JESSE POWELL – Crypto Pioneer On A Mission

Jesse Powell, a pioneer, and innovator, is public-spirited with a compassionate outlook and says he has an aversion with bullies and people abusing their power. Jesse Powell is the founder and CEO of numerous organizations, including the founder and CEO of Lewt, Inc., that delivered services for assisting players in online-based video games with account management and in-game currency, from 2001 to 2011. He also founded Internet Ventures & Holdings, which also provided services to the online gaming community. In 2007 he started the Verge Gallery & Studio Project in Sacramento and took a board seat in 2010.

Jesse Powell is an expert in cryptocurrencies, online/international payments, and fraud currently co-founder and CEO of Kraken, the most trusted and one of the largest Bitcoin Exchanges in the world. In May of 2014, Cointelegraph did a review of a dozen of the major exchanges. Kraken was ranked No. 1.

A Long Road

It was a long road in the beginning back in 2011 when Kraken first got started. It was very early days for Bitcoin and very few people that knew about or were interested in Bitcoin, including Venture Capitalists. Jesse Powell said it was a super hard sell to get VCs interested in the Kraken project. There were basically no VCs that understood the space and very challenging trying to explain what cryptocurrency is.

Jesse went on to say, “We basically talked to like everyone in Silicon Valley. And it was just way too early. It kind of shattered my image of what a venture capitalist is supposed to be. Which until then I kind of thought that there’s these guys that really are very visionary and forward-thinking. And they take risks on things. And it turned out like that was not actually the case. I mean, they understood a few businesses really well. But things that were kind of outside of that box were just hard for them to understand. And there actually are very few VCs that are willing to write the first check, you know? There are many people that will follow.”

Eventually, in early 2014 a few investors who were focused on the crypto space did come on board, but the rest were Crypto Angels, meaning people who bought into crypto early, liked what Jesse Powell was doing with Kraken and was willing to invest in it.

Powell’s personal philosophy is that shareholders are often at odds with their users’ interests. He gave Facebook as an example saying,

"Look at Facebook looting from their users to pay off shareholders. That wouldn’t happen if the users were shareholders themselves. It’s good to keep interests aligned.”

The decision to take the crowdfunding approach with Kraken’s clients is a way to promote the interests of its users.

“So hopefully I think people will not need to go to VCs so much in the future. You know, I think we’ll continue to see crowdfunding working", Jesse said.

This is a delight to hear. It seems to me that Jesse Powell is very much aligned with the Markethive philosophy about enriching and empowering the lives of users and giving the power back to the people.

Good Leadership Pays Off

Since 2015, Kraken has been profitable and under the leadership of Jesse Powell, the Crypto Exchange has grown to a global team of 800 people. According to Jesse, to ensure smooth operations, Kraken must recruit the right people and develop robust processes to protect the security of the company, while ensuring that they maintain a healthy culture.

The team at Kraken basically work because they feel they are on a mission and as Jesse has stated,

“We didn’t start this company to make PayPal 2.0. You know, we don’t want to be in the same spot in another 10 years from now where the regulators have taken over. It’s gotten so insane that basically all the advantages of crypto are gone. And we’re just like a PayPal that does bitcoin”

Much of Jesse Powell’s experience with his involvement as a trader with Mt. Gox back in 2011 when they got infamously hacked inspired Jesse to start the Kraken Exchange in the first place. Due to the experience of the initial Mt.Gox attack led Jesse to believe the industry needs more exchanges in the ecosystem and operators doing it the right way. Hence Kraken was born with the focus of security being their number 1 priority. The company is constantly investing and keeping up to date with the latest security measures which have worked like a charm and to date, unlike most other exchanges, Kraken has not been hacked.

“I think this space is just going to continue to grow. So much upside for everyone in the space right now” said Jesse.

Leading By Example

The Kraken CEO, Jesse Powell is known for his unorthodox views and outspokenness and as an old-school, early days crypto enthusiast, Jesse has led by example, rebelling against the BitLicense and donating $2m to Coin Center to ensure regulations do not swamp the industry.

In a tweet, he commented on the New York regulators with regards to the controversial permit, known as BitLicense likening it to an “abusive controlling ex”. Cryptocurrency businesses must obtain this license to operate in New York.

