Category Archives: Bitcoin

THE TEAM

Bitcoin was created by an anonymous name called Satoshi Nakamoto Other notable names rumored to be part of the team include

The practical uses of Bitcoin

If you have the required hardware, you can mine bitcoin even if you are not a miner. There are different ways one can mine bitcoin such as cloud mining, mining pool, etc. For cloud mining, all you need to do is to connect to the datacenter and start mining. The good thing about this is that you can mine from anywhere and you dont need a physical hardware to mine.

For mining pool, all you need to do is to join a mining group, and if that team solves a computational problem, blocks are added to the blockchain, they get the reward and you get a share of it based on your contribution.

PoW algorithm-SHA-256 is used for mining. Which utilizes a lot of computational power.

How Does Bitcoin Mining Work?

Bitcoin mining saps energy, costly, uses more power and also the reward delays. For mining, run software, get your wallet ready and be the first to solve a cryptographic problem and you get your reward after the new blocks have been added to the blockchain.Mining is said to be successful when all the transactions are recorded in the blockchain and the new blocks are added to the blockchain.

Bitcoin Price Today

Die-hard BTC supporters believe that bitcoin is the future; we are just scratching the surface.Considering the continuous rise of bitcoin in the market capitalization, it is one investment every investor needs to take advantage of it.

The current market capitalization of bitcoin stands at an all-time high of $109 billion. As at January 2016, bitcoin was traded at I BTC for $970 but today is being traded at $9,600 for 1 BTC.

From the statistics presented above, it that bitcoin is one investment, you will never regret embarking on. It keeps recording an impressive results daily in the cryptocurrency market.

MUST READ!

Cryptocurrency investment is speculative, and it involves unquantifiable risks the market is full of uncertainty, susceptible to attack and capital loss, and sensitive to secondary issues, time may do not permit to mention here.Seek advice before investing.

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Bitcoin Price Live and Bitcoin Chart, BTC Value, BTC to ...

The bitcoin and cryptocurrency market has lost a combined $170 billion since its year-to-date high set in June, with major tokens ethereum, Ripple's XRP, and litecoin all falling steeply.

The bitcoin price has almost halved, dropping from almost $14,000 to trade at around $7,600 today (though some heavyweight crypto investors remain upbeat).

However, one relatively minor cryptocurrency, chainlink, has more than doubled since June, jumping from around $1 to $2.55 after the company behind the token revealed a raft of partnerships and deals to use its technology.

After rallying hard earlier this year, the bitcoin price has been stuck on a downward trend for the ... [+] last few months, dragging the likes of ethereum, Ripple's XRP, and litecoin with it.

The chainlink token, which trades under the name link, began the year at $0.25, climbing to highs of around $4 per link token, before falling back along with the wider bitcoin and cryptocurrency market.

Chainlink is currently the 14th most valuable cryptocurrency by market capitalization, according to CoinMarketCap data, which counts bitcoin, ethereum, Ripple's XRP, bitcoin cash, and litecoin as the respective top five (excluding so-called stablecoin tether).

Chainlink, an ethereum token that powers the Chainlink decentralized oracle network allowing smart contracts on ethereum to connect to external data sources, APIs, and payment systems, has managed to stage a strong recovery since the late summer sell-off, breaking away from the wider bitcoin and crypto market, which has been falling steadily.

Some of chainlink's recent gains could be due to its efforts to expand into China just as China's president Xi Jinping has revealed the country will work to widely incorporate blockchain technology over coming years.

In April, the Chainlink organization hired a Chinese community manager.

Last month, Chainlink teamed up with Binance, the world's largest bitcoin and cryptocurrency exchange by volume, to develop blockchain and smart contract-based so-called decentralized finance products, including lending, derivatives, and decentralized exchanges.

Back in June, the Chainlink organization began working with search giant Google and enterprise software company Oracle to help bridge their legacy payment systems and databases using blockchain technology.

Elsewhere, OpenLaw, which is developing decentralized peer-to-peer legal agreements, started working with the Chainlink organization in April on its smart legal contracts.

The chainlink price is up almost 700% over the last 12 months, compared to bitcoin's 75% rise over ... [+] the same period.

Some analysts have, meanwhile, been talking up chainlink's prospects.

"Id be lying if I said I havent been watching chainlink incredibly closely," Eric Thies, a popular bitcoin and cryptocurrency analyst on Twitter, told crypto news outlet CCN.

