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Market Update: Prices Drop as Crypto Sentiment Enters the Fear Zone

August 21, 2019 |

Markets Update: Prices Drop as Crypto Sentiment Plunges Below the Fear Zone

Cryptocurrency markets fell hard on August 21 following the $ 700 price drop bitcoin core (BTC) saw during the early morning trading sessions. Most digital assets have lost 2-8% in value as the overall market valuation of all 2,000+ coins has plunged to $ 263 billion. Crypto price movements have been following a trend of strong volatility, having been turbulent for several weeks.

Also read: The World Bank’s Blockchain Bond Is Just a Fancy Way of Selling Debt

The Top Digital Currency Markets See Percentage Losses

BTC and a slew of other digital assets dropped significantly on Wednesday. At the time of publication, there’s been around $ 59 billion worth of daily trades happening between the most popular coins. BTC holds the top position and commands 69% of the $ 263 billion dollar market cap. At the moment, BTC is hovering at around $ 10,124 per coin and has an overall market valuation of about $ 181 billion. The top fiat currencies traded with BTC on Wednesday include JPY and USD and tether (USDT) captures more than 66% of all BTC trades. BTC has lost 5.8% over the last 24 hours and 2% in the last seven days.

Market Update: Prices Drop as Crypto Sentiment Enters the Fear Zone

The second highest valued market cap belongs to ethereum (ETH) where each coin is being swapped for $ 185 per coin. ETH is down 5.8% today and there’s $ 7.4 billion in global ETH trades. Following ETH is ripple (XRP) which has seen the least volatility over the last few weeks. One XRP is trading for $ 0.26 and markets are down 3.3% today and 4.9% for the week. Lastly, litecoin (LTC) commands the fifth-largest valuation and each LTC is trading for $ 72. LTC has dropped only 3.5% today but lost more than 8% this week.

Market Update: Prices Drop as Crypto Sentiment Enters the Fear Zone
On August 21, 2019 during the price slide, tether (USDT) is a dominant pair for every major cryptocurrency. Did you know you can now easily buy Bitcoin with a credit card? Visit our Purchase Bitcoin page where you can buy BCH, BTC, ETH, XRP, BNB, and LTC securely, and keep your BCH and BTC secure by storing them in our free Bitcoin mobile wallet.

Bitcoin Cash (BCH) Market Action

Bitcoin Cash (BCH) still holds the fourth position and each BCH is trading for $ 299. BCH has an overall market cap of around $ 5.3 billion and about $ 1.39 billion in trade volumes. Today BCH is down more than 5% and over 8% over the last seven days. Daily transactions (txn) this Wednesday have been around 43,000 and BCH has had an average of about 40K txn every day since April. BCH is the sixth most traded digital asset on August 21, just below EOS and above XRP. Tether (USDT) captures around 58% of all BCH trades which is followed by BTC (22.5%), USD (8.4%), ETH (6%), and KRW (2.5%).

Market Update: Prices Drop as Crypto Sentiment Enters the Fear Zone

The Verdict: Short-Term Crypto Sentiment Shows Extreme Fear While Long-Term Believers Are Still Cheerful

Despite the falling prices, traders and crypto enthusiasts on social media are still optimistic about digital currency markets and BTC prices. Popular Twitter trader Jacob Canfield says the charts look like a “pretty classic rising wedge that hit resistance.” “First support zone didn’t hold up price at all — Ideal buy zone $ 8900-$ 9100 if we can get there,” Canfield concluded on Wednesday. Meanwhile, Mark Mobius, the founder of Mobius Capital Partners, told the press this week that cryptocurrencies like bitcoin are “psycho currencies.” “I call them psycho currencies because it’s a matter of faith whether you believe in bitcoin or any of the other cyber-currencies,” Mobius explained during an interview.

Market Update: Prices Drop as Crypto Sentiment Enters the Fear Zone
“[The crypto surge] began with the European Central Bank and was followed swiftly by a U-turn into interest rate cuts from the Federal Reserve,” Henny Sender said this week.

