Following the sloppy performance over the weekend, Bitcoin somewhat bounced back on Monday and hit the mid-$6,500 level. It ended the day with a market cap of $108,338,520,156, which is roughly two-thirds of the broader cryptocurrency market.
Meanwhile, according to our technical analyst Valdrin, the BTC price has reached the support line of a long-term pitchfork. If this pattern holds true, there is a strong probability that BTC will be on an upward trajectory for around a year-and-a-half at least.
More on that and other new developments from around the crypto-space in today’s daily crypto news round up.
Bitcoin’s Pitchfork Indicator Suggests a 600% Increase Awaits
Continuing from above, the Bitcoin price has reached the support line of a long-term pitchfork and the 200-week MA. According to the pitchfork, the price has reached its lower bound and is expected to increase gradually from here. If it acts in a similar manner to the previous time it reached this support level, it will increase gradually until November 2021 to reach a high of around $40,000.
Bullish Outlook for Bitcoin Amid Crisis in the Bullion Market
Reports are coming in that the London Bullion Market Association (LBMA) has offered a helping hand to CME Group after it allegedly faced difficulties sourcing sufficient gold bullion to physically settle its expiring futures contracts.
The news expectedly inflicted a sense of dread in the bullion market as it gave the impression that financial institutions are incapable of physically delivering ‘safe haven’ assets. The latest series of events in London raises questions over gold’s status as a safe-haven asset during economic crises, potentially opening up a window of opportunity for its digital counterpart — Bitcoin.
Other Exchanges See an Opportunity as Binance Delists Leveraged Tokens
Binance made a splash late last week by delisting all leveraged tokens linked to the FTX Exchange. The tokens, which move in tandem with their respective peg (like ETH or EOS), were deemed too risky by Binance.
Turns out, competitors such as BitMax are now keen on seizing the moment as a golden opportunity to differentiate themselves from Binance.
ETH Nears Possible Reversal Areas
Ethereum has made several attempts at initiating upward moves after the rapid decrease at the beginning of March. However, they have all ultimately been unsuccessful. Soon, the price is expected to decrease toward the support areas outlined before possibly making another attempt at moving upward.
Binance CEO Caught Replying to Identical Copy-Pasted Bot Messages, Raising Suspicion
Another day, another controversy involving Changpeng Zhao. This time around, the Binance CEO was caught responding to congratulatory replies which were identically posted by bots. In other words, he was having a conversation with bots about how awesome Binance really is.
It’s not a stretch of the imagination to assume that the largest exchange in the world is interested in cultivating positive public opinion — and in some cases, may even use bots to do so.
China’s Central Party School Pushes for a ‘Sovereign Blockchain’
China’s top school for training Community Party officials recently published an article praising blockchain and further argued the communist regime must develop a ‘sovereign blockchain.’ The school, which trains officials for the Community Party of China, cited the example of Estonia to state that blockchain technology has the power to curtail abuses of power and corruption.
The Second-Largest Tron Wallet Just Added Another 600M TRX
While the identity of the person behind the second-largest TRON (TRX) wallet is currently unknown, the mysterious TRX holder has added another 600 million TRX to its balance. The mysterious wallet now holds some 2.5 billion TRX, which is roughly $28 million in fiat as of today.