Good evening friends!
Let's start, traditionally, with interesting news.
1. Startup Noble Bank barely keep afloat, traders are trying to sell Tether. A start-up from Puerto Rico, Noble Bank, which is considered the main holder of Tether cryptocurrency, may cease to exist due to a lack of cash, reported by a source of the Modern Consensus publication that is well aware of the affairs of the bank, one of which is marked:
“If Noble does not get cash in the near future, they will only have a few days left. They are desperate.”
And these events with Tether are taking place against the background of increasing competition: while the Gemini and Paxos stablecoins are approved by the NYDFS regulator, Tether still does not provide the investors with the promised sound audit. Previously, for the protection of the reputation Tether hired Friedman LLP for the audit balance Tether Limited, but in January, the auditor was dismissed.
In general, the whole story with Tether and Bitfinex has long been with some savour. If new coins really secured by fiat come to replace the USDT, the choice is obvious.
2. Soon launch futures Ethereum (ETH) Exchange LegderX. The issue will be resolved by regulators on October 5th. I think that problems with approval should not arise and futures for Ethereum will be soon.
The emergence of futures first on Bitcoin, then on Ethereum speaks about the increasing acceptance of cryptocurrencies in the already established stock exchange system. Once this happens, then there is demand. And against the background of the partial cancellation of Google cryptocurrency ads, a good springboard for starting a new bull rally appears.
By the way, why did the Ethereum fall? As we remember, many ICOs raised money not only in Bitcoin, but also in Ethereum. And after the beginning of the bear phase, this Ethereum needed to be sold in order to stay with at least something. Here you can add a sale Ethereum EOS Project. And here we have what we have.
By the way, Ethereum has broken the resistance of the trend line, and in the near future there is such an idea (I will consider it as a working one, provided that there are no sharp bitcoin straits in the near future):
I have recently said, but I will repeat it again. Alta is now at historic lows, so there is a high probability that a new bull rally will start with altos. When the first goals are reached, some of the money will again be poured into Bitcoin, which will give the market another impetus.
The question is when exactly the upward movement will begin. Now the situation is quite controversial: there are not enough forces to move up, the price from above and below is tightly tightened by $ 6,370 - $ 6,770. Grow from here? More likely no than yes.
But! The market is currently in the stage of accumulation, large investors are holding their bitcoins and, apparently, are not going to get rid of them. At the same time, the volumes are falling, the cycles of price movement are slowing down, which tells us about the imminent end of this stage. Therefore, the most terrible in my opinion that the near future can happen is a short strait down with a set of shorts. We will then use them as fuel to move up. That is the opportunity to touch $ 6000 - $ 5800 there, maybe even a little lower.
Dark blue are marked costs for mining (cache), blue - depreciation. I'll just leave it here, draw your own conclusions.
In conclusion to all this, I would like to note one more important point. Since the Bitmain guys decided on an IPO (not to be confused with the ICO), and this is a serious step, I somehow have little idea that investors will invest in a loss-making business at a 4K bitcoin price. And if we consider that Bitmain’s bitcoin production already accounts for more than 40% of the total hash rate of the network, the picture is quite clear.
I wish you all a productive week and successful trading!