Categories: Bitcoin Politics

Bitcoin May be Weak But Many Still Optimistic

Click here to view original web page at www.forexminute.com
Bitcoin May be Weak But Many Still Optimistic

Overstock CEO Patrick Byrne recently gave a keynote at the Cato Institute’s 32nd Annual Monetary Conference, where he discussed Wall Street’s systematized financial crimes and explained how blockchain technology could ultimately solve the U.S.’s financial weakness.

He believes that only when there is a full blown crypto-revolution, transparency would become an integral part of the financial space. Byrne referred to recent allegations regarding Wall Street rigging financial market places such as the commodities and foreign currency exchange markets. He firmly believes that the regulators who currently oversee financial markets are overwhelmed and do not particularly understand how these markets work.

When looking at the daily chart, the BTC/USD was unable to sustain itself above its $370 support zone. During last night’s session, the crypto-currency slid below $370 and is now trading below that level. It is however, showing some signs of strength but many analysts feel that all rallies are now being used as selling opportunities by bears.

During today’s trading session, the BTC/USD is trading flat but is continuing to exhibit a negative bias. A lower-low still lingers, and its stochastic oscillator remains trending lower indicative of the strong momentum present on the sell side. Additionally the BTC/USD’s relative strength index is forming a lower-low, which is of course a bearish indicator.

As now the digital currency is trading below its daily moving average and is now finding support at its 50-day moving average. Its next level of support is approximately $340, and if it breaches, traders believe it will head towards $300 in very short span of time. Lastly, volumes on the downside are quiet high, which implies a bearish sign in the near future.

He believes that only when there is a full blown crypto-revolution, transparency would become an integral part of the financial space. Byrne referred to recent allegations regarding Wall Street rigging […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: regulator

Recent Posts

Bitcoin Sheds $10,000 Support Again Ahead of Bakkt Launch

Ahead of the launch of Bakkt’s Bitcoin (BTC) futures, bears have continued to assert control over the cryptocurrency market. Ouch.As… Read More

55 mins ago

Bitcoin ‘Messiah’ Goes To War With The ‘Deep State’

One of bitcoin and crypto's oldest proponents, the founder and former chief executive of U.S. online retailer Overstock, Patrick Byrne,… Read More

55 mins ago

The Specs Behind Bitcoin’s Lightning Pass Their First ‘Formal’ Security Test

A pair of researchers have released the results of a formal verification of bitcoin’s lightning network.Lightning is new(ish), experimental, and… Read More

56 mins ago

Deja Vu 2000 Or Flashback 2007? (Part 2)

“The experience in Japan, Europe, or even the US, is that once you get into a near-zero interest-rate regime, it’s… Read More

7 hours ago

Blockchain Industry to Generate $16 Billion Revenue by 2024

Often considered as a nascent technology, blockchain was introduced about a decade ago. Although the technology has not been around… Read More

7 hours ago

Kate Winslet takes action against Bitcoin scammers who used her image

Kate Winslet has spoken out after her image was used to advertise a Bitcoin scam Movie star Kate Winslet is… Read More

7 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More