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Litecoin Price Analysis: Litecoin Struggling Upon Reaching $70, Will Hold The Significant Support?

Litecoin has seen a further 5% price decrease over the past 24 hours, which has brought the price of the cryptocurrency down to $70. This latest price drop is mostly a result of Bitcoin dropping back beneath the $10,000 region as things start to look bleak for the overall cryptocurrency market.
Litecoin remains the fifth-largest cryptocurrency with a market cap of $4.47 billion. Litecoin has managed to rebound at the 0.007 BTC level against BTC – but if this support breaks, we could see Litecoin at $50 over the next few weeks.

Looking at the LTC/USD 1-Day Chart:

  • Since our previous Litecoin analysis, we can see that Litecoin has fallen back into our support at the $70 level. The cryptocurrency seems to be on the bearish footing – mainly accommodated by the recent BTC breakdown. Some positive news could be coming upon reaching down to the significant support level around $67.
  • From above: The nearest level of resistance lies at $74.72 and $77.45. Above this, higher resistance lies at $80, $84.77 and $88 (200 days EMA). If the bulls can break above the 200 days EMA, further higher resistance lies at $90, $95 – $96.18 and $100.
  • From below: The nearest level of support is located at $67.23, which is provided by a short term downside 1.272 Fibonacci Extension level. This level of support is further bolstered by a long term rising support line. This combined area of support is expected to allow the market to rebound. If the sellers do break beneath this level, further support can be found at $65, $63, $60.91 and $56.60.
  • The trading volume remains low, same as the rest of the market.
  • The RSI indicator is below the 50 level, which shows that the sellers are in complete control of the market.

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Looking at the LTC/BTC 1-Day Chart:

  • Against Bitcoin, we can see that LTC has fallen further lower but has managed to find strong support at the 0.007 BTC level. Like the majority of the altcoins, Litecoin forecast is looking dire against BTC. However, if BTC does continue to fall – we may see a resurgence within the altcoin market, which would see LTC/BTC surge.
  • From above: The nearest levels of resistance lies at 0.0074 BTC and 0.0078 BTC. Higher resistance is located at 0.008 BTC, 0.008244 BTC, and 0.0086 BTC. If the bulls can drive LTC/BTC higher, further resistance is expected at 0.009 BTC and 0.0094 BTC.
  • From below: The nearest level of support lies at 0.0070 BTC. IF the sellers push the market beneath this, the next level of support is expected at 0.0068 BTC. If the sellers continue to push the market lower, we can find support at 0.0065 BTC, 0.006380 BTC, and 0.0060 BTC.
  • The RSI is rising, which is a promising sign. It shows that the sellers are starting to lose their strength within the market. However, we would need to see the RSI break above the 50 level for any bullish recovery. The Stochastic RSI is looking to produce a bearish crossover signal which could be a bad sign for the bulls.
ltcbtc_aug21-min

The post Litecoin Price Analysis: Litecoin Struggling Upon Reaching $70, Will Hold The Significant Support? appeared first on CryptoPotato.

Source: Crypto Potato

Study Suggests Scarcity Could Drive Bitcoin Prices to $60,000 by May 2020

Bitcoin price predictions have been coming thick and fast in recent months as the world’s top digital asset recovers from an almost year-long bear market. Some are just pie in the sky, but others have delved deeper into what could drive BTC prices to a new all-time high in the months ahead.


Scarcity Will Increase Demand For Bitcoin

Crypto focused research firm, Digital Asset Research, has recently released a new bitcoin price prediction model. It makes the bold claim that, based on the premise of scarcity, bitcoin’s price will reach $60,000 by May 2020. This will increase its market capitalization to over a trillion dollars.

The model has extrapolated previous price pumps to predict a future one. Its basis is on the BTC block reward halving which is due in May 2020. This usually bullish event has the effect of increasing the perception of a reduction in supply which in turn will increase demand and push prices higher.

The study was based on an original one by twitter user and crypto analyst ‘PlanB’ which looked at monthly supply and price data, and calculated a stock to flow ration which equates to the inverse of its inflation rate.

Previous halving events were analyzed and Digital Asset Research found that BTC price tended to peak about a third of the way through each halving cycle, with each high topping the previous. A continuation of this would result in a price ceiling in the next cycle around September 2021.

The study also noted that a large cash flow would be needed to send bitcoin market cap up to the $1.25 trillion required to hit this price target. This could possibly come from institutional investors looking to hedge against fiat currencies that are being manipulated and devalued across the globe.