"I noticed a similar structure to ethereums price behavior in 2016 or, dare I say, bitcoin between 2011 and 2012. I wouldnt be surprised to see link hovering around $10 and making it to the top 10 cryptocurrencies in CoinMarketCap by mid-2020."

Other crypto watchers have though warned chainlink investors that the token's bull run could be coming to an end.

"Anything can happen, [chainlink] often defies gravity," bitcoin and crypto trader Scott Melker said via Twitter alongside technical charts and analysis of the chainlink price. "But never bad to take profit if you have the chance."

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As Bitcoin, Ethereum, Ripples XRP, And Litecoin Lose Billions, This One Small Coin Has More Than Doubled - Forbes

Bitcoin and crypto markets have been on a downward trend since bitcoin hit a year-to-date high of over $13,000 per bitcoin set in late June.

The bitcoin price, which has this morning dipped below $8,000, has bounced wildly over recent months as crypto traders and investors search for direction, try to guess the mood of regulators, and struggle with "dismal" bitcoin trading volumes.

However, bitcoin's biggest bulls have come out in force to reassure investors bitcoin is far from dead (though that could change)and all point to different reasons for why they see bitcoin going higher.

Draper Associates founder Tim Draper thinks adoption of bitcoin's lightning network will eventually ... [+] push the bitcoin price sharply higher.

Bitcoin investor and venture capitalist Tim Draper, who has previously called a bitcoin price prediction of $250,000 per bitcoin "conservative," has predicted that the likes of the bitcoin Lightning Network, designed to make smaller bitcoin transactions quicker and cheaper, will be the catalyst for the next bitcoin bull run.

"I think bitcoin payment processors are really going to open the floodgates," Draper said, speaking during a Q&A session at theMalta AI & Blockchain Summit earlier this month and reiterating he expects the bitcoin price will reach a quarter of million dollars by 2022 or 2023.

"Its because of Lightning Network and OpenNode and maybe others that are allowing us to spend bitcoin very freely and quickly, so that its not just a store of value but it can be used for micro-payments; it can be used for retail, it can be used all over."

Bitcoin's Lightning Network has long been touted by some as a potential game changer for bitcoin and crypto payments, though adoption has not come as quickly as some had hoped.

Elsewhere, Changpeng Zhao, the chief executive of the world's largest bitcoin and crypto exchange by volume Binance, said he expects the bitcoin price to rise simply as the bitcoin industry grows.

"If you look at the fundamental technology and a longer term view, across a five year or ten year horizon, we're very confident the industry will get bigger and when the industry gets bigger the prices will go higher," Changpeng Zhao, who's often known simply as CZ, told Bloomberg, a financial newswire.

"If you look at the short term view, bitcoin and cryptocurrency is a smaller market cap instrument so there will be higher volatility," CZ added, attempting to explain away bitcoin's recent downward trend.

The bitcoin price, after a strong start to the year, has fallen steadily over the last few months.

Meanwhile, bitcoin and cryptocurrency analyst Tom Lee has said bitcoin will need to pass $150,000 per bitcoin, a rise of over 1,600% from current prices, before a long-awaited bitcoin exchange-traded fund (ETF) could work.

Lee, who founded strategy research boutique Fundstrat Global Advisors, thinks that though "demand for an ETF is monstrous," the U.S. Security and Exchange Commission (SEC) "needs to punt the ETF until crypto becomes bigger."

According to Lee, a significant increase in the bitcoin price will increase investor confidence in bitcoin and cryptobut proper regulation and oversight will be needed.

"Institutions aren't going to touch crypto if they think the SEC isn't doing a good job," Lee reportedly said, speaking at the Blockshow conference in Singapore last week.

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As Bitcoin Plummets Below $8,000, Crypto Heavyweights See The Price Going Sharply HigherHeres Why - Forbes

smiling family with turkey celebrating thanksgiving day at home

Last Thanksgiving a lot of crypto enthusiasts were forced to eat crow instead of turkey.

After all, many friends and relatives bought bitcoin or ether after first hearing about it over dinner in 2017. While most were not expecting to retire on these investments overnight, they also did not foresee the bitcoin price dropping 80% (from $20,000 to below $4,000) in the next twelve months.

This years conversations might still turn acrimonious, but they will likely have more to do with President Trumps impeachment hearings, the 2020 election, or the perilous state of the global economy.

