bulls. However, the firm is advising clients to hold off on buying more bitcoin — at least for right now.

Writing in a recent note to clients, Fundstrat technical strategist Robert Sluymer said that investors seeking to increase their bitcoin holdings should wait for the market to make a clear trend reversal.

“Investors should remain patient and wait for evidence of an improvement in ‘trend’ before increasing exposure,” wrote Sluymer in an excerpt of the note cited in MarketWatch. “A move above the September real and relative highs remains the key resistance/reversal level that will need to be exceeded to signal the early stages of a trend reversal.”

As CCN reported, the bitcoin price has seen record stability in recent days, with BTC’s daily trading range narrowing to levels not seen in more than 17 months and the coin’s price increasingly appearing tethered to $6,550. This decline in volatility correlated with a drop in trading volume, which analysts variously attributed to a decrease in sellers or a reduction in speculative buyers.
https://www.ccn.com/bitcoin-price-wait-for-clear-bull-trend-before-buying-more-cryptocurrency/
15  Economy / Speculation / CNBC Analyst Predicts Bitcoin Price Is ‘About To Explode,’ Citing ETF Buzz on: October 10, 2018, 05:55:32 AM
CNBC Analyst Predicts Bitcoin Price Is ‘About To Explode,’ Citing ETF Buzz

Cryptocurrency analyst Ran Neuner — host of the CNBC show Crypto Trader — believes BTC prices are “about to explode,” citing bullish market buzz about the near-term possibility of an SEC-approved bitcoin ETF.

“I just bought bitcoin for my parents. It’s too obvious that it’s about to explode,” Neuner tweeted on October 7.

Neuner said the mounting expectation that the Securities and Exchange Commission could soon approve a bitcoin ETF could send prices through the roof.

Countdown To SEC Deadline
Neuner, the CEO of crypto investment firm Onchain Capital, noted that around this time last year, BTC surged on reports that a cash-settled futures contract would launch.

Neuner reasoned that SEC approval of a bitcoin ETF would be much bigger news than a futures contract, and would have a more dramatic impact on the market.

CNBC crypto trader ran neuner
Ran Neuner is bullish about bitcoin. Credit: CNBC
“Last year, around this time, BTC went from $6,691 (Nov. 11) to $20,000 (Dec. 17) in 5 weeks,” Neuner tweeted. “This on the back of the expectation and launch of a cash settlement BTC futures contract.”

He continued: “An ETF is a way bigger deal and requires actual purchase of BTC. 2 looming SEC decision deadlines ahead.”
https://www.ccn.com/cnbc-analyst-predicts-bitcoin-price-is-about-to-explode-citing-etf-buzz/
16  Economy / Speculation / Bitcoin Price Heading into ‘Classic Breakout Pattern’: Analyst on: October 10, 2018, 05:53:01 AM
Bitcoin Price Heading into ‘Classic Breakout Pattern’: Analyst

The bitcoin price has been remarkably stagnant in recent weeks, with the flagship cryptocurrency’s volatility declining to a 17-month low on Oct. 8.

Analysts including Bloomberg Intelligence commodity strategist Mike McGlone have said that this could be an indication the cryptocurrency market is beginning to establish itself into a maturing asset class. But while declining volatility may make the case that bitcoin is a store of value a bit more plausible, cryptocurrency investors, particularly those who placed their bets when the market was near an all-time high, would prefer that BTC plateau while trading near a peak — not languishing in a valley.

Bitcoin Price Heading into ‘Classic Breakout Pattern’
EToro senior market analyst Mati Greenspan says that the market may soon return to its volatile roots, as bitcoin looks poised to awake from its slumber.

Writing in market commentary made available to CCN, Greenspan said that bitcoin’s range has steadily been getting narrower, so much so that it has now reached a tip. This, he said, is a “classic breakout pattern.”
https://www.ccn.com/bitcoin-price-heading-into-classic-breakout-pattern-analyst/
17  Economy / Speculation / Bitcoin Volume Improves: Crypto Market Primed for a Major Short-Term Rally? on: October 10, 2018, 05:51:03 AM
Bitcoin Volume Improves: Crypto Market Primed for a Major Short-Term Rally?

Yesterday, on October 10, the price of Bitcoin broke out of the $6.600 mark after stabilizing at the $6,550 level for a few weeks.

The volume of Bitcoin saw an increase of 12 percent from $3.2 billion to $3.6 billion on Coinmarketcap and $2.1 billion to $2.38 billion on ShapeShift’s CoinCap.io.
Some tokens including 0x and Polymath have recorded decent 5 to 10 percent gains in the past 24 hours but the inability of Bitcoin to demonstrate a promising recovery in its volume to its previous level at around $4.3 billion has prevented the rest of the market from initiating a major rally.

Technical Analysts Predict a Big Move
The majority of technical analysts and prominent traders in the cryptocurrency sector are anticipating a large move on either the upside or downside. Currently, due to the relatively low volume of the crypto exchange market, it is not certain that the next major movement of Bitcoin will be breakout of two resistance levels at $6,800 and $7,000.

Hence, in the days to come, it is possible that BTC experiences a substantial spike in its volume and breakout of the $6,800 level or sees another shakeout before initiating a meaningful short-term rally.

“The range that never ends. It’s getting tighter though and I suspect we’ll get a big move soon. Recent PA is stuck in the one big green candle. Be careful in both directions, I wouldn’t be surprised by big shakeouts before the real move,” Don Alt said.