If the current macroeconomic and geopolitical conditions continue, it could come from a number of sources: currencies that are devalued or lose purchasing power, gold investors that view Bitcoin as a higher beta version of gold, or from currently negative-yielding debt, which recently topped $15T worldwide.

Litecoin Halving Observations

Using the same methodology, the researchers concluded that the model does not apply to Litecoin which goes through reward halvings every 840,000 blocks instead of 210,000 blocks, and has four times the supply.

The recent Litecoin halving has also been viewed as a possible precursor to what may happen to bitcoin in nine months. According to Longhash.com, which studied LTC metrics before and after the halving event, there is very little to go on as an indicator of what may happen to BTC.

Litecoin price spiked before the halving but has dumped after it which was somewhat predictable but the fundamentals of the network have not changed. The price drop has been attributed to a wider crypto market decline rather than anything halving related. As a counter to the Digital Asset Research study, the bitcoin halving may too be underwhelming if Litecoin is anything to go by.

Will BTC hit a new ATH before the halving? Add your thoughts below.


Images via Shutterstock

The post Study Suggests Scarcity Could Drive Bitcoin Prices to $60,000 by May 2020 appeared first on Bitcoinist.com.

Source: Bitcoininst

Bitcoin’s Safe Haven Status Now More Relevant Than Ever

Bitcoin has consolidated its safe-haven status especially amid the mass demonstrations in Hong Kong and global uncertainty, Circle CEO Jeremy Allaire hinted in an interview with CNBC’s Squawk Box.


Circle CEO Sees Increased Demand from Holders

On August 19, Circle’s Allaire said that investors were still attracted by non-sovereign digital assets such as Bitcoin. The coin’s safe-haven status becomes more evident despite the recent bearish mood.

Last week, Bitcoin broke below the $10,000 on Thursday and again on Friday. The coin hit the weekly low on August 15 at $9,685, according to Coinmarketcap data. Nevertheless, Bitcoin bounced back and is currently trading at $10,712 as at 10:12 AM GMT.

Allaire explained that the recent decline in the crypto market might be driven by holders who decided to take some profit. He said:

Last week was a significant risk off week for equities. There were a lot of holders of digital assets whose portfolios were taking a hit and if they had gains, Bitcoin is up over 100%, almost 200% over the past 9 months, it was a place to take some gains.

However, the correction doesn’t affect the coin’s appeal as a method of preserving value, especially for those impacted by a weakening economy.

Year-to-date, Bitcoin’s price has been pushed by several geopolitical and economic fears, including those related to the Sino-US trade war, lower interests, devaluation of China’s Yuan, Hong Kong protests, and Brexit uncertainty, among others.

On August 25-27, heads of G7 countries will meet in Biarritz, France. The world leaders might touch upon Bitcoin and crypto space, according to Allaire. However, it’s unlikely that we’ll see a crypto-related policy. Circle boss said:

I don’t know that we’re going to see specific policy but certainly we’re going to hear some perspective out of there.

Should Investors Bet on Bitcoin Right Now?

As it turns out, some investors don’t recommend investing in Bitcoin thinking of it as a safe haven asset right now. Moreover, other safe havens like gold might not be the best investment choice despite the uncertainty in the global markets. Dev Kantesaria, portfolio manager of Valley Forge Capital Management, said in a recent interview with Markets Insider:

They [Bitcoin and gold] are collectibles. You are actually not buying any protection, you’re simply speculating. To me, it’s no different than any other speculative activity in your life.

According to Kantesaria, Bitcoin has some fundamental problems related to its limited use at the moment. Instead, the portfolio manager is bullish on the US stock market. He expects it to show generous returns during the next decade.

Do you think investors should allocate part of their portfolio to Bitcoin in an attempt to preserve wealth? Share your thoughts in the comments section! 


Images via Shutterstock

The post Bitcoin’s Safe Haven Status Now More Relevant Than Ever appeared first on Bitcoinist.com.

Source: Bitcoininst

Winklevoss Twins Open to Partner with Facebook Despite Old Disputes

Tyler and Cameron Winklevoss, the co-founders of crypto exchange Gemini, admitted in an interview with CNN that they were ready to partner with Facebook for the Libra project.


