DueDEX: What’s Happening in Crypto World Today? — Nov. 10th, 2019
Mainstream Currency Price as of 12:00 PM UTC from Coinbase Pro:
· BTC — 8,831.09 USD
· ETH — 186.98 USD
· EOS — 3.536 USD
· XRP — 0.2792 USDThe Fear & Greed Index: 39— Fear
Crypto Updates:
· Why Bitcoin’s Next ‘Halving’ May Not Pump the Price Like Last Time
Whether you call it the “halving” or the “halvening,” one of the few things we can be sure of in crypto is that the conversation around bitcoin’s upcoming reduction in mining reward will intensify over the next six months.
Why? Because previous halvings have triggered bull runs. And who doesn’t like a bull run?
Many are convinced that the next halving will have the same market effect, and it’s not just a belief that history repeats itself — models have emerged to support this theory.
But if the bull run is expected, why hasn’t it already happened? Why isn’t the halving already priced in?
Because the halving is much more than an event — it is also a narrative, and an uncertain one at that.
· Bobby Lee: $500K Bitcoin Price ‘Flippening’ of Gold Will Come by 2028
Bitcoin (BTC) will surpass the market cap of gold and could ultimately be worth $1 million, well-known industry figure Bobby Lee has said.
In a series of tweets on Nov. 10, Lee, who co-founded Chinese cryptocurrency exchange BTCC and now runs a Bitcoin wallet startup, became the latest voice in the expanding debate on Bitcoin versus gold.
Lee: BTC market cap to hit $8 trillion
· Crypto News From Japan: Nov. 2–9
FSA confirms ban on cryptocurrency investment trusts.
The Japanese financial regulator, the Financial Services Agency (FSA), has solidified its policy of banning investment trusts that invest in cryptocurrencies. At the end of September the FSA announced a draft guideline, in which it stated that the composition and sale of investment trusts that invest in cryptocurrencies are “not appropriate”. Although the supervisory guideline is not a law, the FSA reportedly intends to restrict excessive funds from flowing into cryptocurrencies, aiming to “regulate before commercialization.’’
- Trader’s View:
· TheTrex from Trading View: BTCUSD [Daily Overview] — 10 November 2019
A quick recap of the daily trend, price action started to break down the bear flag that was pointed out in hindsight and confirmed when we saw a close below 9220 USD. Confirmations are important but not final, they give us more trust in trade and potentially allow us to use a wider risk margin to keep the trade open. In this case, the price confirmed a close below the bear flag and this was the short entry signal. Since then the price has nicely fallen down to a low of 8660 USD, a bit below the initial first 8820 USD target, the price is finding support above 8820 USD so far.
If you have a look at the chart you can see that we draw another hindsight bear flag using the 8644 USD low and then the next low that yields us the lowest support line currently possible. This is, in turn, creating a parallel channel of resistance and this top resistance line is of importance.
What we hope to see while price trend develops is a similar zig-zagging in the bear flag and then a close below the lower support trendline or close below 8770 USD which is the 50% price level.
· MiloszKaszynski from Trading View: Consolidation remains
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