That said, there is still much to discuss regarding crypto. Here is what everyone should know before they sit down for that 2:30 pm dinner.

The Price of Bitcoin, Ether, and other Crypto Assets Are Rebounding

If your Uncle Charlie was unfortunate enough to buy into the market in late December 2017, he is probably still licking his wounds. However, most people probably do not realize that the prices of bitcoin and ether have at least doubled since their nadirs at the end of 2018.

The bitcoin price has risen from slightly above $3,000 to $8,300 today

Ethereum has moved from $84 to just above $175

These gains may not make everyone whole, but they are encouraging.

Additionally, there is a significant increase in institutional interest in the space, lending platforms continue to expand, and financial markets are diversifying into products such as derivatives. All of this will add transparency, reduce fraud and arbitrage opportunities, and make regulators happy.

Crypto is in the Spotlight like Never Before

In what was probably beyond Bitcoin creator Satoshi Nakamotos wildest dreams, bitcoin entered the presidentialtwittersphere. On July 11th President Trumpdirected a series of tweetsat bitcoin, libra (Facebooks coin i.e. Zuck buck), and cryptocurrencies writ large, dismissing them as unregulated assets with no innate value or use cases other than to support illicit activity.

The president has almost 67 million followers on Twitter, and the reach of these quotes is far higher when one takes into account press reports and shares. To people who avoided the 2017 hype, this was bitcoins coming out party.

It is almost irrelevant that the posts cast crypto in a negative light because:

Crypto represents a threat to the U.S. dollars global dominance, which has been a driver of U.S. economic prosperity for decades. It is also useful when it comes to sanctions. If President Trump made a statement, it was likely going to be negative.

Most observers recognize that governments are risk adverse, especially when it comes to money

If President Trump felt it necessary to tweet about bitcoin, Libra, and crypto he must feel that there is more substance than smoke

And now 67 million people are curious.

Mark Zuckerberg Became the Hero Crypto Deserved, but not the One It Wanted

If the presidential spotlight wasnt bright enough, Facebook founder and CEO Mark Zuckerberg brought it into solar-eclipse territory when the company announced its stablecoin initiative, Libra, in June. (For readers unfamiliar with stablecoins, they are a novel form of crypto asset that is designed to maintain a constant peg to an asset such as the U.S. dollar. Libra will actually be pegged to a basket of global reserve currencies).

The announcement was widely criticized amongst regulators and populations around the world for a couple of reasons.

The Facebook CEO, Mark Zuckerberg, testified before the House Financial Services Committee on ... [+] Wednesday, October 23, 2019 Washington, D.C. (Photo by Aurora Samperio/NurPhoto via Getty Images)

There remain multiple legitimate questions about how Libra will operate as an open platform yet remain secure and compliant with global sanctions and relevant regulations

Facebooks reputation is at an all-time low, much of it stemming from incidents such as the Cambridge Analytica scandal and growing concerns about the companys privacy policies. So why would anyone want to now give the company access to their financial data?

Mark Zuckerberg actually acknowledged the irony of the Libra announcement when he testified in front of Congress this fall. In his opening statement he said, Im sure people wish it was anyone but Facebook putting this idea forward.

It remains to be seen when or if Libra ever gets off the ground, but regardless Facebook did crypto a favor. It again highlighted how the current financial system has failed to onboard the 1.7 billion people who are unbanked, underscoring one of cryptos main value propositions.

Now More than Ever, Crypto Represents a Port in the Storm

Though U.S. markets may seem a bit erratic, the global economy is teetering on the brink of another recession. Citizens in the European Union and other countries around the world such as Japan, with negative interest rates are actuallypayingbanks to hold their money and lock-in their losses rather than watch their wealth wither away.

Dovish monetary policy from banks around the world, such as quantitative easing programs and further interest rate reductions may prevent a global recession, but they are unlikely to lead to create a thriving global economy. At least in the near term.

Although bitcoin, ether, and other forms of crypto have some correlation to global markets, they represent the building blocks of a new global economy and model of wealth creation that is decoupled from central banks and monolithic companies.

This suggests that they will clear their own path, one which is more equitable and transparent than the world in which we live today.

To 2020 and Beyond

Even though crypto has been around for 10 years, it is fair to say that we are still in the second inning. Or as Winston Churchill once put it, Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.

The industry is recovering from the 2018 bear market, and trends are looking up.

Happy Thanksgiving!