Coin Center is becoming even more important now as the crypto industry grows. They do three things:

Educate policymakers and the media about cryptocurrency technology.
Engage in policy research to develop smart regulatory approaches to questions raised by the technology.
Advocate for those solutions in order to keep cryptocurrency networks open, decentralized, and permissionless.

Coin Center is basically defending the protocol, the consumers and what is in the interest of the development of this technology on a broader scale, so they interface with regulators and law enforcement on behalf of the entire ecosystem.

Jesse Powell stated,
“ Coin Center’s interfacing with regulators and law enforcement on behalf of the entire industry. Trying to kind of put the brakes on any unnecessarily burdensome regulation. Making sure that they really understand what the issues are. And that things are being done in a fair way that allows the ecosystem to grow. So they’re doing everyone a huge service. For us, it benefits us. It benefits the whole ecosystem just to have these guys kind of in the way.

And also appearing as an independent kind of neutral party that’s not working for Kraken. They’re not out there pitching the benefits of a centralized exchange or anything like that. They’re just there to say, “Hey, like, let’s let this thing grow. Let’s hold off on the crazy regulations. We’ll take a risk-based approach.” They’re educating politicians and law enforcement."

He goes on to say,
"And I think they’ve really done a lot to keep things alive, you know? To keep things from being crushed too early."

Jesse Powell, CEO of Kraken ended up raising more than $3 million in total in 2017 for Coin Center.

Wyoming – The Place To Be

Jesse Powell was a speaker at this year’s Wyohackathon held in Laramie, Wyoming. Powell said part of the reason Kraken was the title sponsor at the event was that it was a great opportunity to bring more awareness to what’s happening here in Wyoming and to get more people involved in it.

Furthermore, Kraken CEO, Jesse Powell noted that his San Francisco based crypto exchange is applying for an SPDI, (Special Purpose Depository Institution). He expects at least 5 to 10 people to be employed here. He says,

“It’s a great place to locate developers to, they have much more certainty here on the things that they are building if they’re building blockchain-related things, because of some of the recent bills that were passed.”

Mission Statement by Jesse Powell – CEO of Kraken

“We wake up every single day determined to change the world by delivering a great Bitcoin exchange. Bitcoin is more than just a new way to make purchases. It’s even more than a protocol for exchanging value over the internet without an intermediary. We are empowering people to live simply, efficiently and more connected to others. We put our clients’ best interests first and foremost. They are at the heart of our company and drive everything we do.

We believe in having a laser focus when pursuing our strategic goals and participate only in markets where we can make a significant contribution. We quickly grasp new ideas and concepts with confidence. We are in constant pursuit of innovation and strive to consistently exceed expectations. We believe in complete transparency, deep collaboration and we never forget that people come first. Having this mindset allows us to grow and advance at a rate that others cannot.” – Jesse Powell

Powell says he will continue to share the same vision set out by Satoshi Nakamoto, Bitcoin’s original founder. The vision is a world where the people control their own money outside of the constraints of government.

Source: The What Bitcoin Did Podcast

David Ogden

A Crypto/Blockchain enthusiast and a strong advocate for technology, progress, and freedom of speech. I embrace "change" with a passion and my purpose in life is to help people understand, accept and move forward with enthusiasm to achieve their goals.

David Ogden – Http://markethive.com/david-ogden

Bitcoin Breaks Below Bear Channel as Analysts Eye Further Downside

Bitcoin has plummeted below its previous support levels during a swift and sharp sell-off earlier this morning that led the aggregated crypto market to drop to fresh multi-month lows. BTC has continued grinding lower throughout the day and it is unclear as to where it will find any meaningful support that halts its current downtrend.

One prominent cryptocurrency analyst is now noting that it is highly probable that Bitcoin incurs further downside in the near-term, which may be driven by two critical moving averages that are “punishing” BTC’s price.

Bitcoin Plummets Below $8,000 Overnight, Sparking a Fresh Downtrend

At the time of writing, Bitcoin is trading down just under 10% at its current price of $7,500, which marks a notable drop from its recent trading range within the lower-$8,000 region – where the cryptocurrency had previously found significant support.

This negative price action today has led the aggregated crypto market to plummet, with most major altcoins mirroring BTC’s price action and dropping towards fresh multi-month lows.

