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3 Reasons Why Bitcoin Will Go Down in September

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We all keep asking ourselves the same question, why is Bitcoin going down? The price of Bitcoin (BTC) at the moment of writing this, is headed in a direction contrary to what we had all hoped for after the slight recovery due to a decline catalyzed be the Goldman Sachs fake news of September 5th. BTC looked like it had dipped for the last time on the 12th of September when it was valued at around $6,250. It would then briefly rally to $6,580 leading many to believe a bottom had been reached.

One such individual who believed this theory was the ex-fund manager and billionaire investor, Michael Novogratz, who tweeted the following:

I think we put in a low yesterday [12th September]. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble.

Why is Bitcoin going down?

Firstly, on the 16th and 17th of September, Bitcoin experienced its lowest trade volumes since November last year. Further checking coinmarketcap, we find that the 24-hour trade volume on these two days was valued between $3.1 Billion and $3.2 Billion rather than its usual levels above $3.5 Billion.

BTC low trade volumes on the 16th and 17th of September. Source, coinmarketcap.com

The low trade volumes are an indicator that there is reduced trading and interest in the digital asset of BTC. Less interest equals a bear market. The 24-hour trade volume today has since increased to $3.9 Billion and Bitcoin is currently trading at $6,278.

Secondly, there is an Mt. Gox creditors meeting on the 26th of September. We all know that the liquidation of the entire Bitcoin stash to pay creditors of the exchange could literally drop BTC to levels unseen in the last 2 years. The BTC held by the Mt. Gox trustee is in the thousands (over 170,000)  and given current market conditions, it could tank the market.

The announcement of the September 26th meeting was made as follows.

“Meeting for reporting the status of property and submission deadline for a report under Article 125 of the Civil Rehabilitation Act: September 26, 2018”

Therefore, whatever information that will be reported on this date, could impact an already volatile market in a negative manner.

Thirdly, and keeping in mind that the crypto-market is still volatile, the deadline for an SEC verdict on the CBOE sponsored Bitcoin ETF is the 30th of September. Using past SEC announcements and decisions, if the verdict will be postponed, they will announce it before the 30th. The other side of the picture is if there is a rejection of the proposed rule change through the ETF application. In the case of the latter, the SEC will announce a rejection on the 30th.

The possibility of the CBOE sponsored Bitcoin ETF getting approved by the SEC are slim. This is why we have only explored the two possibilities highlighted above. If the SEC would embark on either of the two paths, the crypto market will respond with a knee-jerk reaction that might include panic selling.

In conclusion, and not wanting to sound too pessimistic, the next two weeks are probably one of the most uncertain weeks in the history of the value of BTC. All indicators point towards a bear market, but a crypto miracle is also a possibility before the 30th.

Check out the latest video from our Editor In Chief on the Crypto Rich show!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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New Tendencies of Bitcoin Gambling

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Gambling has always been an integral part of human nature. Nothing is sweeter than the money you win, and that’s why wagering games have always captivated people throughout history. Last couple of decades saw the gamblers switch increasingly towards virtual gaming, instead of physically being inside a casino. The popularization of online casinos led to the integration of Bitcoin Gambling into the systems and today a very large share of the casino industry is based on the virtual currency.

Reasons behind the transition

The tendency to switch from classic casino environment was dictated by the fact of mobility and accessibility. But the new age has brought us cryptocurrencies like Bitcoin that revolutionized the gambling business. From now on, the gamblers of the world don’t have to rely on traditional banking transactions to be able to enjoy themselves online. A simple crypto-wallet and ownership of virtual currency is enough to engage in Bitcoin Gambling.

Bitcoin Gambling and Blockchain Technology

The big reason for the heavy shift towards Bitcoin Gambling is the fact that Bitcoin and other cryptocurrencies are based on the blockchain technology. This means that the process is decentralized, resulting in a much faster speed of transactions, when it comes to depositing or withdrawal of funds in or from the casino accounts. It also makes gambling incredibly secure,…

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Bitcoin

Bitcoin will return to the bear market? Bex500 senior investor teaches you how to get profit in the Bear market

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—— Don’t forget to join Bex500 bonus program at the bottom of the article.

Since September, the Bitcoin price has been decline from beyond $10000 to below the $8000, which 20% of the bitcoin value has been removed. The collapse of bitcoin price brings about the new panic in the bitcoin trading market. Many bitcoin investors are scared of the returning bear market as the early of this year. On the contrary, some of the bitcoin-believer, especially the investor who brought Bitcoin in the height of the price still thought that the bitcoin price will rebound very soon. However, it is no doubt that the early stage of the bear market has been shown up in the past month. Many crypto analysts start to predict the bottom price of this market movement.

However, as the market developed, crypto traders have detected more tools to safely pass through the bear market. They realized more ways to avoid the loss of the price decline; moreover, they began to earn profit from the bear market. The key to the tools is the bitcoin futures contracts. We are honored to make an interview with Bex500 senior investor Tom Beck and he introduces the details about bitcoin futures contracts. (Reporter=R, Tom Beck=T)

R: Hi, Tom, Thank you for accepting our interview, Could you introduce yourself?

T: Sure, My name is Tom, I have over…

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