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Why Its Safe To Discuss Bitcoin And Crypto At This Years Thanksgiving - Forbes

Bitcoin and rivals Ethereum and Ripple have suffered their biggest declines in six months, wiping billions off the cryptocurrency market.

After surpassing the $13,000 (10,100) mark in June, bitcoin quickly ran out of steam and entered a state of decline, according to data on ranking site CoinMarketCap.

Prices briefly rose at the end of October, leaping from $7,500 (5,830) to $9,900 (7,700) in a matter of hours, but then began falling once again.

In the past week, bitcoin has sunk from a high of $8,680 (6,750) to around $7,130 (5,550) as of midday on Friday.

Bitcoins rivals have also suffered big declines in recent days.Ethereumsank from a high of $187 (145) on Sunday to todays price of $146 (113) per coin, while banking-focused coin Ripplehas slipped to $0.23 (0.18) from Sundays high of $0.27 (0.21).

A total of around $170bn (132bn) has been wiped from the market since June, following mass sell-offs across the three digital currencies, reportsForbes.

A fresh crackdown on illegal cryptocurrency exchanges in China may have triggered this weeks price drops.

Earlier this month, Chinese state-run newspaper Xinhua ran a front-page article hailing bitcoin as a success, after President Xi Jinping described plans to launch Chinas own digital currency as an important breakthrough, The Independent reports.

The superpower has taken a hard line towards cryptocurrencies and banned bitcoin in September 2017.

But Beijings change of tone seemed to fuel an increase in trading activity on illicit platforms, resulting in a fresh crackdown on illegal exchanges, says the news site.

The Peoples Bank of China (PBOC) has warned that it will take decisive action against any illegal activity around virtual currency trading, while cautioning investors not to confuse bitcoin with blockchain - the technology that underpins cryptocurrencies.

Jamie Farquhar, a portfolio manager at London-based crypto investment firm NKB Group, told Reutersthat the PBOCs crackdown on illicit digital currency trading suggests that Chinas acceptance of the technology is unlikely to include bitcoin.

Its the realisation that the positivity over Xis blockchain announcement was exaggerated, he told the news site. It may not include bitcoin at this point.

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Bitcoin price: why the digital coin is suffering its biggest fall in six months - The Week UK

Rainn Wilson has a message for Bitcoin BTC holders: give your worthless cryptocurrency to the Mona Foundation, a non-profitthat supports worldwide initiatives in education and equality.

The organization opened up its donation channels to accept a raft ofcryptocurrencies earlier this week. It now accepts Bitcoin, Bitcoin Cash, Ethereum, Litecoin, as well as the USDC stablecoin, via a web app operated by major exchange Coinbase.

Wilson, widely recognized for his portrayal of Dwight Schrute in the US version of The Office, appears in a promotional video to encourage Bitcoin owners, cryptocurrency fanatics, and alternative financing fans to donate.

I hope youll consider giving your worthless cryptocurrency to the Mona Foundation, says Wilson. As you know, Mark Cuban said that cryptocurrency that hed rather have bananas than Bitcoin, so please, give your bananas to the Mona Foundation.

The Mona Foundations website explains that any cryptocurrency donations it receives will be valued at the time of donation at its fair market value, which presumably means that donations will be sold for fiat almost immediately.

In 2017, philanthropic experiment Pineapple Fund donated $1 million worth of Bitcoin to the Mona Foundation.

Hard Fork has reached out to the Mona Foundation to confirm its process for handling donations in cryptocurrency, as well as how it handled the $1 million in BTC from Pineapple Fund. Well update this piece should we receive a reply.

Published November 21, 2019 17:11 UTC

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Dwight Schrute tells Bitcoin holders to give their worthless cryptocurrency to a non-profit - The Next Web

While the crypto headlines have been focused on yesterday's Bitcoin (BTC) price collapse, Redditors have noticed an interesting thing going on in the crypto market. The following figure eloquently illustrates what can occur simultaneously - greed and fear.

Yesterday's rapid price drop resulted in multiple Bitcoin jokes, including one as a Black Friday sale. The price of the cryptocurrency even dipped below $6,900 USD on some exchanges. This led to a call for widespread liquidation, as the 24-hour trading volume from yesterday totaled more than $34.24 billion USD.

Image by:https://coinmarketcap.com/currencies/bitcoin/historical-data/

As a result, yesterday was the fifth largest trading volume on record for BTC.

