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3 Reasons Why Bitcoin Will Go Down in September - Global Coin Report
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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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Bitcoin

Why Bitcoin (BTC) Revival is Likely to Continue

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The cryptocurrency market has been doing rather well in 2019 — certainly much better than in 2018. More than a year ago, the market crashed from its all-time high, and in the months that followed, it lost over 80% of its market cap. Bitcoin (BTC), as the leading digital currency, also dropped from $20,000 per coin to barely $3,200 in 2018.

These days, however, the situation seems to be turning, with digital currencies seeing significant growth in prices ever since mid-February. While January stopped the drops, February is the month when the market once again started seeing gains, and this kind of behavior has continued to this day. But, what does this mean for the future? Is this a passing trend, or is the crypto winter truly over?

The revival of Bitcoin

Questions such as the short-term future of Bitcoin are on many traders’ and investors’ minds right now and have been ever since the prices started growing again. A well-known Futures Now trader, Jim Iuorio, recently stated that Bitcoin would start seeing massive profits if it surpasses the price of $4,045. That was, of course, before the coin surged by around $1000 in the last week.

However, Iuorio’s prediction was that BTC is unlikely to go below $3,820, while the growth beyond $4,045 would mean massive gains for those involved with the industry. Soon after this prediction…

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Bitcoin

How to Become a Millionaire without Risking Everything with Bitcoin

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It’s been well over a year since the crypto market reached its peak and then crashed, dropping to such lows that most of the coins lost anywhere between 80% and 95% of their value. A few of them lost even more. Of course, this was not enough to eradicate the crypto market, and the bulls are still as optimistic as ever, especially these days, when Bitcoin price surges again, taking the rest of the market with it.

Some predictions claim that Bitcoin will reach its own glory days within a year or two, and there are even speculations that the largest cryptocurrency might spike up to $100,000 per coin. One claim from last week even sees BTC hitting $400,000, as the highest price which someone was brave enough to predict.

While it is certainly possible — at this point, pretty much anything is — not everyone is willing to take such a gamble and invest their hard-earned money into a risky asset such as digital currencies. With that in mind, here are three alternatives that are considerably safer than Bitcoin and the altcoins.

1. Investing and re-investing in stocks

A lot of people — especially younger generations — find stocks to be incredibly boring. Most of the time, all you do is invest, and use the returns for re-investing in high-yielding shares. However, while boring will not…

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The Best Time to Buy Bitcoin (BTC) Approaches

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Ever since 2019 started, the bear market of 2018 has been losing momentum, with the bulls emerging numerous times in short intervals. This was the beginning of a crypto recovery, which still has quite a long way to go.

However, last week, Bitcoin saw massive growth in transactions, reaching a 14-month high. These were the levels that were previously seen back in 2017, as BTC approached its highest point in terms of price. The growth also reflected strongly on BTC price, which spiked yesterday from around $4.100 to the current $4,672.

Meanwhile, Bitcoin market cap followed as well, currently sitting above $82.3 billion, while the trading volume exceeded $14.5 billion.

What caused the growth?

While this is an exceptional growth, and potentially a start of the bull run that everyone was waiting for, it did not come without a cause. One of the reasons why BTC surged was last week’s Weiss Ratings report of multiple different cryptocurrencies. The report’s authors even stated themselves that the best time to invest might be very near at this point.

Weiss Ratings has done reports about specific coins in the past as well, and this time, they noticed a significant improvement in coins’ performance. The report mentions growth in user transaction volume, network capacity, as well as network security, which the authors took as an improvement coming from the evolution of the…

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