Meanwhile, traditional markets like stocks and bonds have been just as shaky and some people believe that institutional and retail investors are hedging macro risks with digital currencies. The Financial Times’ chief correspondent Henny Sender wrote a column for the Nikkei Asian Review which suggests central banks are pushing investors toward cryptocurrencies. “Central banks drive demand for bitcoin by devaluing their currencies,” the reporter detailed. “Cryptocurrency, wildly popular in China, is now a safe-haven asset.” Sender’s editorial continued:

Central banks have played a big role in driving this latest rally in crypto. That is because they have adopted policies which amount to competitive currency devaluations in the name of reflating their economies, in response to protectionist policies as the trade war leads to slower growth everywhere.

Market Update: Prices Drop as Crypto Sentiment Enters the Fear Zone
Today the current Fear & Greed Index is an 11, which points to “extreme fear” in regard to the crypto community’s emotions and sentiments.

For now, BTC, ETH, BCH and the rest of the top digital currencies are feeling the pressure of weak hands, day-trading scalpers, and short-sellers. Even with a large number of optimistic hopium huffers on crypto Twitter, people are uncertain of what will happen next according to sentiment data. The current Crypto Fear & Greed Index, which analyzes the emotions and sentiments from different sources and crunches them into one simple number, is low today. At press time, the Fear & Greed Index for BTC and other popular digital assets rests at “extreme fear” or #11. The index was in “fear” (39) yesterday, where it has spent the entire month.

Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Crypto Fear & Greed Index, Trading View, Bitcoin.com Markets, and Coinlib.io.


Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.

The post Market Update: Prices Drop as Crypto Sentiment Enters the Fear Zone appeared first on Bitcoin News.

Bitcoin News

Market Outlook: Bitcoin Cash Spikes While Economic Fears Spread Worldwide

August 13, 2019 |

Market Outlook: Bitcoin Cash Prices Spike While Economic Fears Spread Worldwide

On Tuesday, August 13, most digital currency prices have dropped in value between 2-5% while crypto trade volumes globally have fallen to $ 46 billion in the last 48 hours. Despite the downturns across the board, bitcoin cash (BCH) is holding steady, up 2% today and now commanding the fourth largest market valuation.

Also read: Twitter Crypto Scammers Continue to Fly Under the Company’s Radar

The Top Digital Currency Markets

Most crypto markets are in the red today as many popular digital assets have lost a few points over the last day. At the time of writing, the overall market capitalization is roughly $ 286 billion. BTC prices are down a touch over 3% this Tuesday as each BTC is trading for $ 10,984. BTC does capture 68% of the $ 286 billion with a market valuation of $ 196 billion this week. The cryptocurrency is down 6.6% over the last seven days and has about $ 15.1 billion in global trading volume.

Market Outlook: Bitcoin Cash Spikes While Economic Fears Spread Worldwide
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Behind BTC is ETH which has dropped more than 3% today as each ETH is swapping for $ 205. Ethereum markets have a valuation of about $ 22 billion in total and there’s roughly $ 5.6 billion in ETH trades worldwide. Ripple (XRP) has been extremely boring but dropped from $ 0.32 to $ 0.29, losing 2% in the last 24 hours. Lastly, litecoin (LTC) has seen the worst of the declines this week, losing more than 10.9%. Each LTC is swapping for $ 84 per coin and markets are down 2.5% on August 13.

Bitcoin Cash Fundamentals Look Bullish

Bitcoin cash (BCH) markets are leading the top 10 crypto pack as BCH has gained 2.17% in the last 24 hours. BCH is trading for $ 337 per coin and the cryptocurrency’s market capitalization today is roughly $ 6 billion. There’s 1.27 billion in global BCH trades and bitcoin cash currently holds the sixth largest trade volume. The top pair traded with bitcoin cash is tether (USDT) which has around 48.7% of all BCH trades today.

Market Outlook: Bitcoin Cash Spikes While Economic Fears Spread Worldwide

This is followed by BTC (32%), USD (9.4%), ETH (6.4%), and KRW (2%). The exchanges swapping the most BCH include Coinbene, Huobi Pro, Huobi Korea, Huobi Japan, and the trading platform EXX. Many traders have noticed that BCH has outperformed a bunch of other digital assets this past week, spiking more than 10% on Sunday. The well known digital currency trader Don Alt explained that bitcoin cash may see a price run-up soon. On August 11, Don Alt tweeted:

[Bitcoin Cash] is one of the charts with the most potential out there right now. Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here.

Market Outlook: Bitcoin Cash Spikes While Economic Fears Spread Worldwide
Don Alt’s BCH/USD analysis chart.