Currently, Ethereum is trading down nearly 8% its current price of $160, which marks a notable retrace from its recent highs of nearly $200. Litecoin has also plummeted today, crashing a whopping 10% over a 24-hour trading period.

This latest drop came about after Bitcoin broke below the lower boundary of a bearish trading range that it has previously been caught within.

The Wolf of All Streets, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, referring to the chart seen below.

“$BTC: Seems support weakened. Nice bear flag breakdown,” he explained.

The next few hours and days will be critical for determining where Bitcoin will head next, as a failure for BTC to incur a relief rally in the near-term could mean that significantly further losses are imminent.

Cole Petersen

7 hours ago

David Ogden – Http://markethive.com/david-ogden

Traders Beware Indicator Signals Massive Bitcoin Volatility is Inbound

Bitcoin (BTC) has been caught in the throes of consolidation for the past several weeks and months, and it has failed to garner any momentum in either direction in the time since it plummeted below $10,000.

This period of consolidation may soon be coming to an end, however, as one technical indicator is elucidating that a massive movement may be imminent, and one analyst believes that Facebook’s Libra may play a role in BTC’s future volatility.

Bitcoin Consolidates as Bulls and Bears Remain Deadlocked

At the time of writing, Bitcoin is trading down marginally at its current price of $8,250, and its buyers have failed to significantly extend the upwards momentum that it incurred in the time since it visited $7,900 late last week.

Bitcoin has been caught in a relatively tight trading range between roughly $7,800 and $8,800, with significant support at the former price and strong resistance at the latter price.

It is important to note that this period of sideways trading has come about after Bitcoin’s massive drop from its previous support level at $10,000, and although the mid-term trend remains bearish, the noteworthy support that has been established at $7,800 may mark a long-term bottom for the cryptocurrency.

In a recent report on Bloomberg, it is noted that Bitcoin’s Trading Envelope indicator is currently at its narrowest since mid-September, which means that another massive movement may be imminent for the cryptocurrency.

“The gauge smooths moving averages to map out higher and lower limits and a similar narrowing last month preceded a drop of more than 12% for Bitcoin on Sept. 24,” the report explained.

Facebook’s Libra May Contribute to BTC Volatility

Detailed in the same report, Matt Maley, an equity strategist at Miller Tabak + Co., explained to Bloomberg that he believes the fate of Facebook’s Libra is currently contributing to BTC’s price action, and that the crypto will only be able to resume its standard market cycles ones the headwinds from Libra die down.

“As it becomes more and more obvious that the Libra thing is not going to take off – it’s going to be a long time before it becomes an important part of anything Facebook’s doing – as that becomes more obvious, the volatility will pick up again… This issue with what’s going on with Libra and Facebook is a definite headwind and it’s not going to go away.”

Although it does remain unclear as to whether or not Libra is truly having any significant influence on Bitcoin’s price action, as its fate grows increasingly clear, it may allow Bitcoin to regain control of the news cycle.

Cole Petersen

David Ogden – Http://markethive.com/david-ogden

Billionaire Bitcoin Bull Backs Fight Against Chinese Monopoly on BTC Mining

A long-time Bitcoin bull with around $2.3 billion in net worth, Peter Thiel, is a good ally to have on your side if you plan on challenging China’s dominance in the global BTC mining industry. On that count, San Francisco-based Layer1 has scored a big win by raking in millions in funding from Thiel — for the second time.

For those unfamiliar with the startup, Layer1 aims to make the United States a hotbed for environmentally-friendly Bitcoin mining.

The company’s objective is to become vertically integrated, meaning it aims to launch its own Bitcoin mining facilities in the U.S., use its own power procurement for the cause, and internally design/manufacture all mining rigs.

Worries About China’s Influence on Bitcoin’s Hashrate

China has been leading Bitcoin mining-related activities ever since the early days of the world’s first cryptocurrency. The country has the largest number of Bitcoin miners in the world — in addition to being home to some of the largest mining rig manufacturers. This has caused some serious concern among analysts and the broader community.

A 2018 report jointly prepared by the researchers at the Princeton University and Florida International University underlined that nearly three-fourth of hash power on the Bitcoin network can be traced back to Chinese-managed mining pools. The report noted that while the Chinese government does not directly control these mining pools, their managers are located in China and, therefore, are subject to the communist government’s diktats.

