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“I believe in Bitcoin” says Yahoo co-founder

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I’m a believer that Bitcoin can play a very important role in our society, says Yahoo co-founder Jerry Yang

Bitcoin price smashing all the records and heading towards $16000 mark, this bull market draw a lot of attention from all over the world, many supporters and many haters as well, Co-Founder of Yahoo Mr. Jerry Yang is definitely a bitcoin supporter, In his recent Interview on the sidelines of Global Fortune Forum in China , he mentioned that

“Personally, I am a believer in how digital currency can play a role in our society, but for now, it seems like it’s more driven by the hype of investing and getting a return rather than using it as a transaction currency,”

The digital currency began the year below $1,000 but gains have skyrocketed in recent months as investor interest grows. Bitcoin’s dramatic uptick in market value means it would currently rank among the 20 largest stocks in the S&P 500 , with an estimated value of more than $250 billion.

Bitcoin had a fantastic year so far, surging to all time high of $16000 today, If tech giants like Yahoo keeps on supporting Bitcoin then we may see more adoption from tech community.

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Weekly chart of Ethereum shows serious concerns

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World’s second biggest cryptocurrency, Ethereum showing no signs of recovery on the weekly chart as price is making lower highs and lowers lows.

2017 saw a boom in crypto market, leading cryptocurrencies like Bitcoin, Ethereum and XRP jumped more than 500% within a year.  Ethereum was one of the biggest gainers in the booming market. ETH jumped from $10 (15 Jan 2017) to $1380 (15 Jan 2018), a staggering boom which left everyone speechless, But

It’s always hard to maintain such growth for a longer period of time, and that’s what happened with Ethereum as well. The price reached a low of $85 in December 2018, more than 90% of correction in the price. Price did make a recovery in 2019 but still lagging way behind industry leader Bitcoin.

Price Chart 

Technical Analysis 

Let’s discuss the weekly chart of Ethereum which shows serious concerns about the price growth in future.

ETH on the weekly chart seems like a delight for short sellers, price has been making lower lows in recent weeks. The price dipped below the 50 period moving average last week and currently hovering around the crucial price level of $184, if price falls below $180, then it will open new doors for bears in the market.

RSI and Momentum 

RSI is currently below 50 level which shows that there is negative sentiment in the market. Current RSI level stands at around 42.6

Momentum is also an important indicator, which shows the trend in the market, a reading below 100 shows that bearish view is stronger. Current momentum level of Ethereum on the weekly chart stands at around 78.5, which is way below 100.

Overall, key indicators like Moving Average, RSI and Momentum shows that Ethereum on the weekly chart is a serious concern for buyers in the market as bearish outlook is getting stronger by the time.

 

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Morning Crypto Roundup

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  1. Crypto market cap dropped below $260 billion as fight between bulls and bears getting intense
  2. Ukrainian Miner got arrested for using Nuclear Power facility to mine Bitcoins
  3. G7 will discuss Bitcoin and cryptocurrencies in general next week
  4. US & Germany dominating the Bitcoin Nodes community, latest data compiled by Coin360 shows that top 2 countries account for almost 45% share of Bitcoin Nodes community.

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Bitcoin Bulls vs Bitcoin Bears: The fight at $10,000

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Crypto market lost more than $10 billion in just 12 hours as the biggest cryptocurrency dropped more than 5% on 21 August. There’s a big fight going on between Bitcoin Bulls and Bitcoin Bears at $10,000 level.

Overall, 2019 has been a year of revival for the crypto market, market cap rose from $125 billion at the start of 2019 to $265 billion as of 21 August. Bitcoin has been the biggest gainer this year, while growth from other cryptocurrencies like Ethereum and XRP slowed down, Bitcoin gained the market cap from altcoins. Current market dominance of Bitcoin stands at around 69%, the highest level in more than 2 years.

The Importance of $10,000 Level

$10,000 is probably the most important price level for Bitcoin as far as price action is concerned. Many analysts believe that if Bitcoin stays above $10k, there is more potential for an upside move as market sentiments will change from Bullish to Bearish below $10K.

Hourly price chart of BTC/USD shows that the price is well below the 50-Period Simple Moving Average with negative MACD, both supports the bearish sentiment in the price. However, RSI reading on the hourly chart is below 30 which shows that the Bitcoin is oversold on the hourly chart and it can reverse the trend at any point of time.

The fight between Bulls and Bears is gaining strength as volume has started to pick up.

Strong Fundamentals for Bitcoin 

Fundamentals for Bitcoin are getting stronger and stronger by the time, yesterday we reported that

Bitcoin Network Hash Rate Hits Record High

Bitcoin reached an all-time high for hash rate, a whopping number of 82.5 TH/s.

Coinbase recently reported that they are getting $200-$400 million in crypto deposits every week and large part of that is Bitcoin. All these indicators are pointing towards a positive picture for the future of Bitcoin, which makes Bitcoin Bulls happy but in this market, nothing is 100%, bears will keep their pressure as well with market corrections.

 

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