December 9th, 2018

Bitcoin reached the new lows

Bitcoin reached the new lows

December 9th, 2018

Weekly crypto sentiment brain-powered by the most authoritative experts from the trading network.

The previous week was quite controversial if to judge by the newsbreaks related to bitcoin. On the bright side, the announcement that businesses operating in Ohio will be able to pay their taxes in crypto and the heads up from Nasdaq on launching “a regulated crypto 2.0 futures-type contract”, in Q1 2019. On the less positive note – Zoobia Shahnaz pleaded guilty for using bitcoin to support the ventures of Islamic terror group ISIS. Let’s recall what was going with bitcoin starting from Monday:

  • The week began with the announcement from Autonomous Research LLP. The firm shared the report claiming that at least 100,000 individual miners have been shut down recently. Also, Fundstrat Global Advisors LLC concluded that nearly 1.4 million servers stopped operations since the early September. All that potentially can cause further fights for the control over the network, which is not the great news.
  • Another quite a popular newsbreak of the week was the speculations related to the new recent low for bitcoin and its continuous drop. It reached $3,250, the lowest level since September 2017.
  • The apotheosis of the week was the decision to extend the review timeframe for exchange-traded fund (ETF) proposals submitted by SolidX and VanEck to the U.S. Securities and Exchange Commission (SEC). Currently, the resolution on the ETFs is expected by the 27th of February 2019.
  • Overall sentiment based on all ideas published on TradingView within the course of the last seven days was as follows: 55,8% of traders on the platform were bullish, and 42,2% were bearish. 78,9% bullish, 21,1% bearish is the ratio among the top 10 Bitcoin traders. Much more optimistic compared to the previous week when only 50% of top traders were bullish.
  • TradingView user CryptoRampage shared one of the most popular bitcoin trading ideas of the week. His predictions for future rates for BTC are the following:  $10,000 – Q3 2020 and $1,000,000 per 1 coin by March, 2026. To learn how he came up with those numbers check the details below or here.