Tyler and Cameron Winklevoss Believe in Libra

On August 19, Winklevoss brothers told CNN’s Poppy Harlow that they would close their eyes to their rivalry with Facebook’s Mark Zuckerberg for Libra. Whether or not they reach a deal with the social media giant, the twins believe in Libra’s potential. They said that Facebook’s digital currency project was great for the market in a period when cryptos are everywhere. Cameron noted:

I think there is a day in the future where we can’t live without crypto, or imagine a world before crypto.

The potential collaboration between Gemini co-founders and Mark Zuckerberg might materialize despite their old legal fight over the origins of the social media behemoth and who should be called Facebook creators.

winklevoss twins want to be a part of facebook libra

It should come as no surprise that Zuckerberg actually consulted the brothers when developing Libra.

Back in 2011, when the dispute began, CNN sarcastically predicted that the only thing that could stop “Winklevoss twins’ legal crusade against Facebook” was the end of the universe that is estimated to come in several billion years from now. In the end, Libra might become more powerful than the anticipated heat death. This is true at least in the context of Zuckerberg-Winklevoss brothers rivalry.

Besides, the twins took solace in their role in the rapidly growing crypto industry after creating Gemini.

Tyler Winklevoss explained:

Facebook was a dispute, but it didn’t really define who we were as people. Gemini’s much more of a representation of who we are, what we stand for, what we’re interested in.

Gemini Might Join Libra Association

The twins, once labeled Bitcoin billionaires, have been in talks with the social media giant about joining the Libra Association. The latter is a decentralized entity that should comprise 100 members by 2020. Facebook has already unveiled 28 founding members, including Visa, MasterCard, PayPal, and Coinbase.

Tyler and Cameron said they want to learn more about Libra before making the final decision. Besides becoming part of the association, Gemini might also list Libra when or if it gets launched. Indeed, there is a minor possibility that Libra might never launch because of the regulatory pressure.

However, the Winklevoss brothers are confident in Libra’s future. Moreover, Cameron expects that each of the FAANG giants, including Amazon, Apple, Google, and Netflix, will get into crypto at some point.

When do you expect each of the FAANG companies to jump into crypto bandwagon? Share your thoughts in the comments section!


Images via Shutterstock

The post Winklevoss Twins Open to Partner with Facebook Despite Old Disputes appeared first on Bitcoinist.com.

Source: Bitcoininst

Coinbase Admits Putting 3,500 Traders’ Crypto Funds at Risk

A bug could have lost the users of Coinbase a lot of money, confesses the exchange itself in its latest blog post.


Coinbase Holds Its Hands Up

The Friday “post mortem” revealed that an error on Coinbase sign-up page saved customers’ information on Coinbase internal web server logs – in a clear text. So a password writing which, say, looks like “123456” was appearing like “123456” to the staff at the San Francisco-based cryptocurrency firm. Ideally, it could have been hashed into non-readable text.

The bug, Coinbase admitted, affected 3,420 customers in total. Excerpts from their statement:

Under [a very specific] and rare error condition, the registration form on our signup page wouldn’t load correctly, which meant that any attempt to create a new Coinbase account under those conditions would fail. Unfortunately, it also meant that the individual’s name, email address, and proposed password (and state of residence, if in the US) would be sent to our internal logs.

The exchange said users who resubmitted the form had their password and other details hashed securely. Unfortunately, the 3,420 customers, as mentioned above, accidentally logged their private data onto Coinbase servers.

No Damage Reported

Coinbase behaved like a good Samaritan and fixed the issue on top priority. The firm asserted that they traced the entire line of storage to confirm that it was not holding any of customers’ personal information.

We have an internal logging system hosted in AWS, as well as a small number of log analysis service providers,” wrote Coinbase. “Access to all of these systems is tightly restricted and audited. A thorough review of access to these logging systems did not reveal any unauthorized access to this data.

The firm also triggered a password reset for affected customers. It asserted that a password alone could not have a potential hacker steal their bitcoins, explaining that they protect each account with mandatory email and 2FA authentications.

We maintain incredibly high standards for securing the Coinbase platform, and any time we fall even slightly short of those standards, we mobilize a team to figure out what went wrong, and how we prevent it from happening again. We also believe in being transparent with our customers, which is why we’re sharing the results of our investigation today.

Still Secure

The alert came at a time when institutional investors are taking concrete steps towards introducing bitcoin in their portfolio. Security, nevertheless, has remained one of their top concerns, given the cryptocurrency custodians’ history of letting hackers steal billions of dollars worth of assets right under their nose.