Was it really that much? Well to start, the number increased 55% in one day. Such results were higher one month ago, when the price of BTC increased by 17.4% in a couple of hours. This was the last time that BTC was in the five-digit category. The trading volume was 2.5 times less on the 17th of December 2017, when the price of BTC was at an all-time high (ATH) of $20,089 USD.

Prior to yesterday's price drop, a community obsessed with fear missed two potentially interesting indicators. Investor and engineer Preston Pysh noticed that theMayer Multiple was lower than yesterday, which has only occurred 5% of the time in BTC's price history.

This indicator also shows that the current price of BTC is divided by its 200-day daily moving average. Since its creation, the Mayer Multiple daily average for BTC is1.45. The Mayer Multiple from yesterday was 0.78, and some people used that as a factor in determining whether BTC was overbought, fairly priced, or undervalued.

Well-known crypto analyst PlanB called this behavior "normal" for BTC and showed how its price could reach $100,000 USD between 2020 and 2022. Yesterday also saw a whale finalize a huge transaction worth more than $330 million USD. Such a transaction can be placed among the all-time top 10 transactions.

Is the game over for bears? Share your opinions on Twitter!

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Bitcoin (BTC) Price Prediction: Could a Long Wick Bounce Upwards to the $7,500 Mark? - U.Today

Dan Schulman, CEO of payment processor PayPal, revealed during an interview that he does indeed own Bitcoin (BTC).

On Nov. 20, Fortune reported that PayPal CEO Dan Schulman stopped by its offices where he discussed a variety of topics, including the reason for PayPals withdrawal from the Libra Association and whether he is the proud owner of any cryptocurrencies.

Schulman explained that PayPal withdrew from Libra because the company decided to put its attention elsewhere. According to the CEO it was a question of where do we want to put our attention, and what do we want to do today to advance our mission? He added:

You know, we think if we focus on our own roadmap, wed be able to advance financial inclusion faster than if we put all these resources against Libra.

Schulman added that Libra will start going down a road that his company remains very interested in looking at, and once Libra starts to figure things out, well take another look at where they are.

At the beginning of October, a PayPal spokesperson told Cointelegraph that the company had officially left the association, adding that they remain supportive of Libras aspirations and continue to look forward to dialogue on ways to work together in the future.

PayPals CFO John Rainey said in May that the firm has teams that are working on blockchain and cryptocurrency, and that they wish to participate in that technology in whatever form it takes in the future.

In the Fortune interview, Schulman was reluctant to share any significant details as to what exactly PayPal is working on in the sphere, although he was quick to point out that it is not necessarily competitive with Libra, adding:

We think theres a lot of promise to blockchain technology. Its intriguing to us, but it really needs to do something that the traditional rails cant do. Most people think that blockchain is about efficiency, but the system today is pretty efficient.

Regarding cryptocurrencies, the CEO said that it is still very volatile, and that they do not have much demand for it by merchants because merchants operate on very small margins. He said:

Until it becomes less volatile, it wont be a currency that is widely accepted by merchants on the web not the dark web, but the web.

As to whether he owns any cryptocurrencies himself, Schulmans answer was short and straightforward:

Yes, Bitcoin. [...] Only.

More here:
PayPal CEO Holds Bitcoin and Only Bitcoin - Cointelegraph

The Bitcoin price often creates repetitive patterns that can be identified to predict future price movements. One such pattern is created by a long bearish upper wick and a moving average (MA) rejection.

The Bitcoin price has been known to be very volatile. Therefore, when trading, it is important to use several methods to reduce your risk such as using stop losses, low leverage if you are margin trading, and proper trade sizing.

However, especially in the case of stop losses, significant fluctuations in the form of wicks can often trigger them. In this case, the price moves very quickly in one or the other direction before swiftly reversing. This effectively stops out traders from their current position.

However, wicks create several important patterns, which when used along with indicators can help in predicting future prices.

Cryptocurrency analyst and trader @cryptopeppa suggested that a pattern of upward wicks an a rejection once they reached the 100-hour exponential MA suggests that the Bitcoin price will decrease.

Lets see if we can find more of these patterns and if they can be successfully used to predict the Bitcoin price.

In the pattern, the Bitcoin price first initiates a downward move. After some consolidation, it begins an upward move which is ultimately unsuccessful and leads to the creation of a long upper wick. The wick stops once it reaches the 200-hour moving average (MA) and an important Fib level. In the case below, it was the 0.5 Fib level.

