Weekly crypto sentiment brain-powered by the most authoritative experts from the trading network.
Last week was a lot of fun: Bitmain BTC selling FUD, brain games and corporate riddles from Barclays, pinch of positive news from Square and rolling out BTC support all across the US. This week is not any different. Bitcoin was jumping anywhere from $6300 to $6800. What were the major news breaks causing that, you ask? Here they are:
– At the beginning of the week, some of the world’s biggest crypto exchanges combined their efforts to get rid of industry’s malefactors. The Virtual Commodity Association, founded by Winklevoss cutesters and their Gemini Trust were followed by Bitstamp, BitFlyer and Bittrex to “adequately police the cryptomarket for manipulation” and overcome the previous SEC’s ETF rejection.
– A day later, on the 21st of August, eToro spilled some huge news about funding a sponsorship deal with UK’s top soccer teams in Bitcoin. This step was planned during the last six months and includes partnerships with Newcastle United, Cardiff City, Crystal Palace, Tottenham Hotspur and more.
– The end of the week was devoted to numerous speculations about SEC’s rejection of bitcoin ETFs: two filed by ProShares, an application from GraniteShares and five ETFs from Direxion. Cheat and manipulation of bitcoin markets has been the main concern. But we already know that super Winklemen are on it. More applications are still to be perused. Though, SEC delays the decision-making till the 30th of September 2018.
– Any news is good news for traders. Overall sentiment based on all ideas published on TradingView within the course of the last 7 days is as follows: 57% of traders on the platform are bullish and 43% are bearish. Amongst the top 10 bitcoin traders, the ratio is 89% bullish, 11% bearish. The changes from the last week are moderate, within 2-4% range. And, weirdly, traders seem have their hopes up about Bitcoin’s future. Top traders have published more long ideas (+4% from the last week) and among all trading ideas, 57% were bullish (+2% from the previous week).
– While many were talking about SEC’s disapproval of bitcoin ETF proposals, Jacob Canfield, a top trader from TradingView, has spotted a wondrous Indicator “that Gives An Insane 95% Accuracy For Bitcoin”: CNBC headlines! Even if you are not into trading – check it out – it’s hilarious.