Coinbase, a US-regulated entity, has never been hacked. The exchange maintains commercial, criminal insurance – an aggregate amount that is greater than the value of the digital currency it keeps in online storage.

What do you think of the Coinbase privacy bug? Add your thoughts below!


Images via Shutterstock, Twitter @morodog

The post Coinbase Admits Putting 3,500 Traders’ Crypto Funds at Risk appeared first on Bitcoinist.com.

Source: Bitcoininst

Bitcoin Price Analysis: Rising Wedge Could Drive BTC to $8.8K

Bitcoin can be seen bouncing off the 0.382 Fibonacci level around $9,600 as price action visibly creates an ascending wedge. Many bearish indicators point towards a break-down and lower low in the coming days.


Bitcoin 1-Hour Analysis

On the 1 hour chart for XBT/USD, we can see an ascending wedge has formed as a result of the bounce off the 0.382 Fibonacci level around $9,600. This trading pattern is inherently bearish, and there’s no reason to challenge that bias here. The ascending wedge now has three higher highs and three higher lows indicating the trading pattern has now been formed, and a break-down will likely happen in the coming hours and days.

Volume is very sporadic at best with buying pressure quickly fizzling out and returning back to stagnant volume predominantly in favour of the bears. POC (Point of Control) at $10,400 acts as short-term support. If this level is broken, we will know that price levels have dropped out of the ascending wedge and will likely re-test the 0.382 Fibonacci level or create a lower low around $8,800, as mentioned in my previous analysis on Bitcoin.

The current Bitcoin market price sits between both the 50 MA and the 200 EMA indicating consolidation which is evident by the ascending wedge. Price levels have now returned to both their 50 and 200-day averages, which is usually an indication of a large move ahead as typically coins will dump/pump, return back to their 50 and 200-day averages, and then repeat the cycle.

4-Hour Analysis

On the 4 hour chart for XBT/USD, we can see the descending volume within the most recent ascending wedge. This is a bearish sign as price action is rising yet volume is falling meaning the rising price action is unsustainable. Volume has also been descending throughout the last 6-8 weeks. MACD has just re-tested the median line at 0.0 despite decreasing volume making it likely MACD will reject crossing over the median line and create a lower low.

We should expect Bitcoin price levels to break-down out of the ascending wedge over the coming days, break below $9,600 and proceed to create a lower low around $8,800. However, if enough buying volume enters then there’s a chance key resistance at $11,100 will be broken. This will signify the start of a new bullish short-term trend.

To conclude, bitcoin is at a decision point as it trades close to the 200 EMA. We know if $11,100 is broken then further upside is expected. Adversely, if $9,600 is broken we know to expect further downside and perhaps a lower low.

Do you think BTC will create a lower low over the coming days and weeks? Please leave your thoughts in the comments below!

This article is strictly for educational purposes and should not be construed as financial advice.


Images via Shutterstock, XBT/USD charts by Tradingview

The post Bitcoin Price Analysis: Rising Wedge Could Drive BTC to $8.8K appeared first on Bitcoinist.com.

Source: Bitcoininst

Ethereum Price Analysis: ETH Dumps To $180 Support

Over the last 10 days Ethereum (ETH) has seen a sharp pull-back. The $180 support appears to be holding for now but with large selling pressure entering the market further downside is looking likely. 


ETH/USD 4-Hour Analysis
ethusd4h

On the 4 hour chart for ETH/USD, we can see the correction taking place over the last 4 weeks stemming from the break-down at $290. The market price is now sandwiched between two strong support levels at $190 and $170. The previous consolidation in the form of an asymmetrical triangle almost ended the correction attempting to break above the 200 EMA at $235 before getting rejected. Ethereum price levels have since formed another visible downtrend.

A visibly large amount of selling volume occurred on the 14th of August, resulting in price levels dropping through $200 support. However, for such a large volume spike, there really wasn’t a lot of momentum gathering from the bears during this short drop. This indicates that bearish momentum is fizzling out as price action trades between two key support levels.

The last main support level is the 0.236 Fibonacci level at $145. It would likely be unwise to look for long entries if this level breaks.

1-Hour Analysis

On the 1 hour chart for ETH/USD, we can see the smaller downtrend that has formed since the short rally to $235. Price levels have now created a lower low on this correction as mentioned in my previous analysis. Buying pressure appears to be entering the market around the current market price of $180. However, it does not appear to be the required influx of buying volume needed to spur a short-term reversal.