Goldman Charts Indicate a BTC/USD Rally Toward $ 14K

A series of BTC/USD chart slides stemming from Goldman Sachs suggest that the current BTC price dip could be a buying opportunity for investors. The slides were created for institutional clientele and implied there was a possibility BTC could touch $ 13,971 per coin. “Any such retracement from $ 12,916-$ 13,971 should be viewed as an opportunity to buy on weakness as long as it doesn’t retrace further than the $ 9,084 low,” one slide details. The Goldman Sachs analyst used an Elliott Wave analysis, a tool that attempts to locate market cycles and trends in wave patterns. However, critics of the Elliott Wave principle believe the chart research is too broad and vague due to the fact that it’s very difficult to recognize the start and end of each wave.

Market Outlook: Bitcoin Cash Spikes While Economic Fears Spread Worldwide
Chart slides stemming from a Goldman Sachs investors report.

SEC Postpones Three Exchange Traded Funds

The BTC/USD price started fumbling after the U.S. Securities and Exchange Commission (SEC) delayed the Vaneck Solidx Bitcoin Trust, Wilshire Phoenix, and the Bitwise Bitcoin ETF Trust. Almost immediately after the announcement from the U.S. regulator, BTC/USD prices dipped from a high of $ 11,560 to $ 11,350 on Monday. Reports reveal that the Wilshire Phoenix proposal decision may come on September 29, while the Vaneck Solidx Bitcoin Trust could be made in mid-October.

Market Outlook: Bitcoin Cash Spikes While Economic Fears Spread Worldwide
The U.S. Securities and Exchange Commission (SEC) delayed three Bitcoin ETFs.

The regulator has delayed Bitcoin exchange-traded funds (ETF) for years starting with the Bitcoin ETF backed by the Winklevoss twins. Speaking during the Bakkt Digital Asset Conference, SEC commissioner Hester Peirce told the crowd that regulators are stiff against the crypto industry because regulators are the ones who get the blame when things go wrong. “It is very natural for regulators to be conservative because if we make a mistake then people are going to blame us and I know if people lose money, they always blame the regulator,” Peirce told the crowd.

Crypto Price Downturn Could Last Much Longer

According to the popular trader Cryptowolf, if the current BTC/USD price follows historical data the current correction could continue. BTC prices have failed to break the upper resistance above the $ 12K region over the last two weeks. Cryptowolf says the current correction will only last six and a half weeks if prices follow historical data. “One of the reasons I don’t expect a new high anytime soon in bitcoin is the lack of time in this correction,” the trader remarked on Sunday. “History has proven that every reversal rally was then followed by a correction of 189 – 203 days before breaking its previous high — Currently at only 45 days correction.” If the analyst’s timeframe correlates with prior prices, it started beyond the $ 12K rejections this month as BTC/USD stopped short just before the $ 14K zone at the end of June.

Market Outlook: Bitcoin Cash Spikes While Economic Fears Spread Worldwide
Cryptowolf’s chart.

Trade Wars, Faltering Debt and Hyperinflation Could Pose Systemic Risk to the Global Economy

Overall digital currency prices are still holding strong as the world’s economic woes continue to grow. Fears of a deep recession have started to look certain as particular regions pose a systemic risk to the global economy. There’s anxiety over a no-deal Brexit between the U.K. and the Eurozone as well as a chance that Italy could abandon the monetary system.

Market Outlook: Bitcoin Cash Spikes While Economic Fears Spread Worldwide
Hong Kong airport on August 12, 2019.

Economists are finding that Hong Kong is not only suffering from the U.S.-China trade war, but the protests are disrupting the country’s businesses as well. On August 12, the country’s most popular airport suspended all flights because protestors brought the international travel hub to a standstill. The airport in Hong Kong is one of the busiest worldwide with more than 1,100 daily flights. Reports detail that over 700 protestors have been arrested for “taking part in a riot” and unlawful assembly.

Market Outlook: Bitcoin Cash Spikes While Economic Fears Spread Worldwide
Gold and cryptocurrencies have reaped the benefits of a gloomy global economy. On Tuesday, August 13, gold spot prices remain above $ 1,500 an ounce.

Meanwhile, all eyes are on the German economy this week where economists and data reveal a looming recession. Data expected this week will show how the country’s economy performed during the first two quarters of 2019. Additionally, while the world was focused on the 10,000,000% inflation rate in Venezuela, people are now watching the economic chaos in Argentina. With all of the global fears growing, larger spot gold prices have touched all-time highs above $ 1,500 per ounce. Despite the 45-day long correction, with the global economy in disarray, cryptocurrency market prices remain strong.

Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency and gold prices referenced in this article were recorded at 12 p.m. EST on Tuesday, August 13, 2019.


Images via Shutterstock, Trading View, Bitcoin.com Markets, Getty, Goldprice.org, Wiki Commons, and Pixabay.


Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.

The post Market Outlook: Bitcoin Cash Spikes While Economic Fears Spread Worldwide appeared first on Bitcoin News.

Bitcoin News

Market Outlook: Trade Wars and Filthy Fiat Battles Fuel Crypto Prices

August 5, 2019 |

A slew of digital currencies have gathered decent gains over the last 48 hours and the entire market capitalization now stands at around $ 308 billion. Moreover, cryptocurrency trade volumes have kicked up a notch, capturing $ 66 billion in swaps over the last day. Overall, speculators think the recent spike in crypto prices is due to the overwhelming economic uncertainty worldwide.

Also Read: Tax Expert: IRS Letters Confirm That Trading Cryptos Is a Taxable Event

Despite Traditional Market Downturn, Crypto Markets See Steady Gains

Cryptocurrency prices have jumped northbound once again as a large number of digital assets have seen gains between 2-15% over the last 24 hours. At the time of publication, the price of bitcoin core (BTC) is hovering just below the $ 12K mark at $ 11,757 per coin. BTC is up over 8% in 24 hours and has a market valuation of around $ 209 billion. The cryptocurrency is up 23% over the last seven days and there’s $ 23 billion in global BTC trade volume on August 5. Right behind BTC is ETH which is hovering around $ 231 per coin and is up over 4.9% today.

Top 15 digital assets by market cap on Monday, August 5, 2019. If you are looking for a place to buy cryptocurrencies like bitcoin core (BTC), bitcoin cash (BCH), litecoin (LTC), ethereum (ETH), and others get access to these digital assets here.

Ripple (XRP) is up a hair over 2% this Monday and is trading for $ 0.32 per XRP. In fourth position and the biggest gainer over the last 24 hours is litecoin (LTC) as it jumped 15% after the cryptocurrency’s reward halving took place. LTC dipped a bit afterward but is still up 6% and each LTC is swapping for $ 99. Lastly, bitcoin cash (BCH) markets are up over 4.5% on Monday as each BCH is trading for $ 347. BCH is up more than 12.8% for the week and there’s $ 1.75 billion in global BCH trade volume today.

A Flight-to-Safety Asset

There’s been a whole lot of speculation and analysis with people trying to figure out why digital assets are pumping once again. Many people believe the rise is due to investors looking for a safe haven asset as economic turmoil strikes fear into global leaders. Charles Hayter, the founder of digital currency data website Cryptocompare, believes BTC is being used as a “flight-to-safety.” The crypto price spike started after global stock markets started tumbling when U.S. President Donald Trump told the media he would impose a 10% tariff on Chinese imports.

Some speculators believe capital flight out of China might be priming the current cryptocurrency bull run’s flames.

“Bitcoin has many use cases and one of the most important is as a form of digital gold,” Hayter explained on Monday. “We have seen bitcoin jump before on macro uncertainty as it becomes a conduit and flight-to-safety asset.” Etoro’s Simon Peters thinks tensions between the U.S. and China is a plausible theory as well. “Given that Chinese investors make up a large proportion of crypto investors, there’s a strong possibility some are backing bitcoin’s chances against the yuan,” Peters told investors on August 5.

A Looming No-Deal Brexit

It’s very possible that the world could witness a no-deal Brexit in the near future. A while back when people talked about Brexit it meant that the U.K. would leave the European Union (EU) but there were certain agreements tied to the action. This year, a no-deal Brexit means the two countries will divorce and there will be no deals or agreements made when the two go separate ways. Nicholas Gregory, the CEO of Commerceblock, which builds distributed financial infrastructure, believes a no-deal Brexit could push BTC prices past the $ 20K all-time high.

Commerceblock CEO Nicholas Gregory told news.Bitcoin.com that a no-deal Brexit could spark a BTC rally.