Echoing a similar statement, Layer1’s co-founder and chief executive, Alexander Liegl, recently wrote that Chinese control of Bitcoin’s hashrate is as much as 60 percent or higher. The U.S. accounts for only five percent of the network’s hash power.

Is it Possible to End China’s Lead in BTC Mining?

Given China’s current lead over other countries, tipping the balance outright is probably out of question — at least, for the foreseeable future. Layer1 understands that and plans on proceeding one step at a time.

The company is optimistic that, with some effort, it can help the U.S. account for 15 percent of Bitcoin’s net hashrate. The fact that Layer1 already owns electricity substations and land-property in Texas will be of great use towards accomplishing that feat.

Shilpa Lama 1 min ago

David Ogden – Http://markethive.com/david-ogden

Stuart Trusty And Augmented Reality Meets Markethive

Who Is Stuart Trusty?

Stuart Trusty was the original technologist for Alibaba and mentored Jack Ma, the founder of Alibaba. He is a man of many talents with a humanitarian philosophy towards technology and what can be achieved with blockchain and ultimately leveling the playing field for all entrepreneurs without centralized supply chains.

Stuart was the CEO of Linux Labs for many years, an early proponent of mesh networking technologies and operated the 3rd ISP at VBN. He has had numerous high profile technology clients and currently the founder of WorldBit, an Augmented Reality based blockchain eCommerce system.

WorldBit CEO Stuart Trusty said,

"As the e-commerce marketplace has become increasingly tilted to favor large scale producers, the ability of small buyers and sellers to compete in the market has been greatly diminished. WorldBit levels the e-commerce playing field by harnessing the power of blockchain to bring more transparency in a decentralized platform that allows entrepreneurs to compete on equal footing with established businesses."

WorldBit is an immersive AR (Augmented Reality) eCommerce experience for businesses and individuals and offers extended capabilities to legacy ecommerce companies, but without centralized supply chains, excessive fees, or exposure of buyers to risky transactions. It enables merchants, makers, and consumers to engage in legal commerce without the need for banks, middlemen, or a centralized structure.

The WorldBit platform makes every user their own Alibaba, their own leasing company, their own Amazon, their own eBay, their own rental company, and it creates a user family wherein WorldBit functions as a kind of pawnshop wherein the user maintains control over their goods until a transaction is completed in a novel augmented reality environment.

In September Stuart Trusty attended the Wyoming Hackathon where he met with Thomas Prendergast, CEO, and founder of Markethive and it became evident the augmented reality interface could be put to great use within our Storefronts here at Markethive. This serves to create exciting interactive experiences with you as the store owner and the customer.

In an augmented reality setting you can walk out the front of your storefront to greet the customer. These engaging AR displays can enhance your product and marketing campaigns with the next level of personal interaction and excitement that will delight the customer.

This video shows just one short example of a complete augmented reality setting. Imagine standing outside of your storefront! Thomas Prendergast explains it succinctly…

There is no real limit to the way Markethive can build the interface as we move forward with Bee Lancer and the group storefronts that will have this augmented reality built into them.

Conclusion

At Markethive, we have automated and managed advertising and marketing campaigns. We can set up Co-ops and automate members' contributions and shares to any particular campaign. Build contribution blogging among groups and reward activity with a smart rotator. And now looking forward to integrating augmented reality into our Storefronts. This is really the next level!

But it doesn’t end there. Create a massive reach with our WordPress plugin and our SNAP (social network auto poster) Department. Reward your members with waited traffic and leads based upon their engagement within the group. Also, track and monitor 3rd party article submissions and Press releases. Additionally, build backlinks and monitor with Markethive’s exclusive data matrix display tracking system.

Anything you do in Markethive, whether it be to promote Markethive as your business or a completely separate and private business, you are receiving Markethive Coin (MHV) as a reward for your efforts. Now is the time to accumulate as much coin as you can and be ready for the launch of our wallet. Think about becoming an Entrepreneur 1 Upgrade as it will be the last thing you ever need to do to secure your future.

Be sure to attend the Markethive weekly meetings held on Sundays at 10 am Mountain Time to hear all the latest news and updates from CEO Thomas Prendergast and CTO Douglas Yates. The link to the Zoom Room can be found in the calendar on the home page at Markethive.