The MACD has dropped significantly in the last 24 hours in conjunction with the sell off, sendingEthereum price levels crashing below $200 support. Since then, MACD has almost regained the median of 0.00 indicating a relief from bearish pressure as price levels trade between to key support levels. This is a strong indication that ETH will now enter another period of short-term consolidation, likely forming another triangle pattern and trading sideways over the coming days.

A key support that ETH must stay above in order to gain any chance of breaking upwards during the period of consolidation is $170. The key resistance level that needs to be passed in order to confirm a bullish reversal is $196. Price levels must breach and close above this point.

Do you think BTC will break upwards, or drop below $170 support over the coming days? Please leave your thoughts in the comments below!

This article is strictly for educational purposes and should not be construed as financial advice.


Images via Shutterstock, ETH/USD charts by Tradingview

The post Ethereum Price Analysis: ETH Dumps To $180 Support appeared first on Bitcoinist.com.

Source: Bitcoininst

Litecoin Price Analysis: LTC Creates Fresh 3-Month Low, What’s Next?

Litecoin has seen a sharp decrease of 22% over the past 14 days. We saw it dropping beneath a consolidation pattern and plummet much lower to reach where it currently trades at $74.10.

LTC remains the fifth-largest cryptocurrency with a market cap of $4.87 billion. However, this may change if Litecoin continues to fall with Binance Coin only sitting $410 million behind in the sixth position.

Looking at the LTC/USD 1-Day Chart:

  • Since our previous Litecoin analysis, we can see that the cryptocurrency continued to fall after breaking beneath the short term symmetrical triangle. It went on to fall below the support at $84 and $77 to travel lower towards the $70.82 level. Litecoin has somewhat attempted to rebound as it currently trades around $74.10.
  • From above: The nearest levels of resistance lie at $75 and $77.45. Above this, higher resistance can be found at $80, $84.77, and $90 (also contains 200 days EMA). If the bulls continue above the 200 days EMA they will meet resistance at $97 (100 days EMA) and $100.
  • From below: The nearest level of support lies at $70.82. This is followed with further support at the long term rising trend line around $67. This is also strengthened by a downside 1272 Fibonacci Extension level and, therefore, is expected to hold moving forward. Beneath this, further support can be found at  $65, $63 and $60.91.
  • The trading volume remains quite low.
  • The RSI and Stochastic RSI are both in oversold territory as the bears continue to dominate the market momentum.

ltcusd_aug16

Looking at the LTC/BTC 1-Day Chart: 

  • Against Bitcoin, the market has seen some form of stabilization. LTC/BTC found support at 0.00709 BTC and rebounded to go higher. However, the bulls were unable to overcome 0.008 BTC as LTC trades at a price of 0.007316 BTC.
  • From above: The nearest level of resistance lies at 0.008 BTC. Above this, we can find higher resistance at 0.008244 BTC, 0.0085 BTC, 0.009 BTC, and 0.0094 BTC. If the bulls continue to push LTCBTC higher, further resistance is found at 0.0097 BTC and 0.01 BTC.
  • From below: The nearest level of support lies at 0.00707 BTC. IF the sellers break beneath 0.007 BTC we can expect further support at 0.00688 BTC, 0.0065 BTC, and 0.006380 BTC.
  • The trading volume remains below average but has shown signs that it may start to increase.
  • The RSI remains below the 50 level which shows the bears still control the momentum within the market.

ltcbtc_aug16

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Source: Crypto Potato

Ripple Price Analysis: XRP Plumets Below $0.30, New 2019 Low Coming Up?

XRP saw a very sharp decrease of around 10% over the past 24 hours, bringing its the price beneath the 2019 strong support at $0.30 to reach where it is currently trading at $0.2598. The decline is perhaps reactive to Bitcoin’s plunge today. 

XRP remains the third-largest cryptocurrency with a market cap of $11.27 billion, however, it looks like things may get worse before they get better. XRP will need to make some serious gains against BTC to bring to get back above the $0.30 support level.

