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The market data is provided by the HitBTC[1] exchange.
St. Louis Fed president James Bullard said that Bitcoin could emerge as a possible competitor to the US dollar[2] in the future. He also did not rule out the prospects of the FED launching its own cryptocurrency, though he said that there was no plan at the moment.
Japan’s Mitsubishi UFJ Financial Group (MUFG), the fifth largest bank in the world by assets, is exploring options to launch its own cryptocurrency, known as MUFG Coin[3]. It plans to test it by the next year.
The existing[4] cryptocurrencies are gearing up for a likely competition by introducing upgrades[5] that can improve operations. Additionally, the crypto exchanges are launching new products[6] targeting the institutional investors.
All of these point to the increasing popularity of cryptocurrencies and the acceptance that the blockchain technology can be a game changer.
The long-term investors should welcome any fall in prices as it offers an opportunity to buy the digital currencies at a discount.
Let’s see if we find any buy setups today.
BTC/USD
Bitcoin[7] has broken below the 50-day SMA after holding it for the past four days, which is a bearish development. The only major support now is $7,941.68. If this level breaks, a drop to $7,000 is likely.
If the $7,941.68 level holds, the BTC/USD[8] pair might enter a period of consolidation between $7,941-$10,000. Once the range is confirmed, we shall
