Last November 13th Bitcoin’s price in $6,000 and that was when it took off until it went beyond $17,000 on December 17th and, on the next day, the bears took over the market. It’s been going down since that day. Then November 14th of this year arrived and BTC plummeted, and then it went down again over the next weekend.
It was a slaughter. It went under 5k, so we all thought that 4.5k would be a good support level. It broke it and we thought the same about the 4k level, which it also broke. How low can it go? Will it go all the way to 3k? Maybe even lower, back to the 2014 level of $2000? We hate to give you bad news but it’s just possible.
The market is heavily oversold right now, but that, unfortunately, doesn’t mean it’s about to bounce back. All it means is that selling pressure is very intense. Over the last 24 hours, it’s recovered a little and Bitcoin is higher than 3.5k as we write this, but is this a fluctuation before a new fall or is it going to stay stable for a while now? There’s no way to know.
How Bitcoin market works
So this would be a good time to stop and think about the way the Bitcoin market works so we can visualize the circumstances in which things could improve, whenever they do.
Let’s start with the most obvious thing. This market has no institutional players. Wall Street and the traditional financial system have not overcome their Bitcoinphobia yet. This is a market that’s dominated by retail investors for the most part. Yes, some of them are very rich and can move a lot of money around, but they’re still private citizens, not institutional investors.
Rumors of institutional money pouring into crypto have been floating around the cryptosphere all year long but nothing’s happened yet. This is very important. It’s a big injection of money into Bitcoin, of the kind that only institutions can manage, what could bring about the next bullish market. It’s not the only factor, but it would go a long way. It’s not just about the money. If the world sees how the financial institutions trusting Bitcoin, that will breed a lot of confidence in everybody.
Another hand could come from Silicon Valley investors. Earlier this year, a bull run on Apple stock brought the company’s worth over a trillion dollars. And now it’s happened again, this time for Microsoft, which is now even bigger. These are the kind of investors who understand technology and are willing to trust it and invest in it. It’s the ideal bunch of people to become interested in Bitcoin and other cryptocurrencies and stop the current bear market. They will come into crypto, sooner or later, but when?
One thing is kind of clear: there are no serious predictions signaling an imminent change of trend. The Elliott Wave model needs two more correction waves before the cycle starts again, and some analysts are talking about a three-year-long bear market before it goes back up.
We don’t even know if we already hit rock bottom because, just when the price was headed for 3k, it bounced back, but only to 4k, it didn’t really start a new trend.
So what will happen? We’re pretty sure the market will recover, and reach new heights. That’s what it’s always done. We just don’t know when or how.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and 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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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ISW Holdings Continues to Transition Cash Assets into Bitcoin with $20K Purchase Ahead of Mining Launch
ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company, is pleased to announce that it is in the process of converting $20,000 of the Company’s cash holdings into Bitcoin. The Company also announces that it will be regularly conducting similar transactions on a quarterly basis to convert a percentage of cash flows into Bitcoin.
Management expects this transaction to be completed this week. The Company began transitioning cash resources into Bitcoin with an initial transaction in March 2019 at approximately $4,000/Bitcoin.
“We believe in the future of Bitcoin and digital payment systems, and cash represents an unproductive asset given the degree of monetary expansion, stimulus, and debt dragging down traditional currency systems,” commented Alonzo Pierce, President, and Chairman of ISW Holdings. “We are also on schedule to launch mining operations through our Pod5 solution at the Bit5ive renewable energy project by the end of January.”
The Company formed a joint venture partnership with Bit5ive, LLC, (“Bit5ive”) in May to build and deliver an elegant, powerful, and efficient data center pod design. The Proceso Pod5ive Datacenter is the result. Designed in partnership with Bit5ive, and geared primarily for the cryptocurrency mining industry, the Proceso Pod5ive Datacenter offers next-generation dynamic self-management functionality, plug-and-play operation, virtually non-existent maintenance needs, and an industry best-in-class 1.06 Power Usage Effectiveness score.
The Company’s first mining pod is set to…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
Understanding the Dark Side of Bitcoin
Although Bitcoin is praised for its high-quality processes that lead a lot of people to wise outcomes and success, it has its own dark side. This side is less exposed to media and the people as it can possibly ruin whatever Bitcoin has worked for years, exerting lots of effort, expenses, and time. However, discussing this side will be a way for a better and deeper understanding to what Bitcoin really is and its main purpose and future. Given that, we have gathered the information already for you about the dark side of Bitcoin. So, let’s start!
Bitcoin provides a lot of advantages, but some government gave warnings that are not still founded entirely. The main reason behind that is that there are elements of criminality that seek to take advantage of the media hype and excitement around Bitcoin. One example scenario is when the cybercriminals launched Ponzi schemes that gave promises on investments through astronomical returns. After the money of investors have disappeared, this is the time when they realized that they were scammed. Therefore, the governments raised awareness advising the public to invest cautiously and uphold skepticism in life. If you want more information regarding this, you can go through the www.bitcoineras.com to better understand it.
Here are some of the ways wherein cryptocurrency is misused.