Additionally, after the wick, the Bitcoin price made two more attempts at breaking out above the MA. However, both were unsuccessful. It is imperative that the price reaches a close above the MA for the reversal to be initiated.

Another similar pattern transpired on November 17. After a decrease, the Bitcoin price made an attempt to retrace upwards. The first attempt ended once the price reached the 100-hour MA and the 0.618 Fib level, similar to the previous move.

However, the Bitcoin price made another attempt, which retraced fully to the pre-breakdown prices. However, the movement also ended with the creation of a long upper wick.

Another full retracement occurred in September.

This time, after a decrease, the Bitcoin price made a double top at the 0.618 level. This was below the 100-hour MA.

Afterward, it made an attempt at moving above the MA, which ended in a similar wick. This decrease was more easily identified since it was combined with a bearish divergence in the RSI.

To conclude, wick rejections at a significant MA do not necessarily mean that the Bitcoin price will dump. Previous market structure plays a big role in determining if they will.

A rapid price decrease followed by an attempt at a reversal, in which a wick is created a significant Fib level and MA, very often leads to a dump. The potential for further decreases is strengthened by the presence of a bearish divergence in the RSI.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Twitter, TradingView.

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Bitcoin Price Dumps Can Be Identified by One Simple Method, Notes Analyst - BeInCrypto

Bitcoin (BTC) finally dropped all the way down to the $7.4Ks in minutes as anticipated in our previous analysis if the key $7.8K level did not hold.

Cryptocurrency market daily performance. Source: Coin360

Over the past week, BTC/USD has faced a slow grind down to the $8,000 price level. Now, Bitcoin also broke below its 0.786 Fibonacci retracement level as well its last major level before a confirmed full retrace of the Oct. 25 rally to $10,500.

After a short bounce, Bitcoin has bounced back to around $7,600 at press time.

As Cointelegraph reported, rumors of Chinese authorities raiding Binances Shanghai offices were likely also responsible for the drop. However, the exchange said that they had not received a notice from Chinese authorities, which required Binance to detail its activities.

Specifically, a Binance spokesperson denied the rumors, saying:

Binance has no fixed offices in Shanghai or China, so it makes no sense that police raided on any offices and shut them down. [...] There has been a recent spike in the number of negative articles and activities against Binance in China. We wouldn't delve too much into what causes this, because we prefer to continue BUIDLing our solutions.

Nevertheless, after several days of choppy price action, BTC/USD finally posted a decisive drop below $8,000 falling under its 0.786 Fibonacci retracement level at $7,870 and plummeting all the way down to $7,390.

This was the level of consolidation prior to the historic 42% price rise on Oct. 25.

BTC USD daily chart. Source: TradingView

If Bitcoin falls further below $7,307, it may indicate its bullish swing up to $10,500 on Oct. 25 was a fluke, resulting in net sideways action for the past month. Furthermore, a bearish outlook might even see BTCs recent $10,500 upswing as a significant bullish correction albeit in a continuation of a general downward trend.

On a bullish note, however, Bitcoin did not yet breach the previous low and bounced with a fair bit of strength from $7,390 up to $7,640.

Market analyst Keith Wareing meanwhile anticipated the drop, shorting BTC to the $7.4K level, and then immediately taking a long position.

Decided that shorting to $7,350 was the logical move after the support on the Bollinger Bands was broken on all major time frames, said Wareing. If $7350 wasnt to hold, Willy Woo and Tone Vays would be right, and as there are no pigs in the sky or ice in hell, I knew it was the bottom.

If Bitcoin continues to tumble, however, $7,230 may provide a bit of support. Although beyond that, not much buying strength exists before the $6K range.

If $6,000 breaks as easily as it did to the upside in May, however, significant support exists between $5,800 and $5,000 as the market spent considerable time in this region earlier in 2019.

Additionally, the 200-week moving average (MA) now sits at $4,890. At the bottom of the last bear market in 2018, Bitcoins 200-week MA acted as strong support near $3,200. BTC has not closed below its 200-week MA since 2015.

XTZ USD daily chart. Source: TradingView

Tezos (XTZ), on the other hand, was the only standout today gaining on news that the French army is using the Tezos blockchain. But the rally didnt last long. The staking-based digital asset saw a high of $1.30 before dropping down to $1.19 at press time.

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Bitcoin Crashes Back to $7.4K Completely Wiping Out the October Rally - Cointelegraph