But, as respected trader Crypto Dog explained, the probability of BTCinitiating a positive upside movement in the upcoming days is higher than the likelihood of the dominant cryptocurrency testing the $6,000 support level, given its stability and graudal increase in volume.
https://www.ccn.com/bitcoin-volume-improves-crypto-market-primed-for-a-major-short-term-rally/
18  Alternate cryptocurrencies / Altcoin Discussion / Tron Says its Community is More Active Than Ethereum, Hackathon Shows Otherwise on: October 09, 2018, 09:57:18 AM
Tron Says its Community is More Active Than Ethereum, Hackathon Shows Otherwise

During an interview with Investopedia on Oct. 5, Tron CEO Justin Sun stated that its developer community is more vibrant and active than Ethereum.

When asked by the publication to provide five reasons why Tron is better than Ethereum, Sun said:

“At TRON we always emphasize the importance of accessibility and our dedication to the community. That’s why we made sure to deliver on our goals of being faster and cheaper than Ethereum, providing an easy-to-use and affordable network to our vibrant community of talented developers.”

1,000 Developers at ETHSanFrancisco Ethereum Hackathon
In a recent hackathon held in San Francisco, more than 1,000 developers gathered to develop applications and scaling solutions on Ethereum.

Brayton Williams, the co-founder of venture capital firm Boost VC and a blockchain investor, stated:

“5 years ago at one of the first crypto conferences ‘Bitcoin 2013’ we Boost VC organized the hackathon. We maybe had 25 people participate and took place in San Jose. This weekend it was amazing to see over 1,000 people hacking away @ETH SanFrancisco at the Palace of Fine Arts.”
https://www.ccn.com/tron-says-its-community-is-more-active-than-ethereum-hackathon-shows-otherwise/
19  Economy / Economics / United Arab Emirates to Approve ICOs as ‘Securities’ in 2019 to Boost Corporate on: October 09, 2018, 09:54:59 AM
United Arab Emirates to Approve ICOs as ‘Securities’ in 2019 to Boost Corporate Funding

The United Arab Emirates (UAE) is pressing ahead with plans to introduce initial coin offerings (ICOs) as means toward fundraising for companies and startups in 2019.

In an effort to boost financing in capital markets, the UAE will enable domestic companies to raise funding by offering cryptocurrency tokens to investors alongside traditional means like shares issued in an initial public offering (IPO), Reuters reported.

Specifically, ICOs will be considered as ‘securities’ by authorities under regulations, currently in draft, enforced early in 2019.

Speaking at a seminar, UAE securities market watchdog chief Omar Saif al-Zaabi said:

“The board of the Emirates Securities & Commodities Authority [ESCA] has approved considering ICOs as securities. As per our plan, we should have regulations on the ground in the first half of 2019.”

The ESCA is currently drafting ICO regulations with unnamed intentional advisers. The watchdog is notably working alongside Abu Dhabi and Dubai stock markets to develop crypto-friendly trading platforms to support ICOs, the official added.

Nearly a year ago to the day, Abu Dhabi – the UAE’s largest emirate – issued guidelines on cryptocurrencies and ICOs, regulating the latter as ‘securities’. Cryptocurrencies, while not classified as legal tender, are considered commodities by the government of Abu Dhabi.

The report suggests that a combination of low oil prices and laboring equity markets over several years has ‘severely’ dented IPOs, dealing a blow for domestic companies looking to raise finances in the UAE and wider Gulf region.
https://www.ccn.com/united-arab-emirates-to-approve-icos-as-securities-in-2019-to-boost-corporate-funding/
20  Economy / Speculation / Bitcoin Volumes Surge Nearly 30% as it Price Breaks Out of $6,550 on: October 09, 2018, 09:53:36 AM
Bitcoin Volumes Surge Nearly 30% as it Price Breaks Out of $6,550

Bitcoin, the most dominant cryptocurrency in the global market, has seen an abrupt increase in its volume from $2 billion to $2.53 billion on CoinCap.io.

On Coinmarketcap, the volume of Bitcoin has risen from $3.2 billion to $3.8. The discrepancy between the volume of BTC listed on CoinCap.io and Coinmarketcap comes from CoinCap.io’s system that does not take daily trading volumes from exchanges suspected to have inflated numbers into account.
Volume was the Biggest Issue
Throughout the past seven days, CCN consistently reported that the low volume of Bitcoin had posed a serious issue for the rest of the market. Although tokens started to initiate some big gains on October 8, the lack of momentum on BTC has prevented the market from initiating large gains to the upside.
For most of October, Bitcoin was bear biased, with weakening $6,500 support level and continuous demonstration of low market activity.
Edward Morra, a technical analyst in the cryptocurrency sector, reported this week that Bitcoin had recorded the lowest volume in 2018. The unforeseen drop in the volume of Bitcoin meant one of two things; either market is demonstrating seller fatigue or traders are simply not trading in the cryptocurrency exchange market due to the uncertainty in the market.

“This is the lowest recorded daily volume in more than a year at least (as much as I could squeeze on the chart leaving chart readable) while hovering around the POC of the whole 2018. This is combined volume from various exchanges,” Morra said.

It is possible that a combination of the two factors affected the short-term price trend of BTC, leading it to maintain record-high stability at the $6,550 mark.

One positive element in the price trend of Bitcoin throughout the past 30 days is that the digital asset has achieved five consecutive higher lows, which generally indicate a positive short-term price movement.
https://www.ccn.com/bitcoin-volumes-surge-nearly-30-as-it-price-breaks-out-of-6550/
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