“Bitcoin has rediscovered its mojo this year with multiple mini-surges but a no-deal Brexit could see a massive and unprecedented breakout. Not only will a no-deal departure from the EU create turmoil and volatility across two major fiat currencies, but it will also trigger an identity crisis for the global system as the contingency and vulnerability of major global fiat currencies is laid bare,” Gregory wrote to news.Bitcoin.com on Monday. The Commerceblock founder added:

Come 2020, we expect an increasingly populist and politically unstable world to cement the safe-haven status of bitcoin and cryptocurrencies more generally. And if central banks revert to ramping up the money printing all over again, the case for cryptocurrencies like bitcoin whose supply is capped will be further reinforced. Each time a central bank increases the money supply, it’s another nail in the coffin of fiat.

‘Rally Could Have Real Legs’ Says Galaxy Digital Executive Mike Novogratz

After cryptocurrency markets spiked this weekend and into Monday, Galaxy Digital CEO Mike Novogratz tweeted that the 2019 BTC rally could be real. The comment follows Novogratz’s recent interview when he told the public that the digital currency could surpass all-time highs in 2019. He attributed the rise in prices on July 25 to the recent Facebook Libra announcement and mentioned Telegram’s coin launch. On Monday, however, Novogratz blamed the global economic uncertainty and capital flight. “With the yuan over 7.0, an FX war, instability in HKG and the beginnings of capital flight, the BTC rally could have real legs,” Novogratz tweeted.

Trade and Currency Wars

Financial analyst Naeem Aslam detailed on Monday that he also thinks economic uncertainty and Donald Trump’s trade wars are helping bolster the price of BTC. “There is no doubt in mind that the Bitcoin price is going to break this year’s high,” Aslam wrote. The FX, equities, and crypto analyst said that crypto bulls can thank Trump for the spike because “it is completely driven by geopolitical tensions.”

Donald Trump’s trade war with China has fueled speculation that people are moving money into digital currencies.

“Donald Trump introduced new tariffs on China last week and I talked about the retaliation action by Beijing. China has unleashed its nuclear weapon on the U.S. This retaliation has come in the form of China introducing the most fearful factor for the markets, a currency war,” Aslam opined. “The Chinese Yuan crossed the level of $ 7 for the first time and this is only because China clearly wants to devalue its currency.” Aslam further wrote:

We all know what this means for Bitcoin; it is going to explode and continue to move higher.

Bitcoin Cash and Litecoin Markets Spike

BCH has continued to follow the upward trend as the currency has broken a decent path of upward resistance and market analyst John Isige thinks it’s possible BCH could spike to $ 400 per BCH in the near future. “Glancing ahead, bitcoin cash (BCH) is approaching the rising wedge pattern breakout — Trading above the pattern resistance could boost Bitcoin Cash towards $ 400,” Isige suggested on Monday. “Moreover, Bitcoin Cash is strongly supported initially by the 50 Simple Moving Average (SMA) 1-hour chart currently at $ 333.62.”

John Isige notes a rising wedge pattern that could launch BCH towards $ 400.

Litecoin prices jumped during Monday’s early morning trading sessions due to the cryptocurrency’s reward halving. Before LTC’s block height at 1,680,000, miners got a reward of 25 LTC but now only get 12.5 LTC per block. The halving event gave LTC prices a boost and saw the digital asset rise higher than most coins on Monday. The Litecoin network cuts its mining rewards in half every 840,000 blocks. Since the LTC halving, the digital asset is hovering around the $ 90-110 range.

Litecoin’s price got a boost from the cryptocurrency’s recent halving at block height at 1,680,000.

Recent Federal Reserve Rate Cut Adds Fuel to the Crypto and Precious Metal Market Rallies

Overall, there’s no shortage of digital currency market speculators and pundits giving their two cents on the current crypto rally. A great majority of investors and enthusiasts believe cryptocurrencies are rising because of the world’s economic woes. Alongside cryptocurrencies, the price of gold has reached a six-year high and speculators believe the spike is due to the exact same reasons.

Gold spot prices per ounce on Monday, August 5, 2019 touch an all-time six-year high according to Goldprice.org.

Additionally, last week, digital currency markets witnessed the first Federal Reserve interest rate cut in ten years. The Fed told the public last Wednesday that the bank would cut rates by a quarter point. Many economists believe the rate cut is troubling for the U.S. economy and even two regional Federal Reserve presidents publicly spoke out against the interest rate cut. The financial columnist from Barron’s, Ben Walsh, recently explained the Fed’s rate cut could reinforce bitcoin gains.