David Ogden

David Ogden – Http://markethive.com/david-ogden

Institutional Longs on Bitcoin Price Grow as Bear Momentum Wanes

Despite the harrowing price drop seen in late September, institutions are expecting for the Bitcoin (BTC) price to soon head higher — at least for institutions involved in the Chicago Mercantile Exchange (CME) futures market.

Industry analytics provider Skew recently observed that long positions held by institutional accounts — pension funds, endowments, insurance companies, mutual funds & portfolio/investment managers with institutional clients — have begun to rise again in October after nearly falling to zero BTC. Right now, this subset’s long holdings sit at just over 1,100 BTC.

Bitcoin Bull Case Gains Traction

The trend Skew observed comes as Bitcoin’s bull case has begun to grow once again. For instance, a partner at Bitazu Capital recently found that BTC’s price is nearing a bottom. He noted that a number of technical indicators suggest that the bear trend is about to reverse.

The fundamental side of the Bitcoin story is also gaining traction. On Friday, Abigail Johnson, chief executive of Fidelity Investments, told Financial Times that the firm’s cryptocurrency branch will finally be rolling out its Bitcoin and cryptocurrency custodial and trade execution services to all qualified accounts — institutional players.

Johnson also said that she believes that Bitcoin is not a mere trend and is instead here to stay:

“It’s not going away. As long as the value is there, people will look to preserve that value.”

Not In The Clear Just Yet

While the bull case for Bitcoin is growing, this market is not in the clear just yet.

Per previous reports from this very outlet, a “death cross,” which is when a short-term moving average crosses below a long-term moving average for an asset, is forming on the Bitcoin chart. Should this technical pattern come to fruition on Bitcoin’s chart, it will show that bears have control of this market. As a trader pointed out, the last BTC death cross, which was observed in 2018, marked the commencement of a long-term price correction.

Also, Peter Schiff, a prominent libertarian investor, has suggested that BTC’s price chart “looks horrible.”

Schiff, in fact, remarked that the “(bear) flag that followed the recent breakdown projects a move to $6,000,” which would imply a 25% drop from current levels if this move pans out. He even added that not only has Bitcoin fallen below a flag, “but we are [also] close to completing the right shoulder of a head and shoulders top … that projects a collapse below $2,000.”

Nick Chong

5 hours ago

David Ogden – Http://markethive.com/david-ogden

Bitcoin BTC Price Weekly Forecast -Vulnerable Below 8K-82K

Bitcoin (BTC) Price Weekly Forecast – Vulnerable Below $8K-$8.2K

There was a steady decline in bitcoin price below the $8,200 support against the US Dollar.

The price is currently trading below $8,000 and it remains at a risk of more losses.

There is a major bearish trend line forming with resistance near $8,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

The price must climb above $8,100 and $8,200 for bullish continuation in the near term.

Bitcoin price is showing bearish signs below $8,000 against the US Dollar. BTC could extend its decline below the $7,800 support area in the near term.

Bitcoin Price Weekly Analysis (BTC)

In the past few days, BTC followed a bearish path below the $8,400 and $8,250 levels against the US Dollar. The BTC/USD pair even settled below the $8,200 support and the 100 simple moving average (4-hours). Finally, there was a break below the $8,000 support and a new monthly low was formed near $7,822. The price is currently consolidating losses and is trading below the $8,000 support.

An immediate resistance is near the $8,000 level or the 23.6% Fib retracement level of the recent decline from the $8,475 swing high to $7,822 low. On the upside, there are many hurdles near the $8,100 and $8,200 levels. Moreover, there is a major bearish trend line forming with resistance near $8,100 on the 4-hours chart of the BTC/USD pair.

Besides, the 50% Fib retracement level of the recent decline from the $8,475 swing high to $7,822 low is also near the $8,150 level. Finally, 100 simple moving average (4-hours) is positioned near the $8,200 level. Therefore, bitcoin price must surpass the $8,100 and $8,200 resistance levels to start a decent recovery. Additionally, a close above the $8,200 barrier and the 100 SMA is needed for more upsides.

On the downside, the key support is near the $7,800 level. If there is a downside break below the $7,800 support, the price could continue to decline in the near term. The next major support is near the $7,500 level, below which there is a risk of more losses towards $7,200.