Looking at the XRP/USD 1-Day Chart:

  • Since our previous XRP/USD analysis, XRP plummeted beneath the $0.30 level and continued to fall until reaching support around $0.2584. XRP went as low as $0.24 but has managed to rebound slightly from there.
  • From above: The nearest level of resistance is located at $0.2687 and $0.27. Above this, higher resistance lies at $0.2747, $0.28, and $0.2811. If the bulls continue to push XRP/USD higher, further resistance is found at $0.2890 before the market is free to make an attempt at $0.30, once again.
  • From below: If the sellers brak beneath the current support at $0.2584 we can expect the next levels of support to be located at $0.2518 and $0.25. Beneath $0.24, further support lies at $0.2450, $0.2407, and $0.2350.
  • The trading volume has seen a sudden surge during the latest sell-off.
  • The RSI has plummeted into extremely oversold conditions, a level not seen since December 2018. We do not expect the RSI to stay here for very long, which is why we expect a rebound at some time soon.

xrpusd_aug15-min

Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, we can see that XRP is showing a very slight sign of promise after being able to rebound at the 2455 SAT level. The cryptocurrency has managed to remain above here (except for a brief spike below) as it currently battles around the 2600 SAT level.
  • From above: The nearest level of resistance lies at 2710 SAT. Above this, higher resistance lies at 2893 SAT and 3000 SAT. If the bulls can break back above 3000 SAT, higher resistance lies at 3200 SAT, 3400 SAT, and 3666 SAT.
  • From below: The nearest level of support now lies at 2600 SAT. If the sellers break beneath here, further support is then located at 2455 SAT and 2400 SAT. Beneath 2400 SAT, we can find the next levels of support at 2200 SAT and 2000 SAT.
  • The trading volume has increased dramatically over the past couple of days.
  • The RSI had made an attempt to break above 50 but has failed to do so. This shows that the sellers remain in control of the market momentum.

xrpbtc_aug15-min

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Source: Crypto Potato

‘Bullish For Bitcoin’: China Bank Bailouts Spark ‘Biggest Credit Bubble In History’

Bitcoin could possible gain from economic uncertainty in China as one source describes the country’s third major bank bailout of 2019 as the world’s “biggest credit bubble.”


China Bailouts: 3 Banks, $390 Billion

Taking statistics from various sources, the Twitter cryptocurrency trader and commentator known as CryptoArbitrage noted that last week’s bailout of Heng Feng bank was the third involving assets over $200 billion.

“Trillions tied up in state-owned banks that are loaned to state-owned enterprises. Biggest money printing in history. Biggest credit bubble in history,” they summarized.

Heng Feng, also known as Evergrowing Bank, has agreed to a Chinese state restructuring as pressure piles on the domestic banking sector. 

In late May, a similar process began with Baoshang Bank – the first such move since the 1990s – followed last month by Bank of Jinzhou.

Both institutions have total assets of over 500 billion yuan: Baoshang 576 billion and Jinzhou 723 billion. In total for all three banks, the figure stands at a giant 2.719 trillion yuan ($386.3 billion).

The sheer size of capital at stake appeared surprisingly under reported in mainstream media, with cryptocurrency sources notably more vocal given Bitcoin’s recent boom occurring on the back of the US-China trade war.

China’s credit bubble – banking assets as a percentage of GDP – is now the highest out of any nation at any point in history.

According to data from global macro asset management firm Crescat Capital, at almost 300%, the statistics dwarf Europe’s sovereign debt crisis of 2011 and the US housing market bubble of 2007. 

CryptoArbitrage spelled out the bottom line for cryptocurrency fans if China’s predicament spills out of control. “Bursts = bullish for Bitcoin,” the commentator said. 

Bitcoin Cools As Trade War Eases

In the short term, however, it appears excitement over Bitcoin as a way out of exposure to such risks has fizzled. 

Critics have already argued that US-China relations and the Hong Kong protests did not result in a Bitcoin buying spree, while a temporary lull in the trade war nonetheless coincided with BTC/USD dropping almost 20% this week. 

China’s central bank is meanwhile preparing the debut of its own digital currency, which officials this week said was nearly ready for launch. 

As local news outlet Shanghai Securities News reported, Mu Changchun, deputy director of the People’s Bank of China, said the new currency would neither change existing monetary policy nor compete with the yuan in any way. 

What do you think about China’s bank bailouts? Let us know in the comments below!


Images via Shutterstock, Twitter @CryptoArbitrage

The post ‘Bullish For Bitcoin’: China Bank Bailouts Spark ‘Biggest Credit Bubble In History’ appeared first on Bitcoinist.com.

Source: Bitcoininst