“The Federal Reserve has added fuel to the rally as it has shifted from raising interest rates in 2018 to keeping borrowing costs steady to its current strong hints that a reduction is on the way,” the author penned last week. “Easier monetary policy could bring more gains for bitcoin.”

Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency and gold prices referenced in this article were recorded at 11:45 a.m. EST on Monday, August 5, 2019.


Images via Shutterstock, Trading View, Bitcoin.com Markets, Getty, Goldprice.org, Wiki Commons, and Pixabay.


Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.

The post Market Outlook: Trade Wars and Filthy Fiat Battles Fuel Crypto Prices appeared first on Bitcoin News.

Bitcoin News

Bel-Air gem, once home to Heidi Klum, is on the market for $14.95 million

July 31, 2019 |

In lower Bel-Air, a modern mansion once home to actor Danny Trejo, model Heidi Klum and DJ Chantel Jeffries is for sale with a tag of $ 14.95 million.


L.A. Times – Business

Three drugmakers settle with California over deals to keep generic medications off the market

July 30, 2019 |

Teva maintained a monopoly over sales of a narcolepsy drug by entering “pay-for-delay” deals to delay a generic version for six years, Atty. Gen. Xavier Becerra’s office said.


L.A. Times – Business

Market Outlook: Crypto Prices Consolidate as Economic Uncertainty Looms

July 28, 2019 |

Market Outlook: Crypto Prices Consolidate as Economic Uncertainty Looms

Digital currency markets have been meandering sideways for a few days as most of the top crypto prices have been consolidating. Some traders believe there will be a big bullish rise after the current slump, while others think crypto prices may sink even lower. Amidst the crypto market uncertainty, economists worldwide are predicting a great recession looming in the backdrop.

Also Read: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS

Persistent Consolidation

On Sunday, July 28 the entire market capitalization of digital assets is around $ 263 billion and there’s been $ 43 billion in 24-hour global trade volume. Digital currency market caps, individual coin prices, and overall global trade volumes have dropped significantly since June. Currently, the price of bitcoin core (BTC) is hovering around $ 9,500 with around $ 13 billion in daily trade volume. During the early morning trading sessions on July 28, more than 68% of BTC trades are paired against tether (USDT).

Market Outlook: Crypto Prices Consolidate as Economic Uncertainty Looms

Following BTC’s lead, ethereum (ETH) holds the second largest valuation as each ETH is swapping for $ 209. Ethereum markets have roughly $ 5.7 billion worth of Sunday’s overall trade volumes. Ripple (XRP) is still hanging tight in third position and each XRP is swapping for $ 0.31. At the time of writing, there’s only $ 841 million in global trade volume for XRP. The fourth largest market valuation belongs to litecoin (LTC), which has seen around $ 2.3 billion in daily trades. Each LTC is trading for $ 89 per coin and a market cap of about $ 5.6 billion. Lastly, bitcoin cash (BCH) is hovering around $ 307 and there’s been $ 1.2 billion swapped in the last day. BCH has a market valuation of around $ 5.4 billion this Sunday.

Mike Novogratz Predicts BTC Prices Could Surpass $ 20K by the Year’s End

Despite all the recent red within the crypto charts, many enthusiasts are expecting a return to green in the long run. A number of digital asset supporters suspect that institutional interest has entered the crypto scene and Galaxy Digital CEO Mike Novogratz believes BTC will surpass its all-time highs this year.

Market Outlook: Crypto Prices Consolidate as Economic Uncertainty Looms

During his interview with Bloomberg on July 25, Novogratz opined that there’s a good chance that BTC will consolidate for a while but by the end of 2019 he thinks the price could blow past $ 20,000. The Galaxy Digital CEO said it was also exciting to see the upcoming launch of Facebook’s Libra project and Telegram’s digital currency as well. Novogratz thinks that because these platforms already have a large user base the experiment will be interesting.

“In about two or three months Telegram is launching their blockchain,” Novogratz explained. “Telegram is about 218 million users — So before Facebook launches we are going to have a real view at an experiment called Telegram, where they also have a user base.”

