Bull Trap? Bitcoin Price Slides Below $7K Despite Strong Indicators

-
❏ Bitcoin is reporting losses a day after a bull breakout – a move that looks similar to a bull trap seen in July. ❏ CoinDesk

Popular posts from this blog

Bitcoin ABC patches vulnerability in full-node client

-
A very short while ago, Bitcoin ABC (the most popular client software for Bitcoin Cash) reported that a vulnerability within the node software had been identified, and that the necessary steps had already been taken to mitigate the issue. The incident allowed an attacker to form a malicious transaction, exploiting the vulnerability in the Bitcoin ABC client, potentially causing a split in the network. Bitcoin ABC nodes would have effectively mined the transaction into a block that all other implementations of the node software would reject, causing an unintended split. This has occurred twice in the history of bitcoin so far but to date no such incident has occurred on BCH. With respect to the mitigation actions taken by Bitcoin ABC, Stefan Matthews, CEO of BMG Operations (nChain’s affiliated mining business) states: “We are pleased that the Bitcoin ABC team responded to this software bug with an exemplary level of professionalism – by determining a rapid response strategy to eli...
Read more

Bitcoin Price Analysis: Market Direction Depends on Next Price Line Tests

-
Image
Over the last few weeks, bitcoin has had its fair share of ups and downs. The volatility has chopped up many of the public bulls and bears alike as the market has struggled to find a consistent direction for more than a couple of weeks at a time. The market is currently in an interesting space as many macro trends have been broken. One major trend that was broken last week was the macro demand line shown below: Figure 1: BTC-USD, 12-HR Candles, Macro Supply Line Broken The break of the supply represents a macro change of character for the market and is undoubtedly a bullish signal. After bottoming around $6,500, bitcoin had a very strong, sustained rally for a 40% market value increase over a relatively small amount of time. Currently, the market is experiencing some turbulence as we test well known resistance points where lots of overhanging is present. Our current price level is the beginning of the hypodermic trend we saw late last year as we broke free of the parabolic envelop...
Read more

Project Jasper Reveals Proof of Concept for Accelerated Payments

-
Image
Payments Canada, the Bank of Canada, TMX Group and Accenture have shown — through their collaboration on Project Jasper — that it is feasible to instantaneously clear and settle securities on-ledger, and have demonstrated for the first time that both central bank cash and assets can be tokenized to complete instant equity settlements via distributed ledger technology (DLT). Payments Canada owns and operates the country’s payments clearing and settlement infrastructure, and works to ensure the privacy and security of Canada’s financial transactions. Every day, the company processes roughly $200 billion in payments, while the Bank of Canada — the country’s central bank — instills monetary policies to lower inflation and promote financial stability. TMX Group operates cash and derivatives markets and clearinghouses for asset classes like equities and fixed income. The organization provides trading facilities to Canada’s financial community, while Accenture offers solutions in strategy...
Read more