Looking at the chart, bitcoin price is clearly trading in a bearish zone below the $8,000 pivot level and the $8,200 resistance. Therefore, a convincing break above $8,000 and a follow through above $8,200 is required for a strong recovery. If not, the price is likely to test the $7,500 support area.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving back into the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering and it could break the 40 level.

Major Support Level – $7,800

Major Resistance Level – $8,200

Aayush Jindal

David Ogden – Http://markethive.com/david-ogden

Ripple CEO – Bitcoin or XRP will not replace any currencies for the time being

Brad Garlinghouse, CEO of Ripple, does not believe that Bitcoin, XRP or other cryptocurrencies will replace local currencies such as the dollar, the euro or the Chinese yuan. The environmental conditions were in his view not yet ready to be suitable for the "masses".

Garlinghouse describes in an interview to "The Economic Club of New York" that Bitcoin or XRP will not serve in the next period as a replacement for classic Fiat currencies. He sees the use cases for the practice mainly in cross-border payments justified, as crypto currencies in this area are clearly superior to traditional Fiat currencies.

He also states that in the near future, people will not pay for goods in the supermarket or services with digital assets (freely translated):

XRP, in my opinion, and really every crypto – I do not think the use case is a consumer use case today. I imagine a certain percentage of the people in this room stopped by Starbucks before they came this morning. And you had no problems paying.

You used your Visa card. Maybe you had dollars in your pocket, I do not know. But it worked. People will not adopt a new thing unless it helps you in some way.

Cryptocurrencies could be used in some third world countries that lack access to finance. Above all else, cryptocurrencies could solve the problem of the different valency of fiat currencies (freely translated):

There are markets that have already lost control of their currency where the transaction cost for a Visa transaction is not 150 basis points or 200 basis points. There are 800 basis points.

Garlinghouse sees in it, among other things, the current developments of Facebook's own project Libra justified. Facebook has portrayed Libra as a kind of fiat currency in its white paper, which of course is a thorn in the side of many governments worldwide. Nevertheless, the crypto payment platforms are growing worldwide, which ensure a steadily increasing adaptation of Bitcoin and Co. There are many apps, such as Flexa or Wirecard, that enable you to pay for goods or services in participating shops within a few clicks within the app.

Ripple is currently pushing ahead with the further adoption and expansion of XRP through partnerships with wallet provider BRD and startup Vega. This is intended to reach new users and develop markets. Although the Vega platform is currently still under construction, it offers access to the wholesale market, which is worth several trillion worldwide. Ripple seeks to be present in key markets early through smart investment decisions and has a strong network of affiliates. It remains to be seen whether XRP can compete with other rivals such as Stellar Lumens .

Marcel Knobloch

18th October 2019

David Ogden – Http://markethive.com/david-ogden

Bitcoin fails to recover as weekly volume on BitMEX drops 72 in 3 months traders bearish

Bitcoin fails to recover as weekly volume on BitMEX drops 72% in 3 months, traders bearish

The Bitcoin price has failed to push above a relatively low resistance level at $8,374, making a bigger pullback into the mid-$7,000 region more likely.

According to Arca’s chief investment officer Jeff Dorman, the current state of the cryptocurrency market, given the low volume of bitcoin, incentivizes traders to short bitcoin until bottom levels are hit.

Traders in the cryptocurrency market often utilize BitMEX to place long or short BTC contracts and the low volume of the exchange could make it easier for bears to maintain control.

Since the July peak earlier this year during which the bitcoin price spiked to as high as $13,920, the weekly volume of BTC on BitMEX has dropped from $55 billion to around $15 billion, by more than 72 percent.

The volume of BitMEX, in particular, is important for traders as it is the largest margin trading platform in the global cryptocurrency market, and it is speculated to have the biggest impact on the short term price trend of bitcoin.

Traders are not discarding potential drop of bitcoin to $6k

Some traders who are considered to trade with large size on cryptocurrency margin trading platforms are not dismissing the possibility of bitcoin dropping to the low $6,000 region in the short term.

Since early 2019, bitcoin traders who have been gearing towards a bearish medium-term trend have consistently emphasized $6,300 to $6,500 as an area of significant historical activity that could serve as a bottom for BTC heading into 2020.

