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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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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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Bitcoin

The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

In many ways, it’s the perfect partnership between Bitcoin and online casinos with multiple benefits for both.

The first of…

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