The mood on the crypto market is still tense. The Miner capitulation still threatens, while China continues to spread anti-bitcoin sentiment. The situation on Wednesday.
Current Bitcoin price
The Bitcoin price is currently quoted at 8,150 US dollars. This represents a slight minus (-0.25 percent) on the previous day. In the last seven days, however, the Bitcoin share price weakened. With a loss of over seven percent, the price of the largest crypto currency by market capitalization shows signs of weakness.
Tensions on the Bitcoin market
If one compares the situation at the Bitcoin market with that of last week, one has to conclude: The tension has not eased. Rather, the Bitcoin bears seem to be claiming the crypto forest for themselves again and gradually driving the bulls away. The Bitcoin course does not want to exceed the 8,000-US dollar mark obviously lastingly. A lot of online gamblers are also worried about the current BTC price, it has been a prefered form of payment on many leagues as you can see at Bestbitcoinbetting.
One can look for the reasons for it among other things in a threatening capitulation of the Miner. As we reported last Friday, there were indications that the signs for the Bitcoin exchange rate are not the best.
In this sense, the so-called Hash Ribbons threatened a crossover. When this happened for the last time, the Bitcoin rate fell below the US$6,000 mark. The Hash Ribbon looks at two moving mean values of the hash rate – if they cross in the manner of a death cross, a clearly bearish signal can be seen here.
If the moving average of the last month falls below that of the last two months, this indicates that the increase of the mining companies was significantly slowed down. On the other hand, if the moving average of the last month rises above that of the last two months, this indicates that the mining companies are upgrading. In other words: Bitcoin Miner are threatening capitulation, the situation here is tense.
- Nevertheless, there is hope – but the Hash Ribbon holds it at the editorial deadline – the death cross has not yet passed.
- A glance at the mood among investors confirms the mood on the crypto market. According to the Fear & Greed Index, the mood is generally frightened.
- But what is the general mood in the blockchain ecosystem like? Time to get an overview.
China: Still on blockchain course
While China was considered a Bitcoin course driver for a short time due to a positive statement on blockchain technology, the picture has apparently changed in the meantime: The mood in China is clearly anti-Bitcoin. The crypto currency is used there rather to legitimize the state-owned E-Yuan in the population.
- Nevertheless, the blockchain industry is booming in China. A newly founded investment fund now wants to capitalize on it. The multi-billion Global Digital Bank Consortium Blockchain Investment Fund is pursuing the creation of a digital bank that will serve as a hub in a new banking network.
- But not all companies in the Middle Kingdom seem to be attracted by the Blockchain mood. OneConnect recently announced its plan to go to Wall Street. With the plan to carry out an Initial Public Offering (IPO), the Chinese company wants to gain a foothold in the United States.
Bitcoin fraud and the authorities
Bearisher tendencies notwithstanding, there has also been progress in cryptoversum. For example, the judicial processing of the presumably biggest fraud in crypto history continues to progress. The masterminds behind OneCoin are currently on trial, the brother of the OneCoin founder has already made a confession. He is now threatened with up to 90 years imprisonment. According to current information, the operator of OneCoin, “Cryptoqueen Ruja Ignatova” has also met the brother of former US President George W. Bush. With such a high-caliber investor the project should probably get additional seriousness.
Authorities and crypto fraudsters are also clashing elsewhere. The former head of the South Korean crypto exchange Coinup was recently sentenced to 16 years in prison. According to investigation reports by the authorities, Coinup had set up a snowball system. An investment program promised investors a return of 200 percent within 4 to 10 weeks. However, most of the investors had gone away empty-handed.
What else is important
With ProtonMail, a Swiss e-mail provider has committed itself to the largest crypto currency by market capitalization – ProtonMail openly admits to hoddling BTC since 2017. Meanwhile Facebook does not admit defeat. After extensive setbacks in the area of the planned crypto currency Libra, the Zuckerberg complex has announced plans for a payment system. Under the name “Facebook Pay”, US customers will soon be able to enjoy centralized payment flows in the social network.