A technical analyst who operates with the alias “Dave the Wave” noted that short term momentum indicators have become increasingly irrelevant due to high volatility.

Momentum indicators are not relevant during the current bitcoin price trend says analyst (source: Dave the Wave Twitter)

As such, with the declining volume of BTC on BitMEX and other spot exchanges causing a build-up of sell-pressure, technical analysts foresee a further 30 percent to 40 percent pullback from current levels.

Altcoin market isn’t doing any better

Major cryptocurrencies in the likes of Ethereum and XRP have been underperforming against both bitcoin and the U.S. dollar since the beginning of the year.

From their record highs, the price of Ethereum and XRP have fallen by 88 percent and 92 percent respectively, while BTC has dropped by less than 60 percent in around the same period.

The lagging growth of the altcoin market, following predictions of an altcoin season in July, has led the valuation of the cryptocurrency market to slip by 42 percent within less than four months from $385 billion to $220 billion.

For bitcoin and the cryptocurrency market to recover to key resistance levels, it would need to be supplemented with a noticeable spike in daily and weekly volume.

For now, there are little signs of a potential trading volume upsurge in the cryptocurrency market.

Joseph Young· October 18, 2019 at 4:06 am UTC

David Ogden – Http://markethive.com/david-ogden

Bitcoin and Cryptocurrencies Dominated by Sellers

In the last 24 hours, cryptocurrencies dropped 2.5% in market capitalization, moving this value to $216.05 billion with a 24H traded volume of $26.2 billion (+1.15%). ALGO (-6.39), Bitcoin SV (-6.3), Tron(-6.03)Litecoin (-5.03%) were the most sold cryptos. The exceptions were Monero (6.27%), Dodge Coin (5.73), and XEM (8%). The best performers among tokens were SNX (16.1%), and MOF (15.66%).

The Market capitalization chart shows that the heaviest selling happened at 06 p.m. on Monday and since then it has recovered slightly,

Market cap

Hot News

Market Capitalization

Telegram informed investors the launch of TON, its own cryptocurrency project, will be delayed, and thus, investors could get their funds back according to the original deal. Telegram wants to move the deadline from October 30 to April 30, 2020.

US Congressman Warren Davidson, a member of the US House of representatives from Ohio, said in an interview by Noded bitcoin Podcast that Facebook should adopt Bitcoin and drop their Libra project. He explained that Cash App was able to go unnoticed by merely integrating bitcoin into their platform instead of creating a brand new coin. He also suggests that Libra could be treated as security since it can be manipulated by a central authority.

Venezuelan president Nicolás Maduro stated its government is delivering a total of USD 543,700 in the oil-backed Petro cryptocurrency to each of the 23 states on a bimonthly basis. He also said that additional resources would be handed to local governments next month. This might the first time a government is officially founding its institutions using a state-run cryptocurrency.

Technical Analysis

Bitcoin

Bitcoin continued descending during the last 24 hours, and its price is now slightly below $8,000. The main drop happened before 6.pm. Then, the price made a timid recovery, although the current price action suggests more drops (lower highs and lower lows). The price continues moving below the -1SD Bollinger line and the MACD is in its bearish phase.

The levels to watch are:

Supports 4H Pivot Resistances

S3: $7,500 8,200 R3: $9,320

S2: $7,700 R2: $8,700

S1: $7,900 R1: $8,530

Ethereum

Ethereum followed a quite similar path to the Bitcoin. After breaking the triangular formation to the downside, the price kept moving down to touch $172 and then slightly bounce, as the price went to the oversold region. MACD continues being bearish, and the price moves below the -1SD Bollinger line.

Supports 4H pivot: Resistances

S3 $160 180 R3 202

S2 $167 R2 196

S1 $168 R1 186

Ripple

Ripple reached the corrective target we devised yesterday and is sitting on the ascending trendline and its 50-period moving average. MACD is still in it bearish phase, and although XRP did a modest correction compared to other cryptos, there is still a chance for more drops, as the price is below the -1SD Bollinger level and, as mentioned MACD still show selling pressure.

Supports Pivot: Resistances

S3 $0.24 $0.27 R3 $0.33

S2 $0.25 R2 $0.30

S1 $0.26 R1 $0.285

David Ogden – Http://markethive.com/david-ogden