Bitcoin Cash Market Indicators Show a Possible Breakout Imminent

A few crypto traders eyeing the price of bitcoin cash (BCH) believe that there could be a breakout in the near future. A technical analysis published on July 27 insists that the bullish trend is currently “very strong on bitcoin cash.” “As long as the [BCH/USD] price remains above the support at 312.38 USD, you could try to benefit from the boom — The first bullish objective is located at 318.18 USD — The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance located at 325.51 USD as an objective,” the analysis reads. The technical price examination continues:

Crossing it would then enable buyers to target 332.33 USD — Be careful, given the powerful bullish rally underway, excesses could lead to a possible correction in the short term. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating a reversal of the trend.

Market Outlook: Crypto Prices Consolidate as Economic Uncertainty Looms

Another BCH/USD price forecast written by Saad Murtaza on the same day shows similar findings. Murtaza’s data shows that the price of BCH is breaking against BTC. Murtaza emphasizes that the recent BCH price increase has taken the price action above the 10-day moving average (MA). But the price fell short when it reached the 20-day MA and it’s been trading sideways ever since. “This has caused the ten-day MA to increase and is possibly going to push the price for a breakthrough above — The same thing is happening to the MACD and supported by the RSI across all short-term charts up till 12-hour frames.” Murtaza’s analysis noted. “A breakout may occur soon; however, the ascending triangle shows strong resistance. If price breaks above, it will demolish the previous resistance as well as it coincides with the triangle’s resistance.”

Grayscale Research Finds 36% of American Investors Consider Buying Bitcoin

Grayscale Investments and Q8 Research released a study this month which surveyed a group of 1,100 U.S. investors. Within this portion of the investment community, the survey found that more than a third (36%) of investors would consider an investment in bitcoin. The study reveals the majority of the investors who participated (83%) were “strongly motivated by the idea that they could invest small amounts in bitcoin today.” “Since its introduction in 2009, bitcoin has steadily grown in popularity and today has expanded its reach to a broad mainstream audience,” the research report explains. The Grayscale and Q8 Research study adds:

Investors are constantly looking for new ways to diversify their portfolios as traditional assets and markets have begun to move more closely in sync with one another. Increasingly, savvy investors recognize that bitcoin and other digital currencies may have unique investment characteristics that provide diversification far beyond the basic 60% stock/40% bond portfolio allocation.

Market Outlook: Crypto Prices Consolidate as Economic Uncertainty Looms

Global Economists Fear Recession Is Looming in the Backdrop

Headlines concerning the world economy continue to hint at an impending recession and economic turmoil. In Hong Kong during the protests, the country’s Finance Secretary Paul Chan told the public this week the protesting has caused unemployment and hurt local businesses. “For foreign tourists and enterprises, the unrest in Hong Kong dampens their appetite for traveling and investment,” Chan’s translated statements detail.

Market Outlook: Crypto Prices Consolidate as Economic Uncertainty Looms
Precious metals markets and cryptocurrencies are still outperforming nearly every major financial asset.

In the U.S., economists fear the American economy is on the brink of recession despite the nation’s gross domestic product increases. This is because economists believe the Federal Reserve is poised to lower interest rates soon. Meanwhile, in the U.K., political economists think a no-deal Brexit is on the horizon according to U.K. Prime Minister Boris Johnson’s statements. Reports state that the region is preparing a no-deal Brexit because the European Union does not plan to renegotiate the prior withdrawal agreement. The looming global recession has fueled the spot gold markets as having consolidated above $ 1,400 per troy ounce of .999 fine gold.

Similarly, cryptocurrencies touched 2019 all-time highs in June and most have consolidated after a slight correction. Digital asset prices are still far higher than they were in January and many top coins have steadily increased month after month. No one really knows how the predicted global economy’s recession will affect digital currency markets, but typically during these times of hardship, the price benefits. This was the case for bitcoin markets during the crisis in Cyprus, Greece, and the last Brexit. So far, most of the top assets are moving sideways and it’s likely big players are finding new positions. Besides the last few days of sideways action, over the last few weeks, digital asset markets have been awfully volatile, playing out a crypto game of musical chairs. Depending on who you ask, traders predict BTC prices could drop to between $ 7,000-8,000, while others believe markets will see an upward trajectory toward $ 14K.

Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Prices and data were recorded on Sunday, July 28, 2019 at


Images via Shutterstock, Trading View, Bitcoin.com Markets, Grayscale, and Pixabay.


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The post Market Outlook: Crypto Prices Consolidate as Economic Uncertainty Looms appeared